When it comes to customers, it’s all about experience. Customers don’t differentiate between small or larger organizations, or even separate channels, once they get the best level of satisfaction and the best quality service, they expect the same kind of experience from a small business as they do from a larger one. Larger organizations with deep pockets may pay for digital transformation initiatives, but not all businesses enjoy such luxuries.
For those organizations that are constantly looking for ways to make their business dream a reality, FinTech is a beacon of hope that opens the door to new business opportunities and high-end solutions that the customer dreamed of before.
They say the technology is at a very good level and there can be no better example of FinTech, which was the scope of banking services and banking institutions, which saw many early players compete in this space with large and established banking corporations. But that doesn’t mean traditional banking institutions are lagging behind in the digital race, as they are surely in the race. But banks are changing because of legacy systems and regulatory frameworks and cannot take advantage of new technologies as quickly as FinTech companies. Here are some ways to revolutionize technology in the financial services industry:
Go to where your customers are:
No one took FinTech more seriously than companies because they knew that the current generation is online all the time, thanks to smartphones that have completely changed expectations. Online, social, and mobile technologies have created new opportunities for FinTech companies to connect with their audience and manage their interactions digitally more efficiently by delivering personalized services and relevant information directly to their devices. Traditional banks should take it quickly, when it comes to attracting customers, because consumers expect a lot and want the same kind of experience they get from Amazon, Facebook and so on.
Digital wallets: The exchange of money has not been so easy
All of the common ones between PayPal, Paytm, GooglePay and ApplePay allow you to send them to anyone without visiting a bank at the click of a button, which was not possible a few years ago. Mobile payments or peer-to-peer apps have completely changed the way users manage their money today. It’s no surprise that most phone users regularly use mobile payment apps because they are easy to use, offer the convenience, flexibility, and security they need. What’s more, these P2P applications have brought banking services to consumers anytime, anywhere, and efficiently.
Reaching non-banks and low banks
If you don’t have time to go to the bank or get tired of being in long queues outside of ATMs, then you have a good reason to use your mobile money apps. But there are a lot of people, especially in rural areas; access to banks and ATMs is a remote option. Such mobile money apps offer tremendous opportunities to make cashless transactions and enjoy the convenience of mobile banking services. FinTech is helping to overcome the gap between non-bank and low-bank banking services.
Interrupt traditional lending
The usual lending process over several decades was when filling out loan application forms, submitting various documents, and there is little chance of a quick response, and even after that time there is no chance of getting a positive response. And even if everything goes well, you’re unlikely to receive the funds sooner.
But all of this is a thing of the past, thanks to FinTech solutions making borrowing money easier and faster. You don’t have to go to the bank anymore, do a lot of paperwork and wait for good days to hear good news. Borrow money for hours, without all that stress and tension it would take weeks or months, all from the comfort of home. Digital technology is at the core of peer-to-peer lending success, enabling FinTech players to keep costs to a minimum and provide products and services tailored to meet the needs of specific target groups. P2P lending is a solution that promises to provide many benefits to both borrowers and lenders.
Financial technology is a new child in the financial industry block, but it has already become a changing face of the financial industry. But as with any technology, FinTech is far from perfect, and a number of factors such as security will determine its growth trajectory.