When it comes to customers, experience is everything. Customers don’t differentiate between small organizations or larger ones, nor differentiate between channels, if they enjoy the best volume of satisfaction as well as quality service then, they expect same sort of experience coming from a small firm when they do a larger one. While larger organizations with deep pockets are able to afford digital transformation initiatives although not all businesses enjoy such luxury.
For such organizations that happen to be constantly searching for ways to turn business dream into a reality, FinTech is often a beacon of hope that opens the door to new company possibilities and elevates customer exposure to high end solutions that they can could only desire before.
They say technology is really a great leveler high can’t be a greater example than FinTech because banking services the fact that was once a domain of banking and banking institutions has seen much start-up players on this space competing with the big and established banking corporations. But it’s not to say the standard banking institutions are falling behind within the digital race, given that they certainly inside race. But banks this can legacy systems and regulatory frameworks are slow to improve and can’t leverage emerging technologies as fast as FinTech companies. Here are some on the ways technology brings revolution from the financial services industry:
Go where your visitors are:
No one took this more seriously than FinTech companies simply because knew today generation is online continuously, because of smartphones who have completely changed their expectations. Online, social and mobile technologies have formulated new opportunities for FinTech companies to have interaction with their audience and digitally handle interactions better, with personalized services and relevant information delivered straight away to devices. Traditional banks should get fast, on the subject of attracting customers because rrndividuals are expecting lots, and so they want the same style of experience they’re getting from Amazon, Facebook etc.
Digital Wallets: Money exchange never got this easier
What is usual among PayPal, Paytm, GooglePay and ApplePay let you send any amount to a person with the click of a mouse button without visiting bank, something impossible few years ago. Mobile payments or peer-to-peer apps have completely changed the best way users handle money today. No wonder most smartphone users regularly use mobile payments apps given that they are easy to navigate, offer convenience, flexibility and needed security. What more, these P2P apps have brought anytime, anywhere banking services to its consumers plus a cost effective way.
Reaching unbanked and under banked
Don’t have enough to go to the financial institution or fed up with standing in long queues outside ATMs, then you need a good reason to make use of mobile money apps. But there are lots of people, specifically those in rural areas; usage of banks and ATMs is really a remote possibility. For such mobile money apps offers tremendous the opportunity to make cashless transactions and have banking services on the comfort of mobile. FinTech is bridging the gap by helping unbanked and under-banked gain use of banking services.
Disrupting traditional lending
For several decades the regular lending process was seen as an filling up applications forms, submitting a range of documents, and then there’s little possibility of a swift response, and even after this all time there is no likelihood that you receive a positive response. And even if everything goes right, you’re unlikely to take delivery of the funds anytime sooner.
But all this is often a thing of past, as a result of FinTech solutions borrowing money got easier and quicker. No more is it necessary to visit your banker, complete a lot of paper, and watch for days to pay attention the good news. Borrow money in hours what accustomed to take weeks or perhaps months without all of that stress and tension, all in the comfort of home. The digital technology reaches the heart of peer-to-peer lending success understanding that has enabled FinTech players to help keep costs as small as possible and offer services and products tailored to meet up with the needs of specific target groups. P2P lending is certainly one such solution that offers to provide a great deal of benefits for both for both borrowers and lenders.
Financial technology is really a new kid within the financial industry block but it really has already become changing face in the financial industry. But as with all technology FinTech is a lot from perfect and then there are several factors like security that can determine its growth trajectory.