Will FinTech Bring Revolution within the Financial Services Industry?




When it comes to customers, experience is everything. Customers don't differentiate between small organizations or larger ones, nor differentiate between channels, once they enjoy the simplest level of satisfaction and highest quality service then, they expect same kind of experience from alittle firm as they are doing a bigger one. While larger organizations with deep pockets can afford digital transformation initiatives but not all businesses enjoy such luxury.

For such organizations that are constantly trying to find ways to show business dream into a reality, FinTech may be a beacon of hope that opens the door to new business possibilities and elevates customer experience with high end solutions that they might only dream of before.

They say technology may be a great leveler and there cannot be a far better example than FinTech because banking services what was once a website of banking and financial institutions has seen much start-up players during this space competing with the massive and established banking corporations. But this is not to mention the normal banking institutions are falling behind within the digital race, because they certainly within the race. But banks due to their legacy systems and regulatory frameworks are slow to vary and can't leverage emerging technologies as quickly as FinTech companies. Here are a number of the ways technology brings revolution within the financial services industry:

Go where your customers are:

No one took this more seriously than FinTech companies because they knew this day generation is online all the time, because of smartphones that have completely changed their expectations. Online, social and mobile technologies have created new opportunities for FinTech companies to interact with their audience and digitally handle interactions more effectively, with personalized services and relevant information delivered directly to devices. Traditional banks should devour fast, when it involves attracting customers because consumers expect tons , and that they want an equivalent quite experience they're getting from Amazon, Facebook etc.

Digital Wallets: Money exchange never got this easier

What is common among PayPal, Paytm, GooglePay and ApplePay allow you to send any amount to anyone with the press of a button without visiting bank, something impossible few years ago. Mobile payments or peer-to-peer apps have completely changed the way users handle money today. No wonder most smartphone users regularly use mobile payments apps because they're simple to use, offer convenience, flexibility and far needed security. What more, these P2P apps have brought anytime, anywhere banking services to its consumers and during a cost effective way.

Reaching unbanked and under banked

Don't have time to travel to the bank or uninterested in standing in long queues outside ATMs, then you've got an honest reason to use mobile money apps. But there are many of us , especially those in rural areas; access to banks and ATMs may be a remote possibility. For such mobile money apps offers tremendous opportunities to form cashless transactions and luxuriate in banking services from the comfort of mobile. FinTech is bridging the gap by helping unbanked and under-banked gain access to banking services.

Disrupting traditional lending

For several decades the normal lending process was characterized by filling up loan applications forms, submitting a spread of documents, and there is little chance of a swift response, and even after all this time there's no likelihood that you will get a positive response. And albeit everything goes right, you're unlikely to receive the funds anytime sooner.

But all this is often a thing of past, because of FinTech solutions borrowing money got easier and quicker. No more does one need to visit the bank, do tons of paper, and await days to concentrate the great news. Borrow money in hours what wont to take weeks or maybe months without all that stress and tension, all from the comfort of home. The digital technology is at the guts of peer-to-peer lending success which has enabled FinTech players to stay costs to a minimum and offer products and services tailored to meet the needs of specific target groups. P2P lending is one such solution that promises to supply tons of advantages for both for both borrowers and lenders.

Financial technology may be a new kid within the financial industry block but it's already become changing face of the financial industry. But like any technology FinTech is way from perfect and there are several factors like security which will determine its growth trajectory.


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