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 amount of satisfaction and finest quality service then, they expect same type of experience coming from a small firm when they do a larger one. While larger organizations with deep pockets have enough money digital transformation initiatives yet not all businesses enjoy such luxury.
For such organizations which are constantly searching for ways to turn business dream into a reality, FinTech is usually a beacon of hope that opens the door to start up company possibilities and elevates customer knowledge about high end solutions how they could only desire before.
They say technology can be a great leveler high can’t be a much better example than FinTech because banking services that which was once a domain of banking and finance institutions has seen much start-up players with this space competing with the massive and established banking corporations. But this is not to say the regular banking institutions are falling behind inside digital race, simply because they certainly inside the race. But banks due to their legacy systems and regulatory frameworks are slow to alter and can’t leverage emerging technologies as soon as FinTech companies. Here are some from the ways technology brings revolution within the financial services industry:
Go where your prospects are:
No one took this more seriously than FinTech companies since they knew present generation is online continuously, as a result of smartphones which have completely changed their expectations. Online, social and mobile technologies have formulated new opportunities for FinTech companies to activate with their audience and digitally handle interactions better, with personalized services and relevant information delivered straight to devices. Traditional banks should get fast, on the subject of attracting customers because individuals are expecting a whole lot, 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 enable you to send any amount to you aren’t the click of your mouse without visiting bank, something impossible few years ago. Mobile payments or peer-to-peer apps have completely changed the way in which users handle money today. No wonder most smartphone users regularly use mobile payments apps since they are user friendly, offer convenience, flexibility and needed security. What more, these P2P apps have brought anytime, anywhere banking services to its consumers along with a cost effective way.
Reaching unbanked and under banked
Don’t have plenty of time to go to the lender or sick and tired with standing in long queues outside ATMs, then you need a good reason to make use of mobile money apps. But there are several people, in particular those in rural areas; use of banks and ATMs is usually a remote possibility. For such mobile money apps offers tremendous the opportunity to make cashless transactions and have banking services through the comfort of mobile. FinTech is bridging the gap by helping unbanked and under-banked gain usage of banking services.
Disrupting traditional lending
For several decades the conventional lending process was seen as an filling up applications forms, submitting various documents, there’s little possibility of a swift response, and even after this all time there isn’t any likelihood that you step a positive response. And even if everything goes right, you’re unlikely to obtain the funds anytime sooner.
But all this is usually a thing of past, due to FinTech solutions borrowing money got easier and quicker. No more in case you visit the lending company, complete a lot of paper, and lose time waiting for days to pay attention the good news. Borrow money in hours what employed to take weeks as well as months without everything stress and tension, all through the comfort of home. The digital technology is a the heart of peer-to-peer lending success understanding that has enabled FinTech players to hold costs low and offer services and products tailored to fulfill the needs of specific target groups. P2P lending is certainly one such solution that offers to provide a whole lot of benefits for both for both borrowers and lenders.
Financial technology is really a new kid inside the financial industry block however it has already become changing face on the financial industry. But as with every technology FinTech is significantly from perfect and then there are several factors like security that can determine its growth trajectory.
Prime Technology Group offers secure, compliant, and scalable frameworks which cover end-to-end processes and lower costs while meeting deadlines. With our top-notch information security, cloud computing for financial services, mobile application enterprises, payment processing, risk management, and IT growth, Prime’s quick-to-launch solutions are specially designed to enable you to meet these opportunities.