Fintech Industry's Technology Embrace

Banking CIO Outlook | Wednesday, March 20, 2019

The transition from traditional banking to online banking has paved a path for seamless banking experience.  The latest mobile or online banking services are designed to expedite processes and ensure convenience. The banks and other financial institutions are also increasingly modifying the way they do business to appeal to the tech-savvy smartphone equipped customer.

The Advantages of Online Banking

The advantages of online banking are in simple steps to be followed. The significant benefits given by online banking includes 24/7 account and service access, speed and efficiency, and online bill payment. It also provides low overheads which can mean both low fees as well as high interest rates on deposit accounts.

Mobile Banking Companies: TyfoneCOBISOndot SystemsChange Financial Limited

The Cardless Cash Withdrawal

The digitalization in banking and other financial institutions one doesn’t need to stand in long queues to either deposit or withdraw the cash. Now with the help of new techs, the transferring of funds is easy, fast and simple. One can add the name of the recipient to the list of the cash withdrawal beneficiaries and share their mobile number, name and address with the bank online within in seconds.

The Enhancement of Data Analytics and Reporting Capabilities

Fintech industry enables many organizations to make use of data analysis tools which provide enhanced customer experience, improved process automation, and reduced operational costs. The customers keep a proactive approach to their financial planning. The banks are also incorporating enhancive reporting capabilities to stay current with the growing demand in the market.

The Automation of Core Business Processes

The financial enterprises are improving their IT architecture automating many of the value-added tasks presently in use allowing them to concentrate on the implementation and execution of advanced technologies to continue developing the customer’s digital experience.

Recruiting New Talent to Meet Shifting Demands

In the digital banking world, the technologies keep advancing and continue to be a necessity for most of the organizations. The need for qualified staff and high-level IT services are presented as an elegant solution to reducing mistakes and prioritizing the needs of each bank or financial institution.

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