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Fintech tools will offer increased convenience for the consumers while enabling businesses to provide better products and services.
FREMONT, CA: Technology is evolving rapidly, and the world is changing accordingly. Advanced technologies are looking to increase convenience and ease of interaction for the general consumer in several sections like e-commerce, grocery, transportation, and banking. Peer-to-peer lending, robo advisory, and UPI are some of the elements in this new wave of evolution looking to help the general consumer. The aim of it all remains seamless user experience, better security, and greater convenience.
Banks have slowly but safely accepted the idea of offering services to consumers at the touch of a button. They realized that bringing the solutions to the consumer’s smartphone enables them a greater chance of interaction than waiting for them to come to the institution. At the consumer’s end, mobile apps' transaction is seamless and faster than standing in a line to make a transaction.
Blockchain systems have become popular due to their potential to ensure security in transactions and maintain the verifiability of information stored. There is no single repository, yet data can be seamlessly stored and accessed. However, the blockchain works in a way, which generates a secure repository for several types of information. Leveraging this technology, confidential data like consumer KYC can be stored and made accessible to financial institutions. Today, consumers require reproducing their KYC information for every instance of a financial transaction.
Financial advisors offer real fiscal advice depending upon the consumer’s requirement and aid effective matchmaking. However, that might not always be successful. With Artificial Intelligence and Machine Learning, robo-advisors can use big data to provide more efficient matchmaking between consumer requirements and products. Usually, robo advisory would leverage insights and historical data to understand their choices, lifestyle, and demands to help with portfolio allocation, banking services, etc. A robo-advisor can track investor mistakes, their reactions to market events and accordingly provide advice.
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