Technologies Catapulting the Fintech Revolution

Banking CIO Outlook | Friday, July 26, 2019

Personal banking is all set to become more customer-centric; thanks to all the innovation that fintechs have driven into the financial sector.

FREMONT, CA: Personal banking and finance are undergoing significant transformations. While traditional financial firms are have not been effective in driving the changes, fintech companies have made the most of the opportunities that technologies have brought their way. Leveraging the power of technology, fintechs have been able to give innovative products and services that are consumer-centric. With targeted and personalized solutions for individual customers, these companies have been able to create value for services and products that they offer.

One of the most significant developments that the financial industry will see in the coming days is the diversification of channels. The diversification process has already started. One can already see how there are multiple channels through which customers can handle financial activities. One can go to a physical bank branch and do processes manually, or one can sit at home and use the desktop to browse through the website for products, services or information. The explosion of mobile devices has helped the industry to take the next step towards greater flexibility and convenience.

E-banking facilities constitute a significant change. Most of the facilities that customers could access only at the banks are now available at the fingertips; no long queues and no waiting time, only satisfactory services. The concept of digital wallets has also flourished, and many digital wallet companies are now successfully in business. Going cashless has a lot of benefits, and digital wallets have been able to leverage that in their favor. Millennials constitute a majority of digital wallet users, but the older generation has also warmed up to the idea of digital payments which are safer than that of cards or cash.

The good old ATMs are responding to technological advancements as well. While some companies have already put modern ATMs for public usage, many others are experimenting with innovative technologies to improve ATM services. eATM, which can provide cash to customers by pairing up with personal devices and automated verifications, are going to be mainstream soon. Transactions aided with iris verifications for completely hassle-free ATM experiences under experimentation.

Fintech companies have successfully propelled the financial industry towards better services and higher profits.

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