Consumers expect more personalized experience in the field of financial services pushing firms to expand and improve their financial services market.
FREMONT, CA: Rapid technology developments and the whirl of new fintech players are hugely impacting financial service market. Today, banks are expected to adapt to and navigate the fast-changing landscape as that banking strategies are evolving in response to fintech and digitization to deliver customer-centric banking initiatives.
One of the greatest revolutions of fintech that has taken the industry by storm bringing sea changes to the traditional banking systems. Here, technology is used to create blocks and record transactions permanently, without the ability to fraudulently manipulate the information. Banks are exploiting the potential of this technology and transforming the way transactions are done. It is expected to revolutionize the Know Your Customer systems, clearance and settlement systems, loans and credit applications, and auditing.
Digitalization of banks has replaced the physical branches and has led to the rise in the use of internet or mobile applications to carry out financial transactions. With this, the need to visit banks for various purposes reduced. The alliance of fintech and banking sector will further make the bank visits drop as people will continue to use mobile and internet for banking procedures. Fintech has also given rise to the trend of mobile banking, allowing people to perform various banking transactions on the go. The convenience and transparency it offers are considerable, and Ffintech is committed to making this experience even more user-friendly and straightforward.
• Artificial Intelligence
The collaboration of Artificial Intelligence with fintech is making revolutionary waves in the banking industry. Using a voice-operated assistant or AI-chatbot is expected to change the customer service, then translating to improved customer experience. Use of AI will also reduce human error and create accurate results. It is also helping recognize fraudulent behaviors in banking transactions. Fintech companies are exploring biometric technology, a powerful tool to ensure top-class security of customers’ account and capital.
In the coming years, banks and fintechs are expected to collaborate on many more dimensions. Financial institutions who realize this tectonic shift can get more out of the evolving fintechs.