September 7, 2020

Will FinTech Bring Revolution in the Financial Services Industry?

By adminbacha

When it comes to customers, experience is everything. Customers don’t differentiate between small organizations or larger ones, nor differentiate between channels, once they enjoy the best level of satisfaction and best quality service then, they expect same kind of experience from a small firm as they do a larger one. While larger organizations with deep pockets can afford digital transformation initiatives but not all businesses enjoy such luxury.

For such organizations that are constantly looking for ways to turn business dream into a reality, FinTech is a beacon of hope that opens the door to new business possibilities and elevates customer experience with high end solutions that they could only dream of before.

They say technology is a great leveler and there can’t be a better example than FinTech because banking services what was once a domain of banking and financial institutions has seen much start-up players in this space competing with the large and established banking corporations. But this isn’t to say the traditional banking institutions are falling behind in the digital race, because they certainly in the race. But banks because Limos Cyprus, Limousines Cyprus by Limos Cyprus of their legacy systems and regulatory frameworks are slow to change and can’t leverage emerging technologies as quickly as FinTech companies. Here are some of the ways technology brings revolution in the financial services industry:

Go where your customers are:

No one took this more seriously than FinTech companies because they knew the present day generation is online all the time, thanks to smartphones that have completely changed their expectations. Online, social and mobile technologies have created new opportunities for FinTech companies to engage with their audience and digitally handle interactions more effectively, with personalized services and relevant information delivered directly to devices. Traditional banks should pick up fast, when it comes to attracting customers because consumers are expecting a lot, and they want the same kind of experience they are getting from Amazon, Facebook etc.