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Bardya Ziaian, a Toronto-based entrepreneur, has a track record in creating successful companies and jobs in the areas of fintech, brokerage and financial systems.
Customers are influenced by their experience. Customers don’t care if a company is small or large. When they are satisfied with the service and get the best customer experience, they will expect the same from smaller firms. However, only large organizations can afford digital transformation projects. Not all businesses have this luxury. FinTech opens new doors for businesses that want to realize their dreams and provides high-end solutions to customers.
Technology is a leveler. FinTech is a good example. FinTech’s banking services, which was once the domain of banks and financial institution has seen many new players in this space competing to the established banks. The traditional banks are not falling behind in digital technology, but this does not mean they are not in the race. However, banks can’t use emerging technologies as fast and efficiently as FinTech companies due to their legacy regulatory systems. Here are some examples of how technology is revolutionizing the financial service industry.
Follow your customers wherever they are
FinTech companies understood this better than any other company. The current generation of users is now online 24/7, thanks to smartphones that have revolutionized their expectations. FinTech companies now have the opportunity to connect with their audience via digital, social, and mobile technologies. This allows them to manage interactions more effectively and provide relevant information and personalized services directly to users. Traditional banks need to be more aggressive in attracting customers. This is because customers expect a lot. They want the same experience from traditional banks as Amazon, Facebook, and other social media platforms.
Digital Wallets – Money exchange has never been simpler
PayPal, Paytm GooglePay and ApplePay all allow you to send money to any person with just a click. It’s not like it was possible a few years ago. Mobile payments and peer to peer apps have changed how people deal with money. It’s no surprise that many smartphone users are using mobile payments apps. They are easy to use and offer much-needed security. P2P applications have made it possible to provide anytime, anywhere banking services for its users in a cost-effective way.
Attaining unbanked status and being underbanked
You don’t have enough time to visit the bank, or you are sick of waiting in line at ATMs. If this is the case, you can use mobile money applications. There are many people who live in rural areas that don’t have access to ATMs or banks. With these mobile money apps, you can make cashless transactions and get banking services right from your phone. FinTech is closing the gap by enabling unbanked or under-banked individuals to access banking services.
Traditional lending has been disrupted
Over the past decades, traditional lending has involved filling out loan application forms and submitting many documents. You have little chance of getting a fast response, and even if you wait, there is no guarantee that your request will be approved. Even if everything is perfect, it’s very unlikely that you will get the funds immediately.
FinTech solutions make borrowing money easier and more efficient than ever before. It is no longer necessary to go to the bank, fill out paperwork and wait for the good news to come. Borrow money online in just hours. It used to take weeks, even months. The digital technology has been a key factor in peer-to-peer lending’s success. It has allowed FinTech players to keep costs down and offer tailored products and services that suit specific target groups. Both lenders as well as borrowers can reap the many benefits of P2P lending.
Financial technology is a newer addition to the financial industry, but it already has a significant impact on the future of the industry. FinTech is not perfect, and security will play a major role in its future growth.
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