How FinTech is Raising Customer Expectations

FinTech is a broad term that encompasses the rapidly growing segment of financial technology. The future of this sector is bright: FinTech startups are disrupting the banking industry and changing how customers interact with their finances. Financial services companies need to respond to these customer expectations or risk losing them. How will your company adapt to meet your customers’ needs? Below, Canadian FinTech specialist Firoz Patel explores some customer-centric FinTech trends and how they can positively impact your business.

 

Personalized Financial Services

Financial institutions have traditionally provided services based on the needs of large populations. However, Millennials are looking for services that specifically cater to their individual needs. Therefore, personalised financial services provide tailored advice and services based on an individual’s preferences and needs. For example, financial institutions can provide tools to help customers achieve their personal financial goals. Similarly, many FinTech companies enable customers to make personal financial decisions, such as selecting the best insurance option for their family.

 

Branchless Banking

Branch banking provides a bank with a physical location so that customers can walk into a branch and use tellers. However, this has changed with the rise of internet-based services. Customers can access a wide range of banking services from the comfort of their home. These services can be more convenient because customers can be more productive. For example, customers can conduct business from the comfort of their own home. With this change, branch banking is becoming a thing of the past. A branchless banking service allows customers to access their financial services through the internet. As Firoz Patel explains, this can be done through mobile apps, websites, or physical locations.

 

Instant Transactions and Real-Time Analytic tools

Exotic coins with high trading volume are a great indicator of future investment trends. Now, with the help of blockchain technology, you are able to make real-time transactions. R3CEV, a financial technology provider, has developed a blockchain protocol that can facilitate real-time settlement of financial assets. Real-time settlement allows financial institutions to make payments across the many systems they use. As a result, customers have more confidence in the financial system. Moreover, startups are creating real-time analytics tools. With these tools, you can use data to make business decisions. For example, a real-time analytics service can monitor customer behavior and predict customer behavior. This can help businesses improve customer service, such as by offering a better customer experience.

 

Digital Currency and Robo-Advisors

Nowadays, you can use digital currencies to pay for products and services. For example, adds Firoz Patel, Founder and CEO of a globally-used online payments solution, Expedia and Shopify now accept bitcoin. However, digital currencies are not the only payment method that has seen a rise in popularity. Roboadvisors are also gaining attention. A roboadvisor is like a robo-investment advisor that uses algorithms to help investors make financial decisions. Robo-advisors are becoming increasingly popular as customers are looking for tools to help them achieve their financial goals. Digital currency, such as bitcoin, is also becoming more mainstream. Additionally, businesses are incorporating blockchain technology into their products and services.

 

Bottom line

Financial technologies are disrupting the financial services industry and creating new customer experiences. These technologies are creating a better experience for customers. Financial institutions, such as roboadvisors and real-time analytics tools, are helping organizations improve the customer experience. In the end, these technologies are helping customers achieve their financial goals.