FinTech : A Revolutionary Change to the Finance Industry

Experience is quite important when it comes to customers. Customers don’t really discriminate in companies based off of their sizes or channels; as long as they enjoy the output of the services then they are happy. Customers also expect companies to hold the same knowledge and experience in certain areas regardless of their size. However, while there are many larger organizations that have deep pockets and are able to afford digital transformation initiatives, not every business has the financial resources to do the same.

Technology is able to bring about revolution through financial services in so many different ways.

Go Where Your Customers Go

FinTech companies are quite anal when it comes to being present where they know they can reach their target audience, and that is online. Thanks to the current technology of mobility, FinTech now has various platforms at their availability to continue interacting with people who need them. Personal services and relevant information can now be entered using a keyboard/keypad, and the click of a mouse. With that being said, banks should also pick up rather quickly when it comes to gaining new customers since customers have higher expectations. They want to be able to have the same experience that they have on some of the larger social media sites, as well as big sites like Amazon.

Digital Wallets:  Easily Exchanging Your Money

 Exchanging money is quite easy nowadays with apps that are available like GooglePay, PayPal, PayATM, and ApplePay. You can basically send any amount of money that you need too with these methods with the click of your mouse. Methods like this often come in handy when you are paying someone for their services or to help you maintain a service, such as your stock broker. If you were worried about having an easy way to transfer money to your stock broker, well now you have it! Speaking of which, a good stock broker can be difficult to come by so you’ll want to search for the Top 10 Stock Brokers in India, to ensure that you will find someone to work with who you can trust to handle your financial needs responsibly.

Interrupting traditional lending

There is no doubt that FinTech has made borrowing and sending money a quick and easy task. This means that rarely, if ever, do people have to visit the bank like they used too. This method of sending money has also eliminated a lot of excess paperwork that you’d typically have to do if you visited a bank. Borrowing money now takes hours when it used to just take weeks. You can now do this with less tension and frustration from the comfort of your home or office.  FinTech allows users to keep costs for services and products at a minimum. Peer-to-Peer is something that allows both the lender and the borrower to benefit from using it.

While financial technology is still considered to be the new way of doing things financially, it has already brought a lot of good change to the industry, and it will continue to improve over time.