The financial technology (fintech) revolution is quickly spreading worldwide, altering the global financial dynamics. It is influencing a wide range of industry activities such as customer service, financial advising, payments and transactions, loans, insurance services, and account administration.
Legacy financial institutions like banks, credit unions, and large financial players are heralding this transformation by embracing ubiquitous Fintech-led innovations like digital payment gateways, online banking, etc., to reach at par with the fintech firms. The spectacular growth in the usage of smartphones has only catalyzed the adoption of digital tools for fintech platform solutions. These innovations are spearheading the need for traditional banking institutions to leverage fintech platforms to hone operational efficiencies and deliver improved customer services.
Here are 5 ways in which fintech is transforming the banking and financial services landscape-
- Enhanced customer experience powered by omnichannel presence: Fintech platforms enable banks with powerful banking capabilities for better customer engagement across different channels and deliver a hyper-personalized experience, enhance customer value, and seamlessly transition to the digital age.
- API-led Integration: Banks can provide more value-added services to the customers by providing secure access to customers for third-party vendors by enabling API-led integration. Customers can now access all types of services provided by multiple vendors by just logging into a single bank portal.
- Digital handshake with cloud AI: Banks are offering a unique customer experience centered on personalization, speed, relevance, and seamless delivery, such as AI-enabled Chatbots to manage customer queries faster and save time. With RPA being applied, the KYC process is made much faster, and customer data can be analyzed and verified within moments with very little room for inaccuracies.
- Digital currencies using Blockchain technology: Customers have benefited from cryptocurrencies for moving money, lowering expenses, and saving time since blockchain provides a reliable trading platform with improved transparency.
- P2P(Peer-to-Peer) Investment/ Lending platforms: Through fintech platforms, it becomes easier for banks to find authenticated creditworthy borrowers through a pre-verified automated credit evaluation process without the intervention of conventional banking.
FinTech platforms are an easier and efficient way for banks and financial institutions to offer several financial services, while reducing time and effort considerably. Major financial institutions across the globe are leveraging technology to stay relevant in this digital age. Banks and financial institutions seeking fintech adoption can explore growth opportunities with Arttha. Arttha is a unified fintech platform that has been transforming the BFSI industry with its powerful fintech capabilities. Write to us at [email protected] to learn more about Arttha fintech solutions.
Digital has been a buzzword in the ever-evolving banking industry across the globe.
This evolution focuses on designing a seamless, versatile and collaborative experience for the end consumers.
Technological advancement anchored this transformation by upgrading retail and mobile banking to neobank startups, propelling banking into a digitalized future.The rapid advancement in technology has created many challenges for the traditional brick and mortar branches.
Though they are well equipped with financial resources and consumer relationships with a decent reach, they need to adopt digital ways for banking to stay relevant in the future.Here are some ways how digital can shape the banking landscape:Frictionless banking through utilization of B-a-a-S or API Banking: Legacy institutions are best positioned to succeed if they commit to full-fledged digital transformation by introducing extremely adaptable solutions and can utilize Open APIs to integrate new financial systems and open banking software, allowing faster expansion.
The most common of these solutions is Banking-as-a-Service (B-a-a-S), where digital banks and other third parties can connect with the bank’s system directly via APIs.Emergence of Personalized banking tools — The emerging digital banking solutions focus on providing self-learning digital banking software tools sensitive and intuitive to customer needs by utilizing a range of cutting-edge technologies to increase consumer engagement, including AI-powered chatbots, wearable assistance, personal finance Management, P2P Payments through voice bots, and QR code scanning.Data Analytics for Customized Solutions: — Financial service providers will get a deep insight into customers’ lives owing to Big Data, IoT, Blockchain and Open Banking.
They can better the lives of their customer by employing the following techniques: -The technologies such as IoT tend to track the real lives of customers rather than relying on manual submissions, the customer data will be safe and secure through blockchain technology which would be further authenticated via AI.
Advancing technology has started influencing the BFSI sector, and we witness innovative app solutions in financial services.
These solutions fall under the fintech category and contribute to improving services.
Mobile wallets, banking apps, and cryptocurrency-related apps are some of the most popular examples of fintech apps.
In this blog, we are going to understand the role and benefits of cross-platform app development for a fintech firm
Bloom is releasing free credit monitoring, robust data breach monitoring, and enhanced smart identity features to nearly 1 million users.With Bloom, new credit monitoring and smart identity features give users the power to protect their identity and manage their credit all in one place.
Bloom has partnered with TransUnion to provide a robust credit monitoring product.
A critical part of TransUnion’s mission is to empower consumers to better understand and manage their data and shape their financial lives.
This partnership supports that mission, and we look forward to continue working with Bloom to deliver innovative and impactful solutions to consumers.”Along with credit and data breach monitoring, Bloom’s smart identity solution helps prevent predatory third parties from accessing user data and greatly reduces the risk of identity theft.
Today’s release helps make that a reality,” said Bloom spokesperson, Shannon Wu.Bloom is building groundbreaking technology and workflows for the everyday person, providing an innovative alternative to conventional identity platforms.
By delivering a secure and inclusive alternative, Bloom has grown to become the largest decentralized identity platform in the world.Despite the hype of blockchain, many of the innovations require deep technical understanding and interfacing directly with blockchain ledgers.
