The portmanteau ‘Fintech’ refers to the acute blend between the finance and technology sectors. Dubbed as a booming industry by The Guardian, fintech has gone on to redefine the customer experience; whether they’re banking, shopping or managing their money via other means too. It’s a gamechanger, and only now has it started to really pick up steam.
But how exactly is Fintech transforming the customer experience? Well, here’s how it’s pulling of that remarkable feat.
One of the principles aims of technology is to simply save time. Well, this is exactly how technology is being applied to financing. It’s cutting out a lot of wasted time that people encounter when managing their money; heading into town, getting stuck in traffic, queues in the bank, waiting for staff etc. Instead, fintech is refining and streamlining the customer experience.
For example, many people these days like to manage their money online. Though physical bank branches are struggling in the face of this, fintech means that more and more young people are becoming invested and aware of their financial situations. Before, managing money would have been a mundane, last minute chore to carry out for young people desperate to have fun every waking moment. Now, it’s easy and far less time consuming than it used to be. In a way, the customer experience is now more agreeable and educating for some!
Because the financing world is now more accessible through digital means, this has then subsequently influenced an upsurge in virtual lenders. These are companies such as Likely Loans, who offer their products and services to customers via remote means. The customer experience is changed here, in that they can now simply click a button and get the financial lifelines they need.
Obviously, this is a major advantage that’s promoted by the world of fintech. Much of the panic, worry and fear that comes with banking can now be dispelled quickly and painlessly. Virtual lenders are always on hand, and some even employ AI bots on their webpages to answer any questions customers may have immediately. It’s a supportive service unlike any other!
When it comes to money, most people like their finances to be as safe and secure as possible. They want zero complications, no hoops to jump through, and no delays. The sooner payments and transfers are made, the better, as there’s then nothing to think or worry about from then on.
This is what fintech has now made possible. Contactless payments can now be made with a card and/or phone, which means customers no need to fumble around in their pockets for wallets and coins. It makes the transaction process a breeze, and may just encourage people to spend more when queues move along quicker and shopping is less of a nuisance!