Introduction
Technology has rapidly disrupted, altered, and changed many industries. The financial industry is an industry that has been immensely disrupted by technology. More commonly referred to as Fintech, financial technology has provided changes for the financial industry that have mostly been positive.
A Change in Operations
Fintech has provided access to a multitude of services for 24 hours every day, over seven days each week. Fintech has also expanded the range of areas that customers can access financial services in. For example, customers can now transfer money on their own between countries across the globe within minutes. In turn, many of these services do not need oversight from staff members at financial institutions and can be managed by customers themselves, eliminating the need for additional service fees.
Customers who would like advice or help with financial services can obtain the help that they need quicker. Various softwares have allowed financial professionals to connect with their clients more effectively. New products can be offered as a result of these softwares and technologies as well.
Modifying Customer Expectations
Fintech has altered customer expectations both positively and negatively. As a result of quicker transaction speeds, customers now expect speedy services from financial institutions. This is good, however, with customers no longer needing to experience long wait times during situations where time is of the essence. Money transfers, balance checks, loan applications, security trades, and many other financial services can be completed within a matter of seconds due to Fintech.
An Update in Banking
Formerly an industry that relied heavily on traditional systems and infrastructure to run dependably, banking has been radically improved because of Fintech. Banks have been able to reduce their operating costs and reliance of traditional systems to operate efficiently. Heavy regulation has been slowing down the advancement process for banks, however.
Conclusion
Fintech has a bright future for the financial industry. The technology has been great overall for both institutions and customers, expediting processes while allowing more services to be offered. Many institutions are open to using new Fintech and are anticipating its expansion in a variety of nations, such as Africa, creating new growth opportunities for these regions.