Fintech Is Reshaping the Financial Service Industry – Myth or True?

Whether you are a consumer or work in the financial sector, you have undoubtedly heard about the rise of financial technology (fintech). Some people think that fintech is just a trend, but data shows a different story. Nearly 50 percent of consumers use digital methods to fill their financial needs.

The financial world uses fintech for everything from mobile banking apps to credit repair software. Programs like DisputeBee software allows consumers to file complaints with major credit report bureaus to remove mistakes from their credit report. In the past, this dispute process was very time-consuming. With the use of fintech, companies like DisputeBee are able to automate this process and make it easier for consumers to use.

Read below to find out more about how fintech is reshaping the financial industry.

Automated Financial Advice is Beneficial

One of the most useful pieces of fintech on the market is the virtual assistant. These automated AI-infused programs have literally taken the financial world by storm. With the help of these robo-advisors, consumers are able to get sound financial advice any time they need. Most financial services companies provide this help in the form of chatbots on their website.

Basically, these chatbots are built with certain information chosen by the company putting them on their website. Generally, the company will put in answers to frequently asked questions. By putting this technology in place, a financial services provider can offer great customer service at any time of the day or night. The last thing any growing company wants is to drop the ball when it comes to providing financial advice to potential or existing customers. This is why utilizing the power of chatbot technology is so important.

The Power of a Multi-Channel Customer Experience

Modern consumers want to use financial services providers that can provide them a unique experience. This is why using fintech to provide your customers with a multi-channel experience is so important. This experience will need to involve things like a mobile app, live chat options and even email messages. The more touchpoints you provide to your audience, the easier it will be to meet the needs of your customers.

Financial institutions that refuse to update their approach to connecting with consumers will have problems in the new age of fintech. Instead of wondering how to build the tech tools needed to serve your audience, you need to outsource this task to experienced app developers and marketing professionals. With their help, building a multi-channel customer experience will be a breeze.

An Easy to Use and Secure Mobile App

Consumers download millions of apps each year. For most people, using apps to do everything from check their bank account balance to interact on social media is something they do quite often. If you think your financial services company is ready to venture into the world of mobile apps, you need to plan out your new program in detail.

Not only will your mobile app need to be user-friendly, you also need to make sure it is secure. Most financial institutions collect a lot of sensitive data with their apps. Properly protecting this information is important when trying to avoid data hacks. The best way to ensure your new app is successful is by finding an experienced developer. Before hiring a developer, take a look at the work they have done in the past. Doing this will help you figure out whether or not they can provide the results you are looking for.

Don’t Let Technology Pass You By

Changing the methods, you use to serve customers can be intimidating. Instead of fearing change, you need to embrace it if you want to make your financial services business more attractive to modern consumers.