In our modern society, it has become impossible to imagine a world without Internet or mobile devices. Technology is now core of the way we live and experience leisure as much as our business activities. Digital age is bringing lots of disruption even recently pushing Financial Services to the limits with the raise of Fintechs. However the reshaping of our industry is not only stimulated by the digitalization itself, but also by our customers that are always requesting new feature and more user friendly interface. This article is how Fintechs hand-in-hand with their customers challenge and disrupt the well-established Financial Services.
Customers need in the Spotlight
Everyone agrees that there is a clear need for greater focus on the customer, but start-ups do it better. Customers are permanently redefining their expectations taking examples or ideas from other industries and always expect to quick delivery. Fintech customers know that we are “tech savvy”, therefore they always push for convenience, personalization and ease of use. They provide a solid ground of needs for Fintech to go out there and disrupt Financial standards. Fintech start-ups directly address to the end user, bypassing banks and having their focus on customers. Whilst clients often experienced slow delivery and endless paperwork journey, dealing with a traditional banking institution Fintechs clients are assured to be at the center of attention and benefit of a swift user experience on top of having access to top of the range technology.
First never follows
Furthermore, as common saying goes: “first never follows”, therefore I truly believe that it is always worth to be participating in innovation rather than be a spectator. By jumping on the Fintech bandwagon, we are the pioneers of the new Financial sector era. We are now shaping the future of Banking and Finance in disrupting standards, implementing new solutions and pushing regulators to change. When being part of it on early stage, we can influence the industry, challenge processes, generate trust and therefore position a company or brand in becoming the new reference.
Fintech by engineers for engineers
When taking the example of PAYMILL, we are a Fintech developed by engineers for engineers. What I mean here is that we all use top of the range technology products every day just by using our smart phones and apps that have changed the way we shop, travel, communicate, etc.. Fintechs are the continuity in simplifying access to a banking institution or financial tool to match our eagerness for quick, simple and efficient access to a dedicated platform. Can you imagine the day that through a few clicks on my laptop or tablet I will be able to analyze my investment portfolio, run a cross asset analysis and have the security to input my trades through digital identity check? Fintechs thrive for efficiency keeping a very “tech” client centric approach, thus producing innovation whilst easing customers’ of traditional banks pain points. The use of “community” keep us close to our clients and our goal is to always listen to their needs to develop a solution meeting their expectations.
Time is now for companies to embrace the digital age and for traditional banking institution to team-up with new technology to a client centric approach and make customers’ life easier.