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Zafar Imam

The author is CEO of Finshell

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Customer Is King: How FinTech Is Enhancing The Consumer Experience

With the digital revolution in full swing, FinTech brands leverage Artificial Intelligence (AI) and dwell into personal information such as credit history to provide customized financial solutions.

Digital diversification is enveloping everything in its way. The traditional ways of doing things are certainly diminishing. There will be a time when conventional avenues will be even more fugacious. The financial field has been caught in the digital labyrinth for the betterment of its stakeholders. FinTech companies are the new merchants of the financial sector. As the age-old mantra goes, ‘customer is king,’ the FinTech brands are syncing their technology to lay out a better customer experience to their consumers.

The end-users are shifting to digital avenues for financial solutions. The numbers are proof. About 67% of FinTech brands have set up their operations in India in the last five years. Around 22% of Indian adults, 205 million by number, use digital-only banking options. The rate of adopting FinTech solutions in India is soaring at 87%, higher than the world average of 64%. The rate reflects the contemporary mindset of people who are espousing digital financial services to simplify their experience.

FinTech is safe, reliable, and convenient. Hybrid banking services alongside digital-only banking facilities have been a testimony to this notable shift. As per a FIS survey, 68% of Indian consumers used online/mobile banking to conduct financial transactions during the lockdown. With a growing customer base, FinTech brands are customizing and modernizing their consumer experience.

Embedded finance provides palpable convenience

Many financial institutions are leveraging FinTech services by employing embedded finance to provide an enriched consumer experience. It helps consumers utilize the services on their terms at any given time from any location. The convenience is so palpable that the consumer need not visit the bank physically to access their account. The users engaging in such services get an advantage on the banking and investment avenues alongside other applications associated with travel, entertainment, and cloud kitchen services.

The option to pay through your bank account with the help of clicking a few buttons on third-party apps like - Amazon, Zomato, and Myntra has enhanced the consumer experience manifold.

Custom-made financial services

Consumers often need specific solutions when they traditionally visit any financial institution. With the digital revolution in full swing, FinTech brands leverage Artificial Intelligence (AI) and dwell into personal information such as credit history to provide customized financial solutions. The end-users utilize these credit applications to know the exact amount of EMI they need to shell out once the full term is realized. These advantages prompted by digital solutions help release customer needs and get them a fair deal on the financial front.

ChatBot and Virtual assistance are the new experts

The time spent at any financial institution inquiring about new schemes can be tedious. The AI-powered customer onboarding systems can help a lot of new entrants to familiarize themselves. As the world turns digital, automation becomes primary, making human interaction secondary; that’s the golden rule. The virtual ChatBots help the consumers ask as many questions as they’d like and get customized answers to their queries. It creates a sense of trust and acceptance within the vast world of the financial ecosystem through customer education.

Mitigating risk and making investments as safe as houses

The stock market is the jungle for the fittest. Market knowledge has gained equilibrium through the prioritization of investor education, but the market remains as volatile as ever. FinTech brands have attracted many customers to the digital world of investment solutions aided by predictive analytics. As a subset of Artificial Intelligence, predictive analytics has converted many investors into smart investors.FinTech organizations are helping users analyze the performance of their expended securities and influencing them to choose superior options. Thus, this helps in building consumer confidence and, therefore, the user experience.

Safety is the priority

The financial systems which FinTech organizations use are massive data biomes. These data lumps are probably the most important treasures that need to be guarded by such companies. Consumer experience is paramount to many brands but more so to the FinTech platforms. Factors like ensuring the consumer’s data safety go a long way to provide an excellent customer experience. FinTech apps deploy some first-rate security machinery to keep your money and information secure.

Conclusion

As small as the world is today due to digital diversification, the expectations from consumers are just about the opposite of small. Personal data is not private anymore. It is a shared link between the end-users and the FinTech systems. Many brands are looking at customizing personal information to the extent that it can leverage the best of the hybrid system of financial institutions. In all that the future holds within the financial jungle, the customer is the king, and FinTech is the crown.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house



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