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How fintech applications are disrupting the way we bank

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By Praveen Paulose, MD & CEO, Celusion Technologies

The fintech landscape is ever-evolving, mainly in the technology front, that has led to multiple innovations in the primary banking & financial functioning. Over the years, these innovations have continued to reshape how consumers interact and manage finances, transactions, and other related services. Each new application developed in the fintech space changes from time to time but revolutionizes & simplifies the way we bank.

Cutting-edge technology support in shaping fintech sector
Today, many cutting-edge solutions have made their way into numerous fintech applications, ushering in an era of convenience, accessibility, and efficiency like never before. From digitally available banking services to financial services powered by newer tools like Artificial Intelligence, Blockchain, and more, the fintech sector is experiencing a fundamental shift in the banking experiences that are highly beneficial to all those involved.

Digital Banking: A Boon
The advent of digital banking resulting from the internet boom has led to increased value in products and services for targeted users. Having services available online means that customers have much greater accessibility than before. Applications developed online enable customers to pay their bills, view their account balances, and more, all with the few taps of a button. At present, most transactions that take place are cashless, thanks to everything being digitized.

Recent technologies such as Artificial Intelligence have helped corporations further increase the value of the solutions they provide to their customer bases with the help of automation. Artificial Intelligence can help banks compile essential information, assess consumer behaviour patterns, thoroughly study growth metrics, and predict the best possible actions to take for consumers in the future for a much easier & simpler transactional interface. Banks can also do more with this data, such as creating profiles of customers based on their preferences and spending habits, thereby offering specially tailored services based on their needs/ preferences. Such technological tools help financial corporations plot the best ways to service their customer needs down to every individual, something that was not possible before.

Changing times for fintech industry
The highly dynamic nature of the fintech industry entails many new developments coming in at a high frequency, each of which aims to offer an increasingly customer-centric solution. With more customer insights acquired thanks to technology, fintech companies can prioritize customer experience by addressing their needs with higher quality services at different levels. Fintech applications streamline processes such as account opening, fund transfers, loan approvals, etc. This reduces the time spent on each service customers wish to avail, making the user experience snappy and hassle-free.

Banking corporations can also benefit from providing customers with an experience that is more secure than ever before. Advancements in technology have bolstered security in customer transactions, keeping their data and finances safe. Moreover, there are now many advanced security measures such as biometric authentication via fingerprint/ facial recognition, multi-factor authentication, and blockchain technology to protect customers by preventing unauthorized access. All of this increases customers’ trust and confidence in banking corporations. To add to all of this, customers can also avail support whenever they need. This has been enabled by responsive customer support that fintech companies can offer with the help of the internet. Furthermore, automation improves upon customer support with faster response times, quick servicing, and more.

In the ever-changing fintech sector, new applications, technology, and tools can help corporations improve upon the foundations of customer experience, convenience, and innovation. With more unique tools coming into the foray, fintech companies continue to push the boundaries of what is possible to ensure that customers can always look forward to better accessibility, security, and personalization, among many attributes that are important to them.

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