The Revolution of FinTech
Dawn of the modern era is summed up by the revolutionizing impact of Fin-Tech on our daily lives. The onus of effort by Fin-Tech has been on consumer convenience. While many stares at FinTech options with pessimism, it is still a promising industry and one which is bound to produce more significant success. Let us have a look at why we continue to love FinTech and keep faith in its service even today.
Customer Service and FinTech
Creating better products is the goal of any business organization. FinTech is bombarded with tons of feedback on a regular basis. Feedback helps the FinTech Industry to improve simultaneously, which in effect keeps the consumer hooked. Consumers necessarily do not want a better product, but not mind a better product either if given the option. FinTech innovators have always prioritized the consumer needs, and their response to feedback is astonishing. Consumers react by being more loyal and using FinTech options in routine.
FinTechs rely on some of the smartest brains on the planet who have worked in the financial sector. These individuals come from backgrounds in large banks, insurance businesses, and the stock market. An example is that of Jon Stein, the Founder of US-based startup “Betterment”. He argues the same that smart and learned people are the driving force behind FinTech success. In the modern era, timing is critical and delivering a valuable service to the consumer when he/she needs it, is all it’s about.
Evolution is Innovation – FinTech`s Driving Force
The vast array of product lines and silos available in the financial sector is FinTech`s target. In the same effort, every startup/business is focusing synergy on producing a more reliable, faster and convenient product. Innovators argue that the typical banking experience must come to change and make banking a more personal experience for clientele.
The rise of smartphones and the ever-rising acceptance of online transactions, consumers are putting faith in the FinTech. Data from 2009 indicates that PayPal and Amazon are critical drivers of the FinTech industry, and the overall costs associated with FinTech have lowered due to the huge scale of operations.
Payment Sector has seen the rise of options such as TransferWise and the famous, Stripe. Challenger banks in the same industry have tested the market using viable business models around gift cards. Regulatory changes in the banking industry led to the introduction of Robo Advisors. These include the RobinHood, Nutmeg, and MoneyFarm.
Banks now have the option to assess investment opportunity, before making a final decision on them and giving a license to operate. A FinTech company as such is the Coconut that targets the entrepreneurial and freelance market of United Kingdom. It concentrates solely on tailored services to freelancers and addresses their payment needs on per case basis.