How technology is ushering in a new era for financial services?

Financial Services
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Short for financial technology, fintech describes the integration of new technology into banking and financial services as a means of improving and automating their delivery to customers. Much like countless other businesses, finance-based organisations have gone digital to enhance their customer experience. Lockdowns and stay-at-home measures only expedited the growth of online transactions in recent years, revolutionising everything from the way people manage their money to how they spend it. So, which tech trends are paving the way for the financial services of the future? Let’s find out. 

Investment apps

Investing in the stock market used to be the preserve of an elite few well-versed traders, or so it seemed. Whether for lack of knowledge or time, many consumers never dared tread uncharted territory and put aside extra money for investing. But fintech pioneers have made investing more accessible than ever for those willing to take the leap. 

American financial services company Robinhood is one of many players to ease up the process by offering commission-free trades of stocks through mobile apps. While many prospective investors big or small get started on Robinhood, the best investment apps are aplenty. The leading platforms all offer convenient and straightforward ways for users to make informed decisions and manage their investments accordingly. 

Investment apps also cater to the crypto curious out there. Despite the fluctuations of crypto assets like Bitcoin and Ethereum, not to mention the decline of the NFT market, everyday investors keep embracing digital currencies in a bid to build significant wealth. And from Coinbase to Kraken, the most comprehensive apps include educational resources for beginners to kick off their cryptocurrency journey.

Customer-centric features

When selecting financial services, banking customers put customer experience at the top of their priorities. According to statistics reported by Forbes, companies that focus their effort on providing a top-notch customer experience outperform their competitors by 80%. Meanwhile, a whopping 96% of interviewees assert that customer service is instrumental in their loyalty to a brand or business. 

Digital features have definitely helped customer experience take off in the financial sphere. AI-powered chatbot systems are now rife on most banking platforms, curtailing the need for holding on the phone for painfully long minutes. With instantly available chatbots operating 24/7, customers no longer need to drop by a crowded physical venue to find the answer to their queries unless unavoidable circumstances mandate an in-person visit. 

Other handy features include financial-planning tools offering personal insights to customers eager to cut off their expenses or find guidance to pay off loans. In high-risk situations, most banking apps also pop notifications on their users’ phones to make them verify unusually large purchases or remind them of upcoming bill payments. 

Instant payment options

Arguably, cash payments are dying out. In the digital age, few are willing to carry banknotes and coins in their wallets. The decline of cash boils down to a new generation of customers with strong preferences for time-efficient and convenient payment methods, which is why peer-to-peer transactions completed in a matter of seconds are now the standard form of payment. 

But while customers want their digital payments quick and easy, what they don’t want is waiting around until the money finally lands on their account. To adapt to this fast-paced environment, many banking apps have implemented instant transfer features. These credit transfers allow the recipient of a payment order to access their funds within ten seconds on average. And instant payment is becoming a staple of many more sectors. 

In the online gaming sphere, leading platforms make it possible for players to cash out their winnings within minutes. Fast payout casinos offer many benefits. Users can pick one of several banking options, such as bank transfers, prepaid cards, and debit cards. On the most user-friendly sites, only a few taps on the phone suffice for players to claim their wins. Better yet, newcomers might grab lofty bonuses and sign-up rewards just as effortlessly. 

Financial services are increasingly digital in essence. From making tough financial decisions easier for all customers to elevating the customer experience through instantly accessible digital services, the positive effects of technology are self-evident. So, what will come up next for fintech giants to keep shaking up our financial habits? Digging deeper into regulation technology or the use of robotics, the worlds of finance and technology will surely keep colliding.