Future-ready Fintech Solutions-Overview
- The introduction of digital technologies in finance and banking has helped companies deepen their relationship with customers and solve their manual problems.
- According to Forbes, Digital transformation efforts have been adopted by three-quarters of banks and credit unions, and by the year 2022, 15% more are to launch digital transformation plan strategies.
- Whether mortgage banks, payment processors, insurance companies, or any financial provider, digital products have made a turning point in improving their service quality and overcoming shortcomings.
Advantages Of Going Digital
- Better Customer experience through seamless and round-the-clock services
- Streamline and automate processes that will cut down costs
- Increasing efficiency and productivity
- Risk Management and Compliance Monitoring
- Move from paper deliverables to simplified data storage and maintenance
- Keeping up with the latest trends and getting better financial decisions through reporting systems
- User-friendly centralized system to consolidate data and processes
- Full traceability and transparency with domestic and foreign exchanges
Mobile Banking for easy Access
Almost 90% of users around the world access the internet using mobile phones, as according Statista. In order to improve their customer experiences, fintech companies can now provide new service choices thanks to mobile devices. The tendencies emerging from mobile banking are
- Digital banking has turned service hours from limited to 24 hours accessibility.
- Customer’s Mindshift has changed from visiting bank sites to using mobile devices to manage their credit/ personal accounts
- End-to-end foreign remittance solution for money transfer across various countries.
- Money-saving applications that help in smart budgeting and cost forecasting
- Trading and investments are made easy through stock trading apps
AI in Fintech
AI-driven platforms help in making things easier and more accurate when comes to getting the velocity of real-time information for better decision making and results.
- Mortgage banks have adapted AI-enabled reporting systems to analyze loan data and bespoke customer experience by making decisions in short time intervals
- Taking Better customer-centric improvements by understanding consumer experience through Sentiment analysis based solutions
- A Rounded approach for Anomaly and Fraud Detection in insurance claims through AI-based Fraud Analytics
- Financial Data Analytics for financial predictability and recommending better service/products of tailored customer experience.
- AI-Powered financial assistants to Automate Invoice reconciliation and smooth cashflow cycles.