Financial technology or fintech is an important vertical in the financial industry as per the views of Mr. Bahaa Abdul Hussien. It has grown exponentially in recent years. This growth has been possible due to the use of advanced digital and Internet technologies. The growth of fintech has helped businesses a lot. It has given rise to many financial startups. There are many benefits of fintech for banks, businesses and other sectors.
Better Customer Services
Businesses now use digital methods extensively to conduct their operations. They prefer electronic banking processes. Financial institutions can take advantage of this demand by using latest fintech solutions. It helps them increase their productivity and efficiency. They can offer better credit and banking solutions to businesses. More commercial ventures can be supported by using latest digital financial solutions. These features increase the revenue and help retain clients longer.
Reduced Costs
While the initial cost of implementing digital technologies is high, it is negligible in the long-term. The new technologies help avoid many expenses associated with the manual processes. Banks can continue to offer both digital and physical banking solutions to their customers after using fintech. The customer IDs can be integrated with the bank cards. Bank customers receive convenient transaction options. The high currency conversion fees associated with international financial transactions can be reduced.
Convenient Processes
Fintech programs have allowed banks to offer greater convenience to their customers. The banking sector now uses many fintech technologies to improve the customer experience. With the use of technologies such as machine learning, artificial intelligence, IoT, blockchain and others, banks have been able to provide better services to their customers. They have made advanced financial technologies accessible even to small businesses. Most financial processes have been streamlined. Customers can access different banking solutions with a few clicks. These advanced technologies have allowed banking and insurance companies to operate successfully and profitably even in uncertain times.
Faster Services
Latest fintech technologies have made it possible for the banks to offer faster services. From loans to payments and online transactions, customers are now able to conduct their transactions faster and at less cost. They do not have to visit their bank for most of the banking works. Some banking solutions like payday loans and short-term loans are now being offered without any need for the customer to visit the bank. Fintech makes it possible for the banks to offer faster, convenient, efficient and smart solutions.
Bahaa Abdul Hussein concludes that Fintech comes with higher level of security. The scope for banking frauds has come down. Even when there is some incident, the sources can be traced quickly.
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