Page 104 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd
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BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
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consequently the society as a whole. Building a good relationship with the
customers by enhancing the interaction
For instance, even other businesses like
commerce, hospitality, or transportation are Griping the existing data and analytics
adopting new technological ways to obviate
operational inefficiencies. And in response, Enhancing the business with refined
operating capabilities.
these technological breakthroughs are helping
these businesses manage their financial Aspects of Fintech in shaping the Future of
operations, processes, and thereby the overall Banks:
experience of the consumers and the employees 1. Higher Customer Satisfaction: Fintech
alike. By exploiting these sophisticated is rediscovering customer satisfaction
algorithms disguised as technology through and management of the banking
computers and smart phones, businesses have business with equality importance. The
actually advanced beyond their expected merging of digital trends with customer
horizons. expectations has resulted in authorizing
Fintech has transformed the art of providing the customer digitally. However, the
world-class financial services. The convergence major loophole is that still remains that
of both finance and technology has resulted some industry players are rushing on
in a phenomenal change which in further outdated customer-oriented solutions,
which is not the demand of customers
response has heightened the pace of evolution
and reshaping of the financial as wells as the these days.
Banking sector. 2. Facilitating 24*7 customer service:
Fintech is offering various services to
And if there is a sector that is the most
advantaged due to the introduction of Fintech, the bank customer, e.g. 24*7 access,
social media integration, and other
it is the small start-up enterprises due to the
emphasis on developing innovative technology online facilities. It is also providing a
such as Online Banking and payments and platform where prospective customers
can compare and research the offers of
overall financial management.
the banks.
Financial Service providers have applauded
the Fintech boom as it offered them increased 3. Providing robust solutions to the
efficiency for handling consumers and also customer: By fathoming the urgent and
lowered the cost of providing these services. engrossed needs of the customer, Fintech
is able to provide smart and robust
Moreover, it has promoted innovation that can
be easily approached by the customer as well solutions to the customers in the banking
as the service provider to experience what it is business. Fintech has started expanding
like to run a business or how is it like to receive defined and highly effective solutions
facilities. The most impacted areas by Fintech for banks that have managed to cover all
the segments that had been neglected by
are:
banks in terms of offerings.
New offers to the prospective customers
as per their changing needs 4. Providing value-added services: Fintech
is developing value-added solutions and
The Institute Of Cost Accountants Of India
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