You’re digital, but not too digital; you wish direct communication but don’t want to be harassed with emails or calls; you don’t like attending bank branches but always want to own the chance to speak to your bank consultant. What does the common customer, with a mix of traditional and digital needs, actually want?
Besides traditional financial service providers, many young and digital startups – so-called Fintech companies – try to answer that question. They provide an over sized kind of additional services, to satisfy the wants of consumers with a particular web affinity: managing bank transfers via text messages, applying for online loans within minutes and a checking account that’s exclusively accessible through apps.
Currently, many experts speculate about who will convert customers within the end. For the purchasers, it’s of marginal importance whether financial services are provided by large traditional banks or Fintech companies with a 20-person team. However, the type of service that customers receive is vital to them: they need the simplest product from a trustworthy provider and ideally all their financial services from one source. Having multiple contractual partners is unsatisfactory.
The results of having several bank accounts and shares portfolios from different banks may be a vast amount of paperwork. Besides, finalizing these contracts in physical bank branches is additionally quite time consuming. Passionate customers of Fintech companies may save time and paperwork, but they need to use several apps and websites with different interfaces and a number of other different logins that need to be remembered.
One channel for all services- Redmil Business Mall
The solution that’s currently being developed within the financial industry may be a digital platform on which all different products are offered. Customers can pick the products they have by using one single channel – that’s convenience and ease. The event of those platforms doesn’t only satisfy customers but also signals the top of a battle between banks and Fintech companies.
In the last ten or fifteen years, the connection between disruptive Fintech enterprises and long-established banks has not always been a harmonious one. Soon after the primary beta phases were completed, Fintech companies confidently announced the top of the normal financial services industry. ‘Disruption’ was the omnipresent buzzword in panels and on blogs. The banks, however, reacted with the calm of these who have outlived quite one revolution. Internet, apps, online – a trend they thought would soon belong to the past.
India is not any longer holding back on leveraging the newest tech to simplify financial services. The present ecosystem comprises Fintech players like digital payment service providers, lending platforms, and technology pioneers bridging gaps in access to varied financial services even for the tiny businesses across the length and breadth of India. Such platforms are mainly backed by technologies like AI, big data, and other deep tech that are rapidly proving their value across industries.