Digital Reinvention of Traditional Banks to Fintech

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– The potential of new technologies to change the way banks and other organizations do business is at the heart of much of the Fintech excitement. Fintech stands for Financial Technology, Financial Services and Business. In my opinion, its purpose is to reduce costs and remove barriers to entry, so that financial services are more accessible to more people according to London based Management Consultant Shamayun Miah.   

Banks grew out of the practice of lending money to those who need credit, and Fintech grew out of providing financial services to those who wanted an easier way to manage their money. 

Gates spoke on February 5, 1994 at the National Press Club in Washington, DC, about the future of computer technology, the changing economy, and the future of banking. Today, it can be helpful to look at his speech and see how technology has changed.

One of the reasons for Fintech’s success is its approach to innovation and technology.  They have built their platforms on the cloud, powered by automation, data and artificial intelligence, creating a differentiated and enhanced consumer experience that can now provide a customized, engaging and personalized banking experience using such technology. 

 For new adopters, Fintech appreciates the experience before the costs. That’s why they move from monofunctional design to highly functional applications. They expect constant innovation and new features, design and experience are deeply important to them. 

 That’s why customers consider Fintech more than 500 times more valuable than traditional banking. That’s according to a survey conducted by BCG, which interviewed 300 bank executives around the world.

 Traditional banks and start-up Fintech Fintech are also watching the widespread disruption of all financial services. As a result, Fintech manages financial inclusion. We already know that mobile platforms and services are an integral channel for many.

 The range of services and mobile access make financial services more accessibe to non-banks in developing countries. 

 Artificial intelligence and big data analysis are at the heart of many technological innovations. For the financial industry to survive and grow in the coming decades, it must increase its investment in its technological advances and adjust its current technology package. For example, people-advised advisers expand France Bank Metro’s field service teams by providing tailored experience and insight into specific requirements. They can maximize their efforts in addressing client needs and satisfaction through a program of post-revenue counselors. Softbank has also added a new feature to its robots that helps customers in more than 140 locations. In addition, Pepper branches out as a sales machine and also as an assistant concierge. The robot also welcomes customers when entering the store and monitors them when shopping. 

 Traditional banking institutions offer several benefits, including more trusted brands, longer customer relationships, and more decision-making data.

Bank of America has announced that it is using the Microsoft Azure platform to get customers to use their mobile banking applications quickly and easily. The mobile banking application provides new products and features that are the key to the frequent callback that customers desire. 

The emergence of the web and digital technologies is creating a new world that is faster, more global, more complex and more visually oriented. In addition, the store itself is becoming more digital day by day.

by Shamayun Miah using open-source AI application