Fintech has really done a great job in the finance industry. By using technology to improve the activities of finance, the special industry of Fintech has gone alone process in boosting its popularity across the globe. Since, its arrival in 1918, businesses have enjoyed its various benefits in one way or another.
As a matter of fact, business owners are now investing in the Fintech industry. This has led to an increase in the efficiency of various companies, including banks and insurance companies. And due to the evolution of Fintech, the average rate of partnering for innovation and research with Fintech companies has risen to 45%.
In this article, we would be taking a look at what changes Fintech has brought to how people do business.
Better Customer Service
Fintech experts have looked into the major parts of a business. Through research, analysis, and accurate prediction, they came to realize how important customer service is to a business. With this, the industry has provided easier ways for business owners to carry out customer service without problems.
Through artificial intelligence (AI), Fintech gives business a chance to better interact with customers, clients, and users through real-time data exchange. As a matter of fact, AI will drive 95% of all customer interactions by 2025 according to this infographic. This has made people create a better customer engagement level, and not to mention, deliver unique information within a very short period of time. All thanks to Fintech.
Improving Payments Fast, Secured, and Easy
Payments in the field of business are now being offered a better and improved level. People involved in business can easily make payment and financial transactions within a span of seconds due to the speed offered by Fintech. Also, payments are made simple through the secured and easy-to-use interface offered by Fintech.
Apart from business owners enjoying this cool benefit, other fields are more than welcome to enjoy it too. For instance, online insurance companies are getting payments online through the use of Fintech on their platform. Today, insurers can easily and securely purchase their auto insurance or any other kind of insurance through online platforms
About 77% of Fintech firms expect to adopt blockchain as part of an in-production system or process by 2020. Banks are more likely to enjoy the benefits of Fintech with blockchain. In fact, blockchain has the potential to reduce bank infrastructure costs by 30%. Apart from this, blockchain tech could save banks £9.7 billion a year.
With 69% of banks experimenting with permissioned blockchains, there are a whole lot more benefits which Fintech is providing to not just the banking sector, but also to the business fields around the world.
The above are some of the ways Fintech has changed the way people do business. With all of these, it is no doubt that this technology has made a great impact in the field of business. In fact, Fintech’s important evolution over the past century has defined several changes in the way business is done by people in our world.