A few years back banking seemed a different sort of chores but with technological advancements that have changed and uplifted the entire banking sector. Globally the traditional banking sector have been transformed and have made virtually all businesses available. Banking is no longer the same old customer centric but it is advancing towards achieving higher competitive edge by proposing customers with personalized digital banking experience.
The main concentration of the fintech industry is to provide simplified and convenient user experience for their customers. There is a need for smart drive for the smart – tech savvy customers. The days are gone when the customers use to visit bank for their needs to get fulfilled, now this motive imposed on the banks because they if on bank doesn’t reach out to their customers some other bank will. For multiple reasons India is now being the center of attraction, it is being viewed with place with higher thus, the digital market is expected to grow by a trillion dollar by 2023 as termed by Credit Suisse.
The digital banking experience have now become seamless and have fast-tracked every single transaction, may it be fund transfer or raising a service request, everything is readily available through a click. Fintech is creating an omni-channel experience.
Disrupting the traditional pattern of Banking
Faster movements towards blockchain technologies, artificial intelligence (AI), and machine learning (ML) and many such techniques that there is an evolution in the entire banking industry. With these advancements the regular processes will be simplified, quick, personalized and convenient for every individual. Banking are making efforts to initiate new bank account with in few minutes i.e. by the time customer leave the bank account is open. With the increasing digital transaction there is the permanent digital impression left, for other to draw out the trail. The concerns also lingers to protect and secure the customers data that is available with easing out the banking experience.