Fintech banking companies have become even more prominent in the previous few years, here are just a few factors why.
One of the primary advancements that fintech banks have launched in recent times is the added customisation that they have given their consumers. These fintechs have made it their aim to pay attention to customer feedback and create their innovative banking products around their customers recommendations. This means that a lot of the functions they’re working on are things that have been requested. Today you can freeze your card on your bank’s app if you misplace it and unfreeze it when you track it down; this saves you having to call up and cancel the card, only for you to come across it a few minutes later. Companies have begun to realise the importance of innovation in banking in recent times, which is why these firms allow you to change a great deal of settings on your card, even restricting your spending on certain sites. This customisation has been received really well by consumers, so it’s surely something the activist shareholder of Bank of East Asia will be keeping an eye out for.
Something that a bunch of fintech banks have been working on lately, is integration with other applications which makes banking easier for consumers. This is one of the more new banking technology innovations, and it has gone down extremely well with consumers, as it makes their life simpler. Among the things that has been integrated into contemporary banking is the use of budgeting features for consumers. This is excellent for consumers, as they can have a better idea of where their cash is going than they have done in the past. Customers can see where they’re overspending and underspending, so they can try to adjust their spending habits in line with this. Even if you weren’t to utilise the cost management features, it is still always nice to see where your money is going and keep a record of this, something one of the investors in Royal Bank of Scotland will certainly be keeping tabs on.
In past times, individuals have found banking very confusing and overcomplicated, so what a few of the fintech banks have been attempting in more modern times is to bring simplicity back to consumer banking. This is among the best banking ideas to get new customers, because the transparency that these companies are offering has gained trust from their users. Being open about what you are working to develop and what you’re preparing for the future is a great way to gain brand new customers, and has been something that has been worked tirelessly on by these fintech banks. It’s quite likely that the main investor in Royal Bank of Canada will be keeping a note of this for future advancements.