Consumers are increasingly expecting their IoT devices to facilitate payments. Fintech companies will create a robust ecosystem that will integrate IoT with banking and payment needs. According to Gartner, the number of devices connected to the Internet of Things (IoT) is expected to reach 20.8 billion in 2020. The smartphone revolution and internet penetration has transformed banking, payments and money transfers. Bots are also being used to detect fraud. Chatbots have also gained popularity by allowing customers to conveniently chat with robots in real-time and get accurate answers. For instance, OCBC bank has recently partnered with Google to launch the first AI-powered voice banking in Singapore. Now, voice assistants are being developed to automate processes from onboarding to customer engagement and renewals. Furthermore, fintech companies are also enabling seamless program management and bringing contextual marketing backed by AI-based data analytics capabilities to engage customers digitally, enhance repeat purchases and retain customers.Īrtificial Intelligence (AI) is transforming the way fintech companies serve their customers. As per a PwC report titled “Financial services technology 2020 and beyond: Embracing disruption”, global investments in the Fintech sector have crossed US$ 12 Billion.įinancial services companies are now collaborating with Fintech companies to digitally transform the entire process from customer onboarding, to underwriting, to issuing loans and managing collections. The banking industry is recognizing the need to automate business functions and back-end processes. As per research by Espeo Software, a mobile and web software development company, customer visits to branches of banks are expected to drop by 36 percent between 20, while mobile transactions are expected to grow by 121 percent in the same period.įintech companies are transforming various functions of banks such as lending, payments, insurance, credit settlements, etc. They prefer using services online for convenience and seamlessness.Īccording to a PwC survey, 49% of consumers now conduct their banking primarily on their desktop or smartphones. Rapid digitization of the fintech industry is changing customer’s mindset from conventional banking to convenience banking.
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