FinTech, Banking and Technology

Technology has become an integral part of our lives including finance; it is no longer possible to conduct business or banking without taking technology into consideration. For this purpose, there are FinTech (financial technology) companies that specialize in providing online banking software and programs that can enhance banking and finance processes and services.

Digital Transformation in the Financial Industry

These changes are complex and will not be undertaken immediately by all financial organizations. In most organizations the digital transformation will take place over a period of time leading to an improved customer experience. One of the ways for financial organizations to make the digital transformation is to create a digital banking subsidiary that uses alternative technology, processes and business models. By doing this the transformation can occur smoothly without being slowed down by the traditional systems and processes of the main organization and digital transformation can be accomplished rapidly and more efficiently.

Technological Innovation in Banking

Open innovation, using internal and external ideas to develop business, plays a pivotal role in digital advancement. By being open to external technical impute large financial institutions are able to create new ideas, innovative organizational strategies, develop new skills and identify new areas for growth. When large organizations open up their intellectual property, expertise and assets to external technological innovators and engage in new technological solutions their business flourishes and advances into the future.

In the last few years open innovation has led to creative new banking technology and services. As regulators increasingly accept FinTech banking even for national bank charters traditional banks have to adapt or die. The added competition that FinTech companies bring to the banking world may be bad news for traditional banks but for customers it only means lower banking costs, efficiency, convenience and a wider range of financial services.

Changing Customer Banking Needs and FinTech Alternatives

The change in customer expectations and banking needs offers an opportunity for FinTech companies and non-banking technology companies to loosen the grip traditional banks have had on customers for so many years.  Challengers can lure customers away from traditional banks by offering technological advances and diverse services. This causes disintermediation between the banks and their customers, cutting out the middleman and reducing the role traditional banks play to a basic assets and liability management position.

Most FinTech companies don’t want to replace banks completely but aim to integrate specific, more convenient services into the finance industry. By offering an alternative platform where customers can take advantage of recent digital advances in banking technology and software FinTech companies allow customers to easily open bank accounts and effortlessly monitor and control their finances even switching smoothly between providers at the touch of a button.

In a world where everything is instant, one click and you have what you want; customers demand immediate results when they do their banking. In the future banks will have no alternative but to offer a modern digital platform that can provide digital solutions in seconds. Immense resources will be necessary in order to develop and provide instant delivery of banking services and the back office process with have to be restructured to reduce the number of steps in the process.

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