FinTech Shaping the Future of FinServ

It’s difficult to fathom life before the internet or smartphones. They have become essential components of our way of life and have caused significant disruption in practically every industry. The financial services sector is no different; the digital revolution is changing how clients access financial products and solutions. Although the industry has changed in recent years, the ongoing infiltration of technology-driven applications in almost every section of the industry is novel. FinTech, or the use of digital technology in financial services, is transforming the future of finance, a development expedited by the pandemic. The continuous digitisation of financial services provides opportunities to produce more accessible and efficient financial access while also promoting economic development. FinTech is quickly changing the financial services landscape and blurring the lines between financial enterprises and the financial industry.

Ian Max Ewart

During a Future Processing roundtable, speakers with considerable experience in the FinTech sector presented their knowledge and insights. Jarosław Granat, Head of Client Engagement at Future Processing, Ian Max Ewart, CRD Advisor at Acin, and Irfan Khan, CEO of mmob, all got involved in the conversation on collaboration and cutting-edge technologies within the financial services industry.

 

The Changing Face of FinTech

In recent years, consumer ecology has evolved considerably. As customers become accustomed to the digital experiences provided by corporations such as Google, Amazon, Facebook, and Apple, they demand the same level of service from their financial service providers. FinTech is riding the disruption wave with solutions that may better meet client demands through greater accessibility, convenience, and personalised offerings. In this setting, customer centricity has become a top concern, and it will aid in meeting the demands of digital native clients. Customers’ demand for cutting-edge customer experience, efficiency, and convenience will expedite the adoption of FinTech solutions across the sector. Financial institutions are transitioning away from physical channels by deploying operational solutions and finding new ways to connect, engage, and retain clients. Many are turning to FinTech to create client experiences on par with huge tech corporations and creative start-ups as they chase a revitalised digital customer experience.

Automation and digital transformation are replacing human activities, altering the capabilities that organisations require to adapt to the changing landscape. The current talent shortage and skills gap are paving the way for partnerships and collaboration in the future. Innovative start-ups attract young talent with substantially different job goals than earlier generations. This would need a shift in how organisations engage with their employees. The solution of outsourcing capacity not only enables organisations to develop worldwide while adhering to regional requirements but to focus on upskilling their current talent pool and retaining employees.

Irfan Khan

 

Leveraging Partnerships

FinTech also provides several opportunities for financial services institutions. B2B FinTech firms provide the genuine potential for organisations to upgrade their traditional products and services. Partnerships with FinTech organisations might help financial institutions become more efficient. In this approach, organisations should simplify and rationalise their fundamental processes, services, and products, reducing operational inefficiencies. However, implementing FinTech is more than just a cost-cutting solution. Partnerships between financial services and FinTech firms might result in a more unique service, improved client retention, and more revenue. The appropriate relationship further enables businesses to enter new markets and expand their service offerings. Partnerships are increasingly being considered as insurance policies on which firms may rely for support in areas where they are insufficient.

 

Looking to the Future

The financial services industry is being disrupted, and FinTech is fuelling it. FinTech partnerships change the way financial institutions and customers interact by changing how, when, and where financial services and products are offered. The ability to improve customer experience and fulfil changing consumer requirements is what drives success. In reaction to the fast-changing environment, traditional financial institutions have tackled FinTech in a variety of ways, including collaborative ventures and start-up programmes. However, no matter what approach an organisation employs, it cannot afford to ignore FinTech.

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