There are a few great concepts that fintech banks have introduced in recent years, here are a few things that conventional banks can take away from them.
Something that a lot of fintech banks have been doing work on lately, is integration with other applications which makes banking easier for consumers. This is among the more new banking technology innovations, and it has gone down very well with customers, as it makes their life easier. One of the things that has been integrated into modern banking is the use of budgeting functions for customers. This is excellent for customers, as they can have a much better idea of where their money is going than they have done previously. Customers can see where they’re overspending and underspending, so they can attempt to adjust their spending patterns in line with this. Even if you weren’t to utilise the budgeting functions, it is still always good to see where your money is going and keep track of this, something one of the investors in Royal Bank of Scotland will certainly be keeping tabs on.
In the past, individuals have found banking very confusing and overcomplicated, so what some of the financial technology banks have been attempting in more recent times is to bring simpleness back to banking. This is among the greatest banking ideas to get new customers, because the openness that these companies are providing has gained confidence from their users. Being open about what you’re working to improve and what you are planning for the future is a good way to acquire new customers, and has been something that has been worked tirelessly on by these fintech banks. It is quite likely that the main investor in Royal Bank of Canada will be keeping a note of this for future developments.
One of the main 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 goal to pay attention to customer feedback and improve their innovative banking products around their customers ideas. This means that a bunch of the features they’re working on are things that have been asked for. Today you can freeze your card on your bank’s app if you lose it and unfreeze it when you find it; this saves you having to call and terminate the card, only for you to find it a couple of minutes later. Companies have started to acknowledge the importance of innovation in banking in recent years, which is why these businesses enable you to change a bunch of settings on your card, even restricting your spending on certain sites. This customisation has been received really well by consumers, so it’s certainly something the activist shareholder of Bank of East Asia will be keeping an eye out for.