The progress in technology is marvelous, and people are right now looking at the upgraded services and using them with full accessibility. But not everyone knows much about Fintech or financial technology up-gradation.
Some people still believe in the old-school process of reaching the bank and working on getting their work done! But with the use of Fintech, the locomotion of people has reduced massively. Let’s take a look at what we have come up with today and the information that tells you everything about bank accessibility.
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How Has Fintech Affected Banking? – 7 Proven Ways to Justify the Statement
We’ve come a long way where banking methods are concerned. And we’re going to discuss some ways that have indeed made our lives much easier. Here are the following:
1. End-to-end encryption
Fintech is working towards giving its customers the best security possible. It is true that some companies do not want to spend much on the security service, but that’s not something that Fintech is suggesting to us.
Banks and other financial-based applications are using the power of financial technology to ensure that customer information is kept private. For example, financial management applications like Bright uses high-level encryption to protect users’ data. With the help of a personal Bright Plan, you can pay off your credit card faster and save more on interest charges. Bright also manages your finances and helps you set financial goals easily.
So, when you are doing a particular transaction, you can be sure that all your financial details are not being disclosed to any third party. The power of end-to-end encryption is essential and a boon that Fintech has offered us to ensure our finance safety, making our banking automation process easy and accessible.
2. Highly responsive
Gone are the days when you would dial the bank number and wait for them to respond to your calls. If you want a response or have an urgent query, you can easily put in your query and ensure that you are getting a response as early as possible.
The AI up-gradation of Fintech ensures that you are attending to your customer’s problems at the earliest and 24 hours around the clock. If you are making a payment in the middle of the night or during the weekend, you wouldn’t have to worry about waiting until the weekdays begin.
At any point, you can place your questions and be sure they are answered quickly.
3. Lower transaction fees
Banking charges have reduced massively with the emergence of Fintech! Are you wondering how? Well, it’s because the efficiency of Fintech is massive, and that overall reduces the banking changes and human resources required. Moreover, there is an accuracy in the way they work, giving banks the chance to give their customers a smooth and hassle-free banking service at a low banking charge.
Moreover, low bank charges mean that the overwork of the blockchain is reduced and that can affect the charges you pay for any kind of transfer.
4. Loan reviews are done easily
Reviewing your profile for a particular loan is a lot of hassle. And it does require a good amount of study by people. But when a customer has proper documentation with the right amount of credit, the assessment of whether or not the person should get a loan becomes way easier.
Since credit score defines your goodwill as a debtor, that itself tells a lot about you and your ability to take up a loan. So, the entire reviewing process of getting a loan is smoother and faster.
5. Money management is easier
When you are using a particular application or having your bank statements and other transaction details at the knock of your finger, you get a better picture of your money. In this case, the decisions you need to make regarding your investments, policies, loans, and other financial matters become way easier.
Ensuring that you can manage money and decide what you wish to indulge in or what your capabilities are becoming quite straightforward. So, you can be sure that Fintech helps you manage your money much better. More so, you get the chance to understand where you should curtail your costs helping you spend in a wise manner.
6. ATM usage is safer
People at the moment have got the fright of using an ATM. The number of frauds and money-related problems people have faced is massive. And that has left a fright which has made people jittery in using an ATM card. However, with the use of Fintech, this thing has been taken a lot into consideration.
Fintech has understood this and brought about new methods and kinds of technology like iris scanners and biometric sensors and more to ensure that the service provided to their customers is secured and there are no chances of fraud.
Indeed, it is seen that this has affected and reduced the fraud attempts at the moment.
7. Underserved communities get accessibility
Many people live in places where there are no branches of their bank. All of this means that the customer would have to make too many trips to get a particular job done for them. However, with the emergence of Fintech, this thing has been helping a lot. One can sit at home and make all their necessary transactions and be sure that their finances are secured at the same time.
Technology has helped us massively, and there is no doubt that we are benefiting ourselves from it at every step of our life. Similarly, Fintech has evolved and is striving each day toward giving us the best and most secure bank service, making it accessible for people at all times.
With a few clicks and some data, one can easily make any kind of transaction or manage their finances easily. At the same time, you get a better hold over how much you are spending and where your expenses can be curbed too!
So, don’t refrain from using all the benefits of what Fintech has offered us in the banking service.