siliconindia | | August 20169Anytime, anywhere access to services and great customer experience across online & mobile interfaces are the clinching game changers for fintechsis a new entrant - Mobile Wallet, which witnessed a 100 percent growth in number of users, and a 500 percent growth in value of transactions.While banks are to trust and stability, fintechs are to agility and innovation. One of the reasons why Fintechs could make a dent in the banking turf is that they deciphered the pulse of customer expectations and struck while the iron was red hot. Fintechs are lithe. They are not burdened with legacy systems. They do not have to worry about converting ageing systems to usher in digital. Having been conceived in the digital era, they could deliver an ace ­ primarily leveraging new age technologies like social, mobile, analytics and cloud (SMAC power). Anytime, anywhere access to services and great customer experience across online & mobile interfaces are the clinching game changers for fintechs.Who Will Play The Final Trump Card?The jury is still out, to whom the court will belong. However, it might be a safe bet to say that banks and fintechs will coexist in the future. Banks, on their part, need to recognize that their siloed systems needs to be connected for a better customer experience. Connected systems that makes information flow seamless across their banking activities is at the core of their need for digital transformation. Mind though, just a digital face will not be enough. Banks need to look at technological platforms that can help them connect their siloed processes, bring in digital in their core functioning, automate processes, make information available to the right stakeholder for timely decisions, and at the same time, leverage their existing investments.Fintech players, on the other hand need to create and build the trust and dependability sentiment that customers have for banks. Banks have an upper hand when it comes to industry experience and compliance to governmnet regulations. Even though the fintech players are venturing into core banking turf ­ lending and payments (payment bank license given to fintechs), they need to collaborate with incumbent banks and spruce up their technology to scale their business.
< Page 8 | Page 10 >