There are a few great ideas that fintech banking companies have created in the last few years, here are a few things that traditional banks can take away from these ideas.
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 aim to pay attention to customer feedback and develop their innovative banking products around their customers ideas. This means that a great deal of the functions they’re working on are things that have been asked for. Today you can freeze your card on your bank’s app if you misplace it and unfreeze it when you find it; this saves you having to call and cancel the card, only for you to find it a few minutes later. Businesses have started to realise the importance of innovation in banking in recent times, which is why these firms enable you to change a bunch of settings on your card, even restricting your spending on certain websites. This customisation has been received pretty well by consumers, so it’s definitely something the activist shareholder of Bank of East Asia will be keeping an eye out for.
In the past, individuals have found banking very confusing and overcomplicated, so what a few of the fintech banks have been trying in more modern times is to bring simpleness back to banking. This is one of 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 are working to develop and what you are preparing for the future is a great way to acquire brand new customers, and has been something that has been worked on by these fintech banks. It is very likely that the main investor in Royal Bank of Canada will be keeping a note of this for future advancements.
Something that a bunch of fintech banks have been working on lately, is integration with other applications which makes banking easier for customers. This is among the more new banking technology innovations, and it has gone down extremely well with consumers, as it makes their life simpler. Among the things that has been integrated into modern banking is the use of cost management 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 in the past. Customers can see where they’re overspending and underspending, so they can try to adjust their spending habits in line with this. Even if you weren’t to use the budgeting features, it’s 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 definitely be keeping tabs on.