FinTech is financing technology and revolutionizing the way we run business. Over the years, Fintech has become the heart of modern business. Every aspect of finance such as electronic wallets, internet banking, personal credit, credit, insurance has successfully integrated technology to facilitate the consumer experience. And this wave of digitalization has enabled a smoother banking and transaction experience for both financial institutions and consumers.
However, with the increase in FinTech options, one may wonder what is the best option when choosing. Here are some ideas to keep in mind:
- Simplified user experience: Fintech’s USP is easy and convenient. With strong technical foundations, fintech companies offer a simple user experience to consumers. There are no long queues, no long manuals to read, and bank employees find it difficult to cope with long paper work. With a single click through the mobile app, consumers can get personal credit at their fingertips.
- Immediate approval and prompt delivery: Most banks and NBFCs have the systems and procedures for granting any loan. These systems can sometimes become a daunting task for consumers. Fintech startups, on the other hand, violate this mechanism with the help of technology. They can thus provide Instant personal loans Quick approvals and quick payment of loans with the click of a button.
- Complete credit rating: Fintech companies offer consumers the benefit of a complete credit rating. Companies that have a specific credit rating mechanism are a good choice for consumers. It also reduces the chances of debt being rejected.
- Data protection: Data security is a very important criterion before choosing a fintech loan option. Most FinTech companies ensure regular security audits and certification to ensure complete protection of consumer data. Before making a choice, make sure that the company has adequate data breach disaster management systems and protocols and see if they are ready to deal with any fraudulent situation.
- Integration capability: Business is always a multifaceted activity. So before you choose a fintech company, explore how well the company fits in with other third party vendors, payment gateways, etc. Immediate and real-time response, smooth integration skills are the hallmarks of a good fintech company.
- New discoveries: When it comes to products or technology, the customer is always looking for more. Millennials are technically very dependent on guiding them in their financial decisions. It is a good idea for a Fintech company to use artificial intelligence to assist consumers in making property or financial management decisions. Advanced technologies are used to assist users in identifying and monitoring and neutralizing risks.
Comparing customers and helping them determine what is best for them will help them create endless opportunities.
Fintech, no doubt, changes the face of how we conduct business. With this wave of digitalization, consumers need to make informed choices to take advantage of the opportunities of this FinTech revolution.
Shiv Nanda is a financial analyst who currently resides in Bangalore and works with MoneyTap, India’s first processor based credit line. Shiv is a real financial geek and his friends love it. They always rely on him for advice on their investment choices, budget skills, personal finances and when to borrow. He aims at helping people with various financial topics and getting an education, so email him your questions [email protected].