The integration of technology with financial services is the need of the hour. The financial service providers who are unable to evolve according to the technological changes are destined to fail. These technologies not only improve the services but enhance the customer experience as well. In the future, we might see the complete eradication of paper currency as electronic payment methods are getting quite popular.
If you are still stuck in the past and hanging on to that pin money these FinTech quotes will bring you to the present and push your vision beyond the future of financial services.
Seize the Opportunity as it Might not Come Again
“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese” – Chris Skinner
The financial institutions and banks can’t play hide and seek with the technologies for long. It is an inevitable force that is going to take over the market. Those dare to ignore it will be swept away by its sheer fury.
Time is Money
“Banking has to work when and where you need it. The best advice and the best service in financial services happens in real-time and is based on customer behavior, using principles of Big Data, mobility and gamification.” – Brett King
In this competitive world time is money and if financial companies are unable to adapt and bring changes in their operation, they are bound to get lost in this new wave of technological evolution.
The Force that will Drive the Success
“We’re witnessing the creative destruction of financial services, rearranging itself around the consumer. Who does this in the most relevant, exciting way using data and digital, wins!” – Arvind Sankaran
Fin-tech is not just a term that describes technological integration with Finance. It is the fuel that is going to decide the race and the winners in the market in the coming times. To drive towards success financial companies need to implement some changes.
Healthy Ecosystem for Better Business
“Financial institutions must be able to deliver an easy to navigate, a seamless digital platform that goes far beyond a miniaturized online banking offering.” – Jim Marous
The banking sector is going through a decline as crypto-currencies are getting popular. It does not mean by any means that the banking sector will lose its ground any time soon. The proper environment is needed to preserve the faith of the customer in the banking system.
Trial and Error Method
“Fin-Tech and banks need a cultural reconciliation: risk appetite and tolerate trial and errors” – Hugues Delcourt
The term fin-tech is relatively new and needs time and patience from the organizations. In due time, it will bear fruits that will sweeten all the hard work put in to infuse technologies in rendering financial services.
Upgrade or Get Extinct
“Banks have to upgrade themselves, or risk being burnt to the ground.” – JP Nicols
The financial organizations have two options in front of them either change according to the modern methods or keep stuck with the traditional method for providing services. One will take the companies to the new heights and another will make them vanish slowly in thin air like they never existed.
Fast and Furious with Accuracy
“The challenge for banks isn’t becoming digital, it’s providing value that is perceived to be in line with the cost or better yet, providing value that consumers are comfortable paying for.” – Ron Shevlin
Technology brings quickness in the process of financial services by targeting some specific areas. It’s not just fast but much smoother than the normal method. The services are much more sorted by the consumer as it saves time and resources.
Technological Innovation will Remain a top Priority
“Technological innovations will be the heart and blood of the banking industry for many years to come and if big banks do not make the most of it, the new players from Fin-Tech and large technology companies surely will.” – David M Brear
Banks and other financial institutions digital transformation making the industry go hi-tech. The innovative ideas and opportunities that have presented themselves by introducing technologies were not there before. To capture the market these banks need to take firm decision to incorporate these changes in their work culture or get run over by the competition.
Embrace the Changes with Open Arms
“By lowering the barrier to create new digital currency applications, we will see an explosion in the number of ideas tried.” – Brian Armstrong
The introduction of digital currencies has opened up a new horizon in the financial sector. These currencies have enabled commerce without using paper money. Though many governments are quite skeptical about it, slowly and steadily it is gaining ground.
Complications of Having too much Information
“People are tired of having so many passwords.” – Greg Wolfond
One of the major drawbacks of banks is that they ask for too many details. It’s fine if a new customer is getting enrolled but after a while, it gets frustrating to just fill the password in every small activity is done on the bank’s website. The use of facial or retina recognition is in place to verify the identity of a user.
Too much Noise is Counterproductive
“If banks can’t offer something more valuable than Amazon Prime, then we’re probably in the wrong business.” – Ramy Nassar
Technologies such as Artificial Intelligence, machine learning, and block-chain are used to make the system more efficient. Rather than just talking about it, the financial institutions should implement these technologies to bring desired changes and results.
User-friendly Services with Increased Productivity
“At the end of the day, customer-centric fin-tech solutions are going to win.” – Giles Sutherland
Like any other sector, the customer is the king in the financial sector as well. At the end of the day, a customer wants services that meet his/her expectations. The services should be aimed to fulfill all the required expectation with some added perks. This will generate brand loyalty among consumers.
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