Digitalization in financial services is the New Normal. Why? Innovations in the financial industry are beyond imagination. A country’s economy can benefit at large owing to the changes in bank offerings, insurance companies, investments funds, and other financial services.
Revolution in Fintech Landscape
The adoption of digital payment solutions and the advent of Ewallet apps have manifold during the pandemic. SMEs are benefiting at large due to smart, safe, simple, and swift Fintech apps. SMEs globally has witnessed a paradigm shift and have greater accessibility to finances from efficiency to the transparent digital ecosystem. The outbreak of COVID-19 did break the old-aged financial norm and moved towards a digital era. Well, social distancing, remote working, and lockdown rules did favour the financial industry.
Digital transformation solutions have created more customer-oriented and technologically germane Fintech solutions. Digitalization enabled financial institutions to offer top-notch and satisfactory experiences to their shareholders and end-users through these SaaS (software as the service) development.
Traditional lending methods are no more effective and are an obstacle for SMEs to fill their pockets. Legacy systems lack flexibility as they’re not automated. Here, cloud-based lending comes into play with an API (application programming interface). This seamlessly delivers a magnificent and sustainable digital mode driving a sophisticated lending solution.
AI- Easing the Operational Pain
Artificial Intelligence is an elbow of any technological innovation. And if Fintech app development companies are backed up by AI then it is likely to drive automatic customer support in chatbots, efficient operations, enhanced wealth measurement strategies, etc. All these will lead to a favourable ROI.
Big Data Analytics innovation is a must, thus, financial organizations including banks are searching for modes to market their services. Hence, big data is being used to deliver personalized services to end customers. The fintech sector can leverage large consumer data through ML algorithms by automating their processing thereby saving long hours of operation.
The emergence of Mobile Wallets
Just “one-click” can ease all your banking troubles. Mobile wallets are setting a benchmark. From local vendors and merchants to shopping marts, mobile wallets have knocked down the traditional cash and transaction method. Comfort, security, and availability are now handy, thanks to digital transformation solutions. This further led to an increase in demand for mobile app development companies but did manifold the banking app development cost. But, it’s fine if the investment bears candied fruits.
RPA- The Game Changer
To optimize costs, and productivity, and yield greater ROI, fintech sectors have leapt RPA (robotic process automation). This technology has manifold productivity and efficiency in the business arena. Streamlining of businesses has been simplified through the automation of manual and mundane duties. A sigh of relief to the bank staff, cutting down common errors and ineffectiveness.
Fintech- Untapped Benefits to Rural Population
Talking about Fintech advancements, it’s about to break the rural-urban divide. People in villages are embracing change, for instance, recharging their prepaid phones online. However, this is just the tip of the goblet. Fintech is loaded with mesmerizing potential, wherein, banks are putting in extra efforts to reach out to the idle masses. From smartphones, desktops, and malls to retail outlets, Fintech apps and platforms are setting a benchmark by easing banking activities and helping manage complicated business records and accounts.
Fintech technological revolution is not a cakewalk and cannot be attained without challenges:
- Compliance with regulations
- Lack of tech expertise
- Data security and privacy concerns
- Application security challenges
- Focus on customer experience
- Changing revenue and business models
- Personalised services
How Smartfologiks Can Help Digitally Transform Fintech business?
Digitalization of the Fintech segment has an optimistic impact on transforming internal structures, paving way for novel methods of customer communication, and refined services. This will help BFSI to reach novel heights in the foreseeable future.
Smartinfologiks is one of the leading Fintech app development service providers. Our team of experts helps to build feature-rich digital solutions and ultra-modern Fintech apps customized to your business needs. Some of our expertise in fintech domains are:
- Domestic Money Transfer (DMT)
- Adhaar Enabled Payment Services (AEPS)
- Recharge solution
- Bill payments
- Payment Gateway
- UPI payment
- Loans & Micro Finances services
- Message-based payment system
Still confused? Reach out to Smartinfologiks, we can help you yield optimistic business outcomes through our Fintech app solutions. Ring us at +91-7400064691 for a free consultation to understand how our Fintech services can manifold your business.