By PowerWallet Plus
The emergence and establishment of the FinTech industry has transformed the modern economy, and promises to keep doing so. Throughout history, technological advancements have shaped the way we conduct our lives. From the introduction of Automated Teller Machines in the 1950s and 60s, to the advent of smart phones in the 1990s and early 21st century, the ability for technological innovation to revolutionize our world is plain to see. FinTech companies have a unique opportunity to join an illustrious list of developments that have transformed the lives of millions of people – do not get left behind.
Currently, the most exciting area of technological innovation is in financial services – FinTech and the Finovation Revolution. In an industry that is entrenched in traditional principles and practices, FinTech companies are leading the way in creating a new business culture. Whereas incumbent industry players tend to focus solely on the “financial” aspect, the most exciting and innovative companies are now prizing the “technology” aspect above all. Customer centricity, previously neglected, is now being placed at the heart of FinTech business models. Technology has allowed a greater focus on the individual, and FinTech is there to take advantage of that.
For example, Bankjoy has introduced an exciting new innovation into the way customers manage their personal finances. Bankjoy has created a plugin on Amazon Alexa, allowing customers to check their balances, pay bills and transfer money using a small number of simple spoken commands. Furthermore, Sindeo has released a new high-tech user interface to streamline the mortgage application experience. Customer satisfaction has tripled since its introduction, a clear sign that customers are crying out for more high-tech solutions to managing their finances.
These results are unsurprising – Millennials are the fastest growing consumer market in the USA, and they expect a high-level of customer centricity and technological development in their corporate interactions. What’s more, Millennials are also the fastest growing sector of the employment market. Not only do Millennials expect high-tech solutions in the marketplace, they also expect them in the workplace.
Bluescape, an up and coming FinTech company, has recently developed visual collaboration software that allows employees from all over the world to cooperate in real time, utilizing a revolutionary infinite digital canvass to prepare products and marketing plans. Bluescape are not the only company to transform the way their employees operate. CRM Next has also recently developed software to enhance their workers’ productivity, integrating and streamlining many of the responsibilities of tellers or customer service representatives into one easy-to-use interface. Using such software, employees can reduce the time spent on everyday tasks by up to 90%. Finovation is revolutionizing the way time is allocated in the workplace.
Finovation is also transforming the employer-employee relationship. Employees now demand high-tech solutions to their wellbeing at work. Technological solutions to benefit provision, healthcare and exercise, and – the most exciting trend – financial wellness, are not only welcomed, they are now expected. To truly embrace the Finovation Revolution, companies must consider how they can utilize FinTech to bring their customer strategy, employee interactions and workplace wellness initiatives into the modern age.