We are ready to bank, make payments. Pay utility bills and even invest from a mobile device. Fintech firms have enabled international money transfers as well. Other innovative features like mobile wallets, online payments for shopping, p2p lending, crowdfunding, and more with security. And compliance make the fintech segment so popular. According to a survey, 53% of banks and 69% of credit unions view technology giants like apple and google as their top competitors in 2020 and believe they will become the hallmark of well-managed credit unions. Think about companies like paypal and venmo.

That have changed the way

People view consumer transactions. Shops in the uk and ireland have already started using contactless payment through services like applepay. What could be the reason? Given the rise in usage of smartphones, consumers want quick and Cuba Business Email List hassle free services that save time and effort. But traditional banking is typically more product centric. Irrespective of existing customers’ demand. Taking an example, consumer payments are still stuck with. Users needing to type their login credentials. Verify their otp, 16 digits from their debit or credit cards, and more. This creates friction and users drop out leading to low customer retention.

Traditional banking has a similar issue

There are a series of technical obstacles. That stop them from delivering excellent customer service. A need to stay on the legacy system could be part of the problem. If traditional retail banking wants to strip off the fear of fintech firms and Fjlists even challenge them. They should leverage the right technology- conversational ai-powered virtual assistants. That is not to say that banks should ditch the existing infrastructure and technology or systems. That made them successful in the first place, but by integrating conversational ai into their systems. Overcome the challenges in legacy.