Do retail banks need to fear fintech firms. While there might be a number of reasons why banks see fintech firms with a dubious eye and perhaps even alarm. We as users need to ask ourselves: is it a well-grounded concern? According to newsbreak, seventy-six percent of the 543 bank executives surveyed said they fear new payments and money. Transfer platforms like apple pay, paypal, stripe, and venmo more than any other type of fintech competitor. Arduous bank processes in the past, banks had invested huge chunks of money into their. Legacy systems in order to build fully. Customized and personalized banking solutions for their customers.
These systems were designed
In a way that each dashboard for the banking. Scenario looked different, password and login procedures differed and users needed various tokens and. Release keys to carry out banking processes. This resulted in a veritable digital cacophony Costa Rica Business Email List of access points and processes for payments. Not only that, consumers got tired over traditional banks’ approaches in meeting their needs. Much of the demand flow for new, more flexible financial solutions has now been driven by so-called ‘millennials’. Long queues, complex loan applications, strict guidelines, stiff requirements. And many other restraints have led to fatigue with the process. However.
Banks appeared to be struggling to
Meet the emerging demands of modern consumers. Ease with fintech on the other hand, ‘fintech’ is a wider term that encompasses the myriad ways technology. Is leveraged to design, deliver, and transform financial services globally. The Fjlists everyday nature of technological innovation enables such firms to adapt to current market demands. Let’s take an example. We have become so busy and caught up in our tight work schedule; the pandemic has made it worse. We are now required to stay cocooned within the four walls of our home, most of the time. Keeping track and managing our expenses. P2p transfers from home become imperative in such times. We then turn to fintech firms.