Fintech is a rapidly developing industry. In a world moving towards an increasingly cashless society, fintech companies are proving to be the largest driver of technological advancement. In our latest blog post, Traderoot discusses three important trends that may help you understand and prepare for the impact that fintech will have on your organisation.
A Shift Towards Personalised, On-Demand Banking
Due to the Covid-19 pandemic, the use of financial applications exploded and many banks were unprepared and dramatically failed to meet expectations of customers. The growth experienced during the pandemic has created high expectations, customers want more personalised financial services that can adapt to their needs and address personal issues. This is where banks are failing to shine.
This is where fintechs are stealing the show, setting them apart from banks. Fintech companies have begun to address these customer demands. They are answering the hard questions and coming up with innovative ways to meet customer expectations. Fintech companies are using their customer data to understand each individual’s needs. By reaching out to customers with tactful messaging about products that are actually relevant to an individual’s life, fintechs and demonstrating a new level of personalisation for their customers’ circumstances.
“We’ve witnessed incredible growth in the fintech industry over the past two years, and with customer expectations now so high, one can only assume that this growth will continue tenfold.” – Jan Ludik, CEO of Traderoot explains.
Gamification to Drive Financial Literacy and Engagement
Whilst gaming and financial services don’t have very much in common, the combination of the two industries has the potential for incredible benefits. Smartphones have given us access to some incredibly addictive mobile games, we often find ourselves turning to mobile games in our free time. Remember Candy Crush Saga? Some clever fintech startups are jumping on the mobile gaming bandwagon by gamifying aspects of their applications to drive financial literacy as well as engagement.
The Super App
This marketplace of services aims to make it so the customer never has to leave the app to complete any other activity. The app is designed to be an all-in-one storefront for a customer, from paying a water bill, to topping up your mobile phone, to applying for a loan to purchase your first home, the super app can do it all.
Super apps aim to improve customer experiences in every aspect. The super app is the personalised, engaging, all-in-one app to serve all of the users needs. It appears that super apps will slowly prove to be a bank’s worst enemy, if banks and other financial institutions don’t rush to come up with innovative and modernised ideas, they may fail to maintain their relevance in the new financial era.
As a fintech development company, Traderoot is excited about these trends and we cannot wait to see what the future brings! Have a look at our website to learn more about our service offering or email us on sales@traderoot.com. If you would like more information, our sales team would be delighted to assist.