Financial technology banking companies have become a lot more renowned in the previous few years, below are just a few reasons why.
Something that a bunch of fintech banks have been working on recently, is integration with other apps which makes banking easier for consumers. This is one of the more new banking technology innovations, and it has gone down exceptionally well with consumers, as it makes their life simpler. Among the things that has been integrated into contemporary banking is the use of budgeting functions for customers. This is amazing for consumers, as they can have a much better idea of where their money is going than they have done in the past. Customers can see where they’re spending too much money and underspending, so they can attempt to adjust their spending habits in line with this. Even if you weren’t to utilise the cost management features, it is still always good to see where your money is going and keep a record of this, something one of the investors in Royal Bank of Scotland will surely be keeping tabs on.
In past times, individuals have found banks extremely confusing and overcomplicated, so what some of the financial technology banks have been trying in more modern times is to bring simplicity back to consumer banking. This is among the greatest banking ideas to get new customers, because the transparency that these companies are offering has gained confidence from their users. Being open about what you are working to develop and what you’re planning for the future is a good way to acquire brand new consumers, and has been something that has been worked on by these fintech banks. It’s pretty likely that the main investor in Royal Bank of Canada will be keeping a note of this for future breakthroughs.
Among the main developments that fintech banks have launched in recent times is the added customisation that they have given their customers. These fintechs have made it their aim to listen to customer feedback and improve their innovative banking products around their consumers suggestions. This means that a lot of the functions they’re working on are things that have been asked for. Nowadays you can freeze your card on your bank’s application if you misplace it and unfreeze it when you track it down; this saves you having to call up and cancel the card, only for you to find it a few minutes later. Businesses have started to acknowledge the importance of innovation in banking in recent years, which is why these corporations allow you to change a bunch of settings on your card, even restricting your spending on certain sites. This customisation has been received very well by customers, so it’s definitely something the activist shareholder of Bank of East Asia will be keeping an eye out for.