Note from the Publisher: This story is basically covering in one article, what we talk about specifically every day – fintech at large. So, all we can say is we agree with what has been written, just keep your belts fastened because fintech as we now know it has just gotten started.
“Consumers welcome alternative banking platforms for a number of reasons, the top ones being convenience, price and speed of completing a transaction. In fact, an Ernst & Young survey found that the number one reason for not using fintech services was not security, or trust, or lack of technical knowhow, but a lack of knowledge about the existence of such a system. A Capgemini study found that 80% of customers that used a fintech service were satisfied and would recommend it to others.
Fintech companies are really sweetening things by using sophisticated software and leveraging big data, analytics and the Internet to deliver services to customers when and how they need it. Scaling is also more efficient because they use online resources.
On the other side of the equation, banks have problems of their own that make it difficult for them to stop the onslaught by fintech companies.”