Fintech has been a buzz word in the world of finance for a while now. Starting with banking, it has significantly shaped other areas of finance whether it is investments, insurance or financial planning.
The domain of fintech is expected to continue to play a very crucial role in a post COVID-19 world. However, for that to happen, fintech as we know now, will have to evolve and adapt to a new world order.
Explained below are five ways you can expect Fintech companies to stay relevant in a post-pandemic world, where the ‘new normal’ will become the order of the day.
Developing Customer Trust
It will a while before people feel safe to visit banks and other offices again and banks and other financial transactions are likely to move online in a major way. But customers, who are used to face to face interactions, will want to know that there is an actual face behind the virtual product they are using, especially when it concerns big sums of money. Fintech startups will have to fill that gap so that they can build customer trust and make their customers engage with them. One can expect more of video conferencing tools that enable communication between banks, insurance companies and mutual fund providers and their customers and gives a face to virtual transactions.
More Senior Citizens In The Fray
It was thought that Fintech products were mostly used by the millennials but the pandemic has changed all that. Senior citizens are most vulnerable to coronavirus and they need the technology most to manage their finances and buy things from the comfort of their homes. Fintech companies will have to adapt their products to the needs of this segment of the population. So expect more features that are designed
keeping senior citizens in mind.
Due to COVID-19 people have explored more apps to get their business done, whether it is to receive groceries, consult a physician and so on. Apps that are clunky and less user friendly will hence not work. Fintech companies need to not only have a great product but also have apps that have a great user interface and provide a good customer experience.
Boosting Overall Security
More digital transactions mean more data risk. More than ever customers will want their data and sensitive information to stay safe. Fintechs will have to educate customers of the risk and also how to stay protected from malware and other related frauds. For the same reason, Fintech companies will also have to focus more on security features and managing the customer data in a safe and secure way.
Focusing On Communication
With companies working with reduced staff, Fintech companies need to go beyond traditional means of communication like phone calls and emails.
While social media remains a medium for communication, other channels like chatbots, push notifications, in-app FAQs and other features are required to be put in place so that customers have way of getting to resolve their queries and address their grievances.
The Last Words
To sum up, with Fintechs evolving to stay relevant, it will be a win-win situation for customers. One thing is for sure, we can expect more of Fintech being an integral part of our financial lives going ahead.