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How does fintech software improve the banking experience ?

by Lalithaa

 

It is an evident fact that fintech software has become an inseparable part of our life. We can experience the power of fintech software by using the software such as paying the bill at your favorite restaurant, getting a cheque cleared at your bank branch, heading back to your home paying the online taxi services, etc. all the daily tasks done in our activity are directly or indirectly somehow associated with the fintech services. 

 

According to a popular report by Global Fintech Adoption Index 2019, the number of people in percentage was 16% in 2015 which increased to 64% in 2019. We don’t have the official data of the pandemic duration but it is very sure that fintech software penetration must have crossed its previous penetration records among the common masses. 

 

Fintech services (definition)

The modern digital services that are used for the majority of fintech services by taking the help of innovation, latest technology, data, etc to the customers, as well as the organizations, are called fintech services. 

 

A fintech-based company can be a bank, co-operative, credit union, digital financial organization, etc that provides financial services to the individual or group of institutions. https://diceus.com/industry/finance/ click on the link to experience the services related to information and tech-based solutions. The fintech applications are carefully designed to offer services to serve the needs of a variety of customers. It is meticulously crafted to suit their customer’s needs, services, products, and information. 

 

How does fintech software improve the banking experience

  1. Smart chip 

We are surrounded by the tech of smart chips in our daily life. Smart chips are part of fintech software that makes the transactions of money very handy. Smart chips such as microchips in debit or credit cards, NFC-based chips in smart devices, etc make the payment in shops, restaurants, petrol pumps, groceries, airports, metro, and several other miscellaneous services have made our life very easy. Also with the tech of EVM now banks have added extra security by adding the OTP requirement necessary for every transaction made at the ATM shops. While an EVM-based need to contact the reading devices or ATM machine but with use of NFC (Near field communication) all the transaction can be done by tapping or waving on the reader devices. 

  1.           Blockchain

The blockchain is the next-generation system of doing transactions that is not only safe but highly encrypted to be hacked by any hacker. For example, one can visit the following link and go on a full detailed journey about blockchain. Visit the link here https://diceus.com/industry/finance/blockchain/. All the data in a blockchain method are stored and permanently time-stamped with other respective blockchains. With the unique identity, the blockchain’s encrypted data is shared among the stakeholders who authorize transactions from multiple places. This is a simple but ultra-secure method to do secure transactions without any requirement of other agencies like central banks. The technology of blockchain is very well synchronized with the latest fintech applications that can ultimately make these applications the most secure platforms to initiate transactions. The unique time stamp on the individual blockchain which also has encrypted transaction details are nearly permanent and cannot be altered, making them impossible to hack or modify illicitly. 

  1.           Data tracking and analysis 

The primary reason behind the selection of fintech software is to get a detailed analysis of the data. It can be only possible with the inclusion of modern techs such as data insights based on machine learning and artificial intelligence. The tools used in modern fintech software are such that they can easily segregate the difference between the redundant and useful data altogether. A user can get a detailed analysis of their economic activities through the fintech applications that filter out and give a conclusive overview of the concluded date. Using the virtual dashboard and intuitive animations the in-app analysis can be well understood by the user. 

  1.           Customer satisfaction 

The major worry of any bank or financial organization is unsatisfied customers. First, it degrades the reputation of having an unsatisfied customer, second, it is specially tweaked according to the user’s preferences and to cater to the best experience by them. The omnipresence of chatbots, 24*7 customer’s grievance addressing teams, etc have improved the level of customer satisfaction with the use of fintech software in the banking sector. 

 

 

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