A feature of the innovative development of recent companies is that the change in communication channels and automation of production processes. Many of us cannot imagine their life without smartphones. Gadgets are getting means of communication, operation, and payment devices. during this regard, many companies can consider the event and implementation of mobile apps together of the ways of interacting with their customers, through which clients can get all the required info about the products offered, calculate their cost, form their own package of services, conclude and pay an agreement with one or another company.
1. Payments and Money Transfers
If we glance at the foremost popular areas of fintech, then first of all payment services should be highlighted. This direction has received significant development in many countries of the planet thanks to the presence of an outsized number of consumers of those very services, the likelihood of cooperation of startups with traditional financial institutions, and therefore the growth of the share of non-cash payments alongside the popularization of e-commerce. One among the overall factors stimulating payment services development especially and fintech projects generally in 2020 was also the epidemiological situation thanks to COVID-19.
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A few years ago, businessmen who use to provide services online had to enter into agreements with banks that serviced the transactions of their partner’s clients but today, everything is quite much easier because there are many different financial services that allow accepting and transferring charges during a sort of currencies and for an enormous amount of platforms.
Moreover, non-financial organizations are empowered byfintech to enlarge their client base. Fintech tools solve the matter of two billion people by providing access to basic financial services. The newest devices and Internet, smartphones, and advanced approaches to financial operations allow providing access to financial payments even where there are not any banking institutions.
2. Banking Services
Using new technologies, banks broaden the scope of services they provide,developing non-physical service channels, and generating new means of interacting with consumers. As an example, opening an account without visiting a bank office by the client and facilitating many actions. Banks are steadily diverging from physical channels of interaction with clients to digital and mobile ones. Banking automation solutions development empower banks and financial services companies to operate repetitive work more productively, eliminate human factor errors, smooth-running intercommunications with their customers, and remarkablyexpand back-office productivity.
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The result’s lower interest rates on loans and better interest rates on deposits thanks to savings on business processes. Banking organizations are frequently using data analysis with an eye fixed to raised understand the requirements of clients, prognosticate them and prepare services that are catching to an extended range of consumers on the idea of all that.
The growing acceptance of online services will further extend the share of distance services in insurance. Just like the banking sector, insurance companies are forced to rework their operations by introducing the most recent technologies and offering new ways to interact with customers.
For instance, there are variety of successful projects within the online insurance market within the USA. Forinstance, Lemonade Company offers home and tenant insurance without the necessity to speak with an insurance broker. You’ll issue a policy and receive a refund during a jiffy employing a special application supported the utilization of AI technologies.
The Fintech development will increase the standard and attractiveness of services provided by personalizing, automating processes, reducing losses for financial companies from fraudulent actions through the utilization of massive data analysis, the introduction of telematics and other remote systems. Taking under consideration the rapid transformation supported the introduction of latest technologies, it’s possible to extend the efficiency of the insurance and financial markets during a relatively short period of your time.