One crucial component of any finance deal is knowing there is a human on hand at some point in the chain. It’s reassuring to know there is someone real to contact if you have any queries.
This component, whilst crucial, should be seen as an opportunity for financial firms, not a threat. Finance firms should merge the ability to acquire finance at all times of the day with 24/7 customer support - significant parts of FinTech offer this, take chatbots, for example.
How amazing would it be if finance firms grasped FinTech, such as Artificial Intelligence, so potential customers could see if they were eligible for finance or find out what is needed to apply for finance packages? Advancements in AI mean devices can comfortably understand, interpret and enact language queries. Essentially, you could have a conversation with a finance firm and discuss and finalise deals thanks to AI and FinTech.
To introduce a social aspect to a world of steadily automating finance would make an easier transition into the digital world and, in all likelihood, mean a more significant amount of business being done due to that social element remaining present.
As well as other things, FinTech can retain information about a customer to create a personalised digital profile for each user. If the tech picks up on responsible spending by the company, it could, thanks to its unique personalisation, recommend ways in which the business could use that money they have saved effectively.
Such an innovation would gamify leasing, bring fun to the whole process, and ensure finance firms operate on a socially conscious level.
Finance firms could utilise FinTech to iron out creases in preparing a leasing package. This would allow for predicting and anticipating problems before they occur, leading to a smoother and more fruitful process.
FinTech allows financial firms to improve how things are done, such as cutting down on paperwork and improving the automative process.
Enhancing the consumer experience should be one of many constant goals businesses should have. Rather than seeing it as a threat, companies should look at fintech as a fantastic opportunity to cement deep customer loyalties and help attract new customers with a smooth, simple and efficient experience.
