The New Players of Financial Customer Experience

Banking and personal finance have changed significantly over the last 20 years. Dealing with finances used to require time-consuming, face-to-face interactions between customers and their bank or investment firm. Today, technology has turned banking and finance on its ear, cutting out the need for face-to-face interactions and democratizing access to high-level financial products and services.

Technology Innovations and Finance

Advancements in technology have changed the way we go about our daily lives but it doesn’t just impact us on a personal level, it has also impacted the way we conduct business. FinTech innovators have streamlined processes for consumers, allowing them to manage their money directly, 24 hours a day, 7 days a week from a mobile device.

Thanks to those developments, banks and investment firms have a host of new competitors in the market. From startups to large organizations, consumers have an endless supply of choices when it comes to banking, lending, raising capital, saving for retirement and investing. Thanks to artificial intelligence, peer-to-peer lending, blockchain, crowdfunding and robo-advisors, consumers have much less need for traditional banking relationships. Due to heavy regulations, mountains of red tape and a loss of confidence in banks after The Great Recession and several big bank scandals, many consumers actually prefer to deal with newer, tech-based financial providers.

A New Consumer Experience

In the “old days,” banking was about who you knew, who you liked, and how you built relationships. There were clear “outsiders” and “insiders.” Today, technology has created a level playing field. Anyone with any amount of money and the ability to download an app can find a banking service that suits them.

Digital Banking at UnionBank’s The ARK

The new consumer experience is about meeting specific needs as quickly and as cost-effectively as possible for the consumer. It’s about more than just having online loan applications on a website or allowing banking and investment customers to open new products with a few clicks. It’s about leveraging AI to anticipate a customer’s need and delivering exactly what they are looking for when they need it.

However, technology hasn’t eliminated the need for relationships in banking and finance. Customers also want a way to talk to a human being when they have questions or needs that technology can’t quite address. Financial services that can deliver the best of both worlds – innovative, streamlined technology and positive human interaction – will come out on top.

Are You Looking for Transformative FinTech Talent?

Delivering what consumers want requires a team of innovators and forward-thinkers. You can instantly connect to talented pros who are well-suited for your FinTech or payment services company by working with the recruiting experts at MoneyTech Search. Contact us today to learn how we can shorten your search time, improve the quality of new hires and help you achieve your strategic goals.