Banks Shouldn’t Fear Fintech, They Should Embrace It
The evolution of financial technology, or fintech, is transforming the financial industry. While many banks and credit unions feel that the rate of disruption is concerning, this digital era also offers many time-saving automations and new ways to engage and interact with customers. Don’t fear these innovative changes in technology, embrace them and grow.
Technology is disrupting many industries, including the banking and financial sector. As discussed in “Banks and Credit Unions Frightened by Fintech,” posted by Jim Marous on TheFinancialBrand.com, many bank executives are concerned that consumer banking and payments could be at risk as fintech grows. However, instead of a threat, the right technology can be just the advantage banks need to survive and thrive during digital disruption.
A recent PwC survey found that many banking executives believe the consumer banking and fund-transfer and payments systems are most likely to be affected by the digital and technology transformation. Wealth management, asset management, and insurance are other sectors that executives suggest could be impacted. Fintech start-ups offer many of the services that today’s tech-savvy customers are using from companies including Amazon, Uber and others which are often based on convenience and tailored products. Banks, insurance companies, wealth advisors and other financial-based businesses can follow suit by offering personalized, customer-centric service based on other technological advances, such as enterprise resource planning (ERP) solutions.
ERP Can Provide the Advantage Banks Need to Remain Competitive
In order to provide personalized services in this digital era, businesses need quick access to reliable data and ERP is just the solution banks need. Modern ERP offers seamless integration between all the moving parts of a business including financial transactions, supply chain, inventory, labor and logistics, and other core processes. In addition, business intelligence features can highlight trends, indicating which financial product or services customers prefer, for example, or where your team is spending the most time. By understanding customer and internal trends, you can develop the services that attract new prospects, improve customer retention, and strengthen engagement. Other time-saving automations can also streamline common processes, leaving more time available for attending to customer needs.
Offer the same type of convenience and customized attention that today’s customers expect by replacing inefficient legacy systems with modern solutions. Contact AKA Enterprise Solutions for more information about leveraging modern management solutions to your advantage and thriving during this digital revolution.