Fintech makes banking not just about the interest rates and lower monthly installments but also convenience at fingertips and predictive next-best-action. Source: Shutterstock

Fintech makes banking not just about the interest rates and lower monthly installments but also convenience at fingertips and predictive next-best-action. Source: Shutterstock

Why fintech and banking should join forces for better CX

FINTECH and banking are individually very strong industries that have the potential to influence and impact the finance world greatly.

While one has been around for over five centuries, another has just gone mainstream in the last year or so.

By nature and design, fintech and banking need one another to serve customers better in this digital era.

It is time that financial institutions reassess what they can offer to their consumer journey as they climb the digital maturity curve.

Traditional banking features like savings and even online banking are now considered the basis of banking.

What fintech adds to the mix is to make banking, not just about the interest rates and lower monthly installments but also convenience at fingertips and predictive next-best-action.

Essentially, fintech and banking should join forces for better customer experience (CX).

Leverage on respective expertise

The banking sector is intertwined with every industry. With banks deploying fintech within its products and services, the bleeding edge technology will reach out to more people faster.

This will help with the advancement of the tech solution in developing better CX.

Conversely, banks can also leverage the fluidity and personalization feature of fintech to deliver more customized banking modules to customers.

Bank technology is not the same as fintech because of the quality of customization that fintech can program. Hence, being able to mass personalize the CX.

Certainly, both can leverage on respective expertise to enhance the consumer journey.

Save time and resources to focus on specialty

If a legacy bank decided to include fintech in their next CX strategy, they are likely not going to develop from scratch.

This is because banking professionals do not speak ‘fintech’ and vice versa.

This means to say that it will take an enormous amount of time and resources for a banking guru to be a fintech ninja. This applies the other way round as well.

Instead, the two industries should play to their own strengths so that more productivity hours can be spent on delivering the actual goal — Better CX.

The business world is fast-paced but its CX does not have to be furious.

So, focusing on the respective specialty will ensure that time and resources are well-spent instead of making the common mistake of rushing join a fad.

To sum, benefits of a fintech and banking partnership are clear for both the parties as well as for consumers.

After all, this is the symbiotic relationship that businesses have with technology. The only way businesses and technology will thrive is together.