What services do users want? Nowadays, customers have a wide range of options to choose the financial services that best suit them and their needs. But how many financial apps offer everything they require?
Let’s do an experiment: If you open your cell phone right now and check all the apps that offer you financial services, how many are there? More than 5 for sure, each one with services that maybe another one does not offer you, but together they provide you with everything you require.
Fintechs are changing financial services
At the time, digital banks made a big leap and changed the industry to a greater extent, and now they are Fintechs. Before explaining why, let’s go into what Fintech means and its purpose.
The term fintech comes from Finance and Technology, referring to those activities that involve innovation and technological development for the design, supply, and provision of financial services. The main function is to develop financial and technological activities and be the key role in one of the points of the financial service value chain, providing innovation, improved user experience and mobility.
That is why, thanks to this innovation, they can offer their own services such as issuing cards, adding funds to mobile wallets, accepting and deciding credit requests or facilitating fiat conversion operations.
Types of fintech and their functionality
There are up to 7 different types of fintech, and each one specializes in offering a specific service:
The role of fintech
If we take a look at how consumers, we can see perfectly the change in their purchasing expectations. Thanks to certain fintech that make suppliers to financial entities allows their product to make a substantial leap and value and is that, some of these entities have realized the benefits they can get thanks to technological innovation and offer the consumer what they really want, as a result is obtained:
- Boosting customer retention.
- Improved product satisfaction.
What services can these financial institutions offer
For example, one of the interesting products to monetize customer activity is through rewards programs, and many companies are already implementing this service.
At Triple, as a technology company, we offer this service and make it available to banks, fintechs, and retailers.
We fully integrate cashback programs within banking applications without the brands having to perform any technological integration. Simply, the financial applications must integrate our API to offer the rewards programs of the brands with which we collaborate. If you would like to learn more, please contact us.
With no doubt, there is still a long way to go, we will see how the sector evolves.
