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The Fintech Effect: How Fintech is Changing Business

written by J. Wesley Knowles May 1, 2018
The Fintech Effect: How Fintech is Changing Business

Many believe that financial services is currently undergoing one of the most significant transformations in history. As innovations become relevant, an ongoing metamorphosis will reshape procedures and practices throughout the industry. An impact being experienced primarily in the customer service sphere, where this evolution is expected to remain a positive force overall.

Global investments in fintech (financial technology) were around $31 billion in the final quarter of the 2017. This highlights fintech ingenuity and how it will continue to change the framework of the value chain as well as the way firms compete for business in years to come.

Digital Financial Planning

Increasingly, clients are desiring their financial needs to be dealt with online and/or on their mobile devices. Video meetings and online application processes are becoming commonplace, with traditional meetings and underwriting moving toward irrelevance. Face-to-face no longer means sharing the same geographical space. Current trends paired with cybersecurity permit real-time financial planning discussions to take place anywhere in the world.

All the gains in fintech allows for more inclusion. Millions of people who live in remote areas or who may not have access to financial services can now obtain it. Helping individuals and companies manage, save, and invest their money will result in a better society that benefits everyone. Taking effect on a global scale, these trends display evidence for continued growth.

Related: The Future That is Now: The Impact of Technology, Aging, & Economic Disparity

There are fintech resources that help make lower cost decisions and can improve performance of funds. These advances in technology also give firms โ€“ as well as individual advisors โ€“ the opportunity to comply with regulations and diversify their operations. It may also improve client experiences, helping to build long-term relationships and trust while allowing the bandwidth to serve a larger audience.

Advisors and their clients both benefit with instant access to particulars. Obtaining comparisons, managing portfolios and/or accessing important industry information is done today with on-the-go technology that can be managed through smart devices.

Best Interests for Clients & Advisors

Serving their clientsโ€™ bests interests is essential and fintech allows processes to become more integrated with new regulations and compliance standards. Supplying unique monetary planning strategies cannot be achieved by blanket concepts; but through learning about individuals and helping to implement their personal financial objectives. Fintech can serve both the needs of the client and the advisor by clarifying the purpose through availability, simplicity, and accuracy.

The idea that integrated and interconnected applications will provide the opportunity to expand offerings is the relatively straightforward strategy. Analysis and statistics add value with real time feedback for fine-tuning targeted goals. Acquiring or integrating relevant components improves the appeal for those advisors seeking modern solutions for clientele. This should improve long-term retention.

Fintech Moving Forward

Advisors need to stay smart and address these situations directly by being proactive and embracing new technologies that make sense for their practice. This will help strengthen their overall business structure and supply great client experiences as they find ways to implement them into their daily functions.

As fintech ingenuity revolutionizes the financial services industry, it continues to stimulate a better, more connected global community where more people can meet and exceed financial goals.

Keep Reading: What Can a CRM Do for Your Business?


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The Fintech Effect: How Fintech is Changing Business was last modified: October 4th, 2019 by J. Wesley Knowles
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