How Companies are Using FinTech to Improve Customer Service in 2017

As technology has exponentially improved over the past century, payment methods have improved, as well. With the “FinTech,” or Financial Technology, industry booming, customers have been increasingly impressed and provided for by some of the tools FinTech companies have created.

Scheduling Meetings

Whenever someone wants to meet with a banker, for example, the usual process goes something like this: A customer walks into a bank, waits in line, and/or waits for the next banker to be available. There is no guaranteeing how long a customer will have to wait, and this can be quite inconvenient for customers. So, a handful of banks, such like Wells Fargo, are now allowing customers to make consultations with bankers online. This makes the process of working with a bank much shorter and more convenient for customers.

Virtual Tellers

Virtual tellers are now being provided by Banco Bilbao Vizcaya Argentaria, a large banking company in Spain, for people looking for a drive through at their bank. These virtual tellers are phenomenal, providing customers with a video of a virtual teller that allows them to make transactions with the bank themselves or conduct other services that drive-through customers normally don’t have the opportunity to do.

Philanthropy Made Easy

A company called Mogl is allowing people to earn cash rewards for every restaurant purchase they make. This is not a new service, but here is the twist. You can “Join a Fundraiser” and a percentage that you choose of your cash back will be donated entirely to your cause of choice.

Ferhan Patel FinTechSource: Mogl and click, “Join Fundraiser”

Let’s Celebrate!

People not only want to be offered good services and products nowadays; they want to be cared for by the companies they frequent. JPMorgan Chase has implemented a small but powerful message in one of their services they offer. They now offer customers a nice, small birthday message at their ATMs if it is the customer’s birthday.

Video Conference for Customer Service

Amazon’s new feature, “Mayday” is allowing customers to not only speak with a customer service representative in real time to solve their issues, but also gives customers the opportunity to video conference with the representatives. This feature allows the representative to physically draw on the customer’s screen to show customers how to fix their issues on the Kindle Fire tablet.

All of these companies have one thing in common; they are all creating tools to improve customer service, making it more user-friendly, convenient, and enjoyable for each individual using their products or services.

Technology is Changing how we Handle Money

Taking care of one’s finances is usually thought of as something that can only be done by those who have extensive about handling money. Perhaps the idea of finances is more accessible to finance gurus, or people who have taken accounting classes. Younger generations grow up to find the broad idea of ‘personal finance’ looming over their heads, without the slightest idea of how to start handling their money.

Technology is changing this around.

With the advancement of financial technology in general, younger people are being included in the ranks of those who look after their spending and savings. This is a concept that has come to be known as financial inclusion, and it is revolutionizing how money is being tracked. Financial technology in recent years has been striving to make financial security more of a democratic process. It wants to cut down on the number of people who feel helpless in their spending.

The four subsets of this new category of financial inclusion are payment, credit, insurance, and investment, as reports Business Today. Payment is a no-brainer. People need to be able to pay bills, pay for products, and pay each other. This used to be done with physical cash or checks. Financial technology has made it so that money can be transferred from one person to another without them having to physically meet. Mobile wallets exist now, and the question of if physical cash needs to exist at all is becoming increasingly prevalent. If money can be transferred from one account to another instantly, is carrying around cash at all necessary?

Credit is a slightly more difficult concept to grasp, simply because it is not yet available to everyone. Financial institutions need to have a record of transactions to get credit information, but not all financial transactions are connected directly to such institutions. This is why there has been a demand for a universal credit platform, in which all transaction history of an individual is saved and readily available. The credit sector of financial inclusion still needs more work, but it is getting there.

Insurance and investments in a similar fashion have been completely changed by digital smartphone applications. Applications have been, and will be further, making insurance-buying and investing much more convenient for everyone with access to the technology.
Companies leading the financial technology revolution are aware that the digital handling of money has to be easy and reliable. They are still working to make the entire financial industry digital. It will be exciting to see where this technology takes us in years to come.

Chinese Banking Barriers

Cferhan patel yuanhina recently announced some drastic changes being introduced to their private sector. Plans were put into effect earlier this month that resulted in fund transfers being capped, the limiting of daily transactions and more requirements required for users to prove their identities when using their banks. Though implemented to battle the threat of fraud and money-laundering, many feel that the restrictions do not bode well for the Chinese markets.

Limiting online transactions has China’s populace in an uproar. The country’s financial analysts can’t help but scratch their heads at the poorly devised plan to safeguard China’s assets. Especially after China’s premier recently announced a removal of “red tape,” and a call for innovation of the market. The implementation of so many restrictions and rules would seem to be directly opposed to the mission espoused by the premier.

The rise of smartphones brought with it a surge in electronic transactions. Logging more than 400 million annual mobile users in China, the decision to limit this wave of active users seems counterintuitive. Though the limitation on activity would seem like the largest misstep, the real difficulty will come in proving identification when enrolling in online banking. Where you were once able to provide a simple identity-card and prior bank-account information to enroll in online services, China is proposing a multi-tiered identification system that requires tax documentation, educational records, and bank involvement to set up online accounts.

This massive speed-bump in the banking process is sure to result in thousands of irate customers. Beyond limiting the amount of money able to be transferred, these rules would even place restrictions on where citizens are able to make transactions and essentially send money. Currently, no money can be transferred between banks should the owner have accounts in separate branches. It remains unclear how the Chinese government felt these changes would circumvent the currently grim economic state, the changes will not be explicitly formalized until the end of the month. Perhaps the deafening uproar and the nearly unanimous dissent against these drastic changes, will counteract this process, but it remains to be seen how this will be resolved.