Customer-driven Banking: Fintech As The New Normal
The digitalization of things has ramped up in the realm of the COVID-19 pandemic, not sparing the banking industry. It is undeniable that the pandemic has been a pivotal moment for bank institutions, influencing their reconsideration on serving their customers amidst dreary times.
The new stay-at-home economy.
The shift brought up by social distancing and the work-from-home situation has not only left an impact to institutions but also to customers as well. Gone are the days when customers perceived online transactions sketchy. This new “stay-at-home” economy has greatly considered the digital commerce platform as the gateway to carry on with their daily lives.
In fact, Philippines had tallied the highest increase in online shopping by 57 percent during the half of 2020 compared to the same period of last year. Reportedly to be the biggest growth across South East Asia. Concurrently, Unionbank, one of the country’s pioneering banks has also recorded a significant increase in terms of daily signups on its online and mobile banking platforms by a sparkling 160 percent over the duration of the pandemic.
Fintech has brought new approaches to customer service.
Digitalizing financial transactions has allowed banks to prove to their customers what they can provide even under difficult circumstances.
From the past up until today, many bank institutions have still tied themselves up with the traditional bank processes — often focusing on the needs of the business rather than of the customers’. However in this current crisis, there are some traditional ways to be traded off. By reshaping, this would then entail customer experience enhancement to be its core. This is where fintech businesses come into play.
For banks to efficiently meet their clients’ needs, should consider the new normal as the end of fintech experimentation, rather the start of fintech implementation.
Most, if not all emerging fintech companies provide their services with the intention to fill the gap between a bank’s insufficient traditional provision and the dynamic needs of the customers. Safe to say, their knowledge on the specific pain and demands of the customers has driven their existence and relevance in the industry. This in-depth familiarity plays a significant role in contributing to the betterment of the new normal banking operations.
Looking beyond COVID-19, this pivotal moment has shifted bank institutions to redefining their purpose as a service oriented organization, as it should. Hence, customer-driven and innovative banking services should be taken into serious consideration to achieve a win-win outcome in this changing landscape and fast-paced economy.
Hyperstacks digitalize banks to enhance their customers’ experience. Learn more about Hyperstacks here.
