Digital Banking - A New Buzz Word in the Industry for the last 10 years
Over the last 10 years, technology has driven huge amounts of change in the finance sector, redefining the very foundations the industry was built on. This fintech revolution is being powered by a wave of disruptive startups. They are completely reshaping the finance sector, otherwise known as the ‘root and branch reconfiguration’ of the ageing banking and financial services industries.
Innovative platforms, apps and services are reshaping financial services through a sharing economy model. It’s the same kind of collaboration which is behind the disruption of many industries. Some of the world’s greatest modern consumer tech developments, such as Amazon’s e-commerce business model powered by voice recognition, have thrived through collaboration. This new sharing model between businesses enables data to flow between companies. This creates simple and streamlined processes for the customer.
Finnovion is part of this revolution through its development of a ‘financial web’. We’ve developed a ‘financial web’ to provide more than a million small business customers with the options they need. Small businesses’ data sits in the financial web. Consequently, Finnovion is in a unique position to know about its customers’ funding needs. The banks are sitting up and noticing.
Banks have lacked innovative competition for years. They’ve offered varying packages, interest rates and deals to customers, but nothing has been truly innovative to challenge the way they operate. Notably, the customer experience has decreased. At every turn a customer is often treated with automated messages and letters through the post. Automation isn’t set to reduce in the future, but when it comes to the customer journey, customers will recieve a more tailored approach. For example, Finnovion’s Advisor Directory determines the user’s location in order to put them in touch with a small business accountant, bookkeeper, integrator or financial advisor that is a certified trusted Finnovion partner. This offers next-level consultancy between a customer and their finances. With consumer confidence dwindling as a result of global financial meltdowns, customer relations is now more vital than ever.