Opportunity or threat? The rise of FinTech startups

Tuesday, Jun 28th 2022
Closeup view of man`s hand using laptop with virtual digital screen with icon of lock on it.

The financial services industry is ripe for digital disruption: investments in global FinTech companies grew from $4Bn in 2013 to nearly $20Bn in 2015, and over 50% of banks are increasing their technology spend for digital banking in 2016.

There is no doubt that mobile banking will be a key initiative in the years ahead as banks look to improve their competitive position, differentiate themselves through an exceptional customer experience, and realize higher up-sell and cross-sell revenues through personalized digital communications.

Despite this interest, there are many challenges that banks face when it comes to adoption of mobile services. Some of these challenges include:

  • Size of operations
  • Organizational silos
  • High number of legacy systems
  • Regulatory Compliance
  • Governance

A new white paper “The Future of Mobile Banking: Delivering an Exceptional Customer Experience in the Age of FinTech”, explores how the latest developments in Customer Communications Management (CCM) can help traditional banks build modern, agile, and cost-effective mobile communications platforms that are part of a seamless, omnichannel experience.

In this white paper, we explore 3 trends driving mobile banking today, including:

  1. The rise of the Millennials and Generation Z
  2. Changing consumer expectations in the age of Apple and Google
  3. The rise of FinTech startups

Industry Trend Spotlight

Imagine Facebook Messenger or WeChat for communicating with your customers? Enterprise Messaging Apps just might be the next big thing in customer experience.

Picture This: A pipe bursts and damages ceilings and walls in my house. As a customer, I call my insurance claims department to raise a claim. After the claims agent has taken my details for sending me a FNOL letter, she suggests I download their Claims Direct Mobile Application (a branded EMApps) from the AppStore or Google Play. Once the mobile application is set up on my smartphone, all communications related to my claim case are pushed in the Claims Direct application. I receive instant notifications – e.g. such as confirmation of meeting times by the loss adjustor. I easily communicate back and forth with the claim agent - for example sending them additional pictures of the damage at their request. I digitally sign a settlement offer saving $20 and weeks of printed paper processing. The claims case closes faster and I get reimbursed sooner too. Once the claims case is completed, I remove the application from my enterprise messaging application and I am a satisfied customer.

Read more about #EMApps here.