Group 21- Be my customer from the comfort of your home

Banks have never been so far from their clients. While seeking improvement and enhanced customer satisfaction, they found out that customers prefer intimacy and comfort. Nevertheless, they took a long time before changing their approach. Banking is one of the industries which has resisted the most to disruptive technologies. However, no one can inhibit entrepreneurs from looking for opportunities to improve people’s lives. New entrants have developed online-financial services. Although it has been difficult for them to gain people’s trust, many have made their way out of the crowd. These improved services affected the banking industries, and forced them to innovate their businesses by adopting Fintech services to keep their customers, and increase their satisfaction. State of the art technology has allowed them to please customers’ demands and expectations. The internet, smartphones and other types of telecommunications enable long distance interaction between financial advisors and their clients. Fintech allows to make faster transactions, from wherever customers are, at any time they need them.


Fintech companies use services which combine both technology and financial transactions. These companies require teams working on different areas. For example, the marketing and finance departments seek to improve banking strategies as well as their performance, whereas those who work in the IT sectors focus on innovating applications along with services. These strategies are used by start-ups to attract customers, and raise funds. According to Mikaal Abdulla, CEO & Co-founder of 8 securities, it is necessary to have experience before setting up a Fintech company, as it is extremely challenging to develop this type of business. He believes that building trust within the market is crucial, and that advertising is the best tool to gain consumers’ credibility.


Nowadays, there are many banks that enable people to check their accounts everyday through the use of the internet. An example of this is Hello bank launched by BNP Paribas. It is a 100% digital bank which provides services in Europe. Its aim is to let customers be autonomous while providing online-help when needed. However, Hello Bank is not the only digital bank available in the market, competitors like Boursorama have appeared due to the increasing demand for these services worldwide.


Online banking has not always been that successful. Only a few decades ago, it was scary for customers to switch to online services as they felt insecure. Today, security has been improved. In fact, even traditional bankers store information in big data centers that can be easily hacked. However, being hacked is not that much of a problem because insurances such as FDIC, cover any loss. This improvement explains the increasing number of people switching to online banking. According to the Pew Research Center, in 2010 about 55% of the 18 to 29 year-old-american-people said that they banked-online, and in 2013 this number increased to 66%. This data shows the evolution in the online-banking world, as people finally trust it. Since technologies evolve quickly, the number of people opting for online services is increasing.




Online banking is based on the “AAA” model which stands for “anytime, anywhere, anyhow”. Thus, online banking provides services at any time, no matter where customers are or what they want. Thereby, customers have a twenty-four-hour access to make money transactions which is convenient for those who rarely have time to go to the bank. In addition, it is much easier to meet consultants to update one’s personal information, purchase financial products or apply for a loan. People can even check interest rates or the process of their investments just in a few clicks. What is more, online banking provides a platform to manage different accounts at the same time, making much simpler to save money along with one’s family.


Although there are still  improvements to be done, it is essential not to ignore the positive changes that Fintech brings to people’s lives. Fintech not only improves customers’ satisfaction, but also banks’ financial productivity. Fintech is very likely to keep evolving, and it might become a necessity as time goes by. Thanks to the deep relationship between Fintech and the banking industry asking for a loan, paying debts, managing or running a property is going to have an earth-shaking change.

Consulted on Friday January 28th, 2017.







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