The COVID-19 Pandemic may have caused the end of the world as we know it and jump-started us all into the virtual age, or something near it. Institutional systems now may need a significant reformatting if they are to succeed in delivering the services that once drove them into the forefront in the first place. Traditional banks around the world are estimated to have spent $215 billion on IT alone to improve their existing services to cope up with the emerging technological, financial ecosystem. And that includes hardware and software, and their internal and external services. Despite this, they stand on shaky ground since Fintech banking systems, as is Wallex, are set to dominate the field in the next five years.
Innovations in technology have already affected lifestyles across stratas and the next 30 years will see a rising migration of peoples from rural to urban life searching for better opportunities. Therefore suggesting, a bulging of the middle class who are driven to embrace technology as an integral part of their everyday life. Everything from health, telecommunications, travel, manufacturing, and banking, must be up to the task to provide for quality and better living.
Technologizing infrastructures cannot be far behind as even regulators must not stay as just regulators. The latter wait and record facts but anticipate problems and come up with answers and solutions based on sophisticated data-gathering and analytical tools to predict future trends.
Consider then the fintech ways Wallex is personalizing customer needs and addressing specific problems. With a digital set-up from the start, it has virtually eliminated paperwork, which means avoiding the incidence of fraud and unethical behaviour, there is flawless money transfer, a 24-hour banking transaction and customer support, low fees and margins, and faster development of products and services. These are new user experiences that will make ATMs. Long queues, limited banking hours, and other banking inconveniences sort of a thing of the past.
Aside from the timesavers mentioned above, there are two customer issues to deal with, which are making clients look the other way from inflexible traditional banking.
1. Customer Trust.
A collaborated survey embarked by the University of Chicago and Northwestern University in 2018 resulted in just a 41% trust rating on banks by Americans and 27% being angry about the US economy. This mistrust is leading consumers to turn to technology for wealth custody, money transfer, and data security. They come to discover instruments such as DeFi or decentralized finance, RegTech or regulation technology, AI or artificial intelligence, tokenization of assets, and cryptocurrencies.
2. Customer Intelligence.
Advances in technology have made it possible to gather and access consumer behaviour through algorithms and analytical tools to provide real customer values by needs and wants. There is the opportunity to anticipate and design services and instruments according to customer lifestyle rather than them adjusting to institutionalized services. The ability and the agility to act decisively on this intelligence is a trend worthy of trust.