This article was written by Stephen Sheinbaum who is the founder of Bizfi.
When dealing with large institutions, the interactions can prove to be cumbersome and gruelling.
Whether it’s applying for loans through traditional means via a bank or the U.S. Small Business Administration (SBA), setting up a bank account for your small business or even entering a bank to make deposits, poor technology (or an complete lack of) has damaged the customer experience.
However, over the past few years, financial technology has really taken the world by storm to provide businesses, and most importantly the end user, with an improved customer journey. Below are three ways in which fintech has helped to redefine the way the world conducts business:
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1. Responsive Design and Rich UX
Big financial institutions struggle to keep pace with this, and today’s digital-savvy customers require more than a static UX design. For example, take Square – a seamless app that helps small businesses process payments. Its design streamlines processes and is very user friendly. If banks can follow the lead of fintech, they’ll be able to better meet the needs of their customers.
2. Drive-Thru Video Tellers
Bank of America and BBVA, among other banks, are already testing and implementing drive-thru devices that enable users to reach a video teller or perform banking transactions themselves. The machines are designed to serve customers faster and accommodate more financial services for car-bound customers than previous systems.
3. Fast Funding
Alternative financing companies like Bizfi, OnDeck, Lendio and more have built their reputations and businesses on approving and dispersing financing to small businesses at a rapid rate. Thanks to improving technologies and more efficient underwriting processes, alternative lenders are able to meet the demands of their customers by providing funds when they need them.
This is only a snapshot of how customers can benefit broadly from fintech advancements. As it’s still a nascent industry, there is potential for more and more interactions to be enriched to not only benefit businesses, but customers too.