Fintech companies are transforming the customer experience by making financial services easier than ever to use. Think not only about investing or crypto. Fintech companies are providing new ways to access credit, payment and banking. They rely heavily on better user experience to build products that are trustworthy and easy-to-use.
By understanding the needs and preferences of their users, these companies can create products that are truly tailored to their needs. As a result, fintech products are becoming increasingly user-friendly, making it easier than ever for people to manage their financial life.
According to a report by PWC, 80% of financial institutions expect that fintech will disrupt the world of finance. Fintech companies are making a difference in a number of ways. Here are just a few examples of how fintech technology can be applied to add value to consumers:
- By providing access to credit for businesses and consumers who might not otherwise be able to get it.
- By increasing transparency and competition in the financial services industry.
- By simplifying financial products and services, making them easier to understand and use.
- By giving people more control over their finances, empowering them to make better financial decisions.
There’s many examples of companies that are either offering new services or that have innovated the way these services are offered. One example is Strabo, which is working to provide insight into users’ financial life. Tink is another fintech company that is making a difference by giving access to financial data. Klarna is yet another fintech company that is innovating by providing consumers with more choice and flexibility when it comes to how they pay for goods and services. All of these companies are making a positive impact on how users live their financial lives. In Europe, most fintech companies can do what they do thanks to open banking technology.
Open Banking is a new way of handling financial data. As a user, it essentially means that instead of your bank controlling your financial data, you will be in control. Users are able to grant permission for third-party companies to access their data. This is revolutionizing the user experience when it comes to banking and financial services.
As mentioned above, most European fintech companies rely on open banking as enabling technology. Open banking granted the access to the data needed to then build new propositions.
At Fizen we believe in making this change possible by offering to other companies easy access to financial technology and open banking. We enable the change by enabling our partners to leverage open banking. This way they can easily provide services for their users.
Do you want to know more? Get in touch with us, we’re looking forward to hearing from you.