Question

The FinTech revolution will alter the marketing landscape in Financial Services”.

    Discuss how technology has had, and can continue to have, such a big impact on the marketing strategy of a Financial Institution.

Answer 1

• Fintech marketing is the sum of marketing techniques used especially for fintech companies. They are using technology to improvise, automate the delivery and use of financial services to customers.
• Financial institutions have had their own way for centuries but now one big way fintech is disrupting the bank system is by going fully digital and abandoning the brick and mortar concept
• Fintech is disruption technology via social media channels such as Facebook Libra which is a project to be approved US securities and exchange commission and other global governments. Cash payments will become unbanked will become an instant reality.
• Use of virtual assistants that advises on all financial dealings and helps save a lot of money.
• Fintech is changing the way companies used to deal with their customers or used to interact with themselves. Be it shopping, saving transfer or receive funds everything happens in real-time.
• Digital channels continue to lead the way customers interact with businesses, there’s been a quick change in interactions with the user, and banks have progressively moved away from traditional procedures and branch-based activities to operating almost entirely in digital ways.
• The advances in fintech are now comprised of all the stages of the customer journey with machine learning, chatbot technology and AI, modern messaging, co-browsing and automation and many more developments are on the way