Question

1. Change in financial institution delivery channels (the shift from brick and mortar to internet). Due to technology, demographics, and changing customer preferences all financial institutions (insurance, commercial banking, brokerage/wealth management, credit cards, etc.) need less brick and mortar to sell and service their clients. Implications in the future?

Answer 1

Yes due to the introduction of Fintech and financial technology . Financial institutions are shifting from brick and mortar to a more online based services as digital transformation of financial services is going on.

Customers are moving swiftly to digital products and digital experiences. Fin tech is a term which refers to a situation where banks and other financial institutions make full use of technology. With the advent of block chains, digital wallets and banks , FIntech is altering the space of financial services.

Yes the future of financial services is revolutionised with less and less dependence on brick and mortar and more on technological advancement. As the customer complaints and issues are addressed in a swift manner with the help of automated technology .Fintech is here to stay, is growing rapidly, branching in numerous directions, and is not slowing dow