| | JULY 20199produce enormous data pertain-ing to market trends, customers, and employees which used to go in vain decades before. But today, companies are designing all of their strategies on the basis of this vital data, precisely targeted to get desired results ­ customer acquisi-tion as well as retention. Customizing Financial Products To deliver customers more value in less time, price is the present need of the time in the financial market. Earlier, limited financial products and services, as well as strict policy constraints were the reasons why masses could not avail financial assistance at the time of urgency. The tech-driven financial services companies are now understanding the needs of population and preferences and identifying their challenges to de-vise financial products that would be of great use for the customers, thanks to Predictive technology. Checking Reliability The entire finance sector works on mutual trust and reliability. In traditional mode, the financial companies used to run a back-ground check for the loan appli-cants through extensive paper-pen based documentation process. This outdated process used to take nearly four-five days after the cus-tomer submitted the application, and approval of which further took five-six days to process. In today's age, all these processes are digitalized and automated, cut-ting the turnaround time consid-erably low. All these background and investigation procedures are handled online using analytics that use data & insights to mea-sure the credit worthiness of the loan applicant. Smart Financial AdviceThe target groups of financial companies encompass corporate workers, investors, and entrepre-neurs who need wealth manage-ment and investment advice now and then. Nowadays, financial ser-vice firms have taken these advi-sory services to a whole new level as they have now automated the delivery mode. The development of robo-advisors is a breakthrough in financial technology as it does not require human intervention in sharing smart financial advice with the respective stakeholders and customers in a jiffy. The ad-vantage is precision and accura-cy of the advice as these robo-ad-visors learn from trust data and recent case studies to tailor the advice for each individual per-son. Not only this saves company's time bringing in efficiency, but also deliver customers the best in class experience. Facilitating Instant Transac-tions Launched in 2016, Unified Pay-ments Interface (UPI) resolves the biggest bottleneck in availing banking and financial services. It empowers people to instan-taneously and securely transfer amount up to Rs.50,000 in a day, unlike cheques that take 24-48 hours for money transfer. Almost all FinTech lending companies and most of the banks are using UPIs for loan disbursal and mon-ey/fund transfers via mobile apps and web platforms, maintain-ing the security throughout. In-deed, India and the entire world is moving towards a cashless and fast-paced economy where avail-ing loan & investment, and other financial services is no more an arduous feat. THE SECRET TO FINTECH SUCCESS IS NOT ONLY THE USE OF ADVANCED TECHNOLOGY IN DELIVERING FASTER SERVICES TO THE CUSTOMERS, BUT ALSO THE TIMELY AND WISE IMPLEMENTATION OF TECH SOLUTIONS TO OFFER THEM UNIQUE SERVICESMahesh Shukla
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