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As it was said numerous times before, there is a significant gap between customers’ expectations and the level of services provided by traditional banking institutions. The latter are now viewed as identical twins of one another, offering the same spectrum of services and customer care. In the highly polluted informational environment it becomes increasingly difficult for people to differentiate offers and identify their utility.
This is essentially the reason of existence and success of the companies that promote digitalization. The industry of financial services provision is still largely not digitized, and relies significantly on the support received from governmental institutions. On the contrary, digitalization has been spreading extensively into people’s daily lives, making innovation a desirable norm. This is exactly where FinTech companies must take the role of Columbus and revolutionize the appearance of the world of finance.
FinTechs have full potential to become the drivers of innovation and disruptors of the conventional old-school banking and not only. The society of the future is data-driven, and we are convinced that nobody can integrate changes as smoothly as FinTech experts and professionals, who have the required knowledge in the field. A digital economy, though, cannot exist with an analogue government in place. This concept can be applied to other spheres of human activity, constructing a new vision that favors digitalization. For instance, the modern tech sector is already far more innovative and vibrant than the governmental one, which is projected to be balanced out in the near future.
Besides their function of innovators, FinTechs have become the agent connecting customers and financial institutions. They provide benefits to both sides. For instance, individuals and companies are now able to conveniently access a wide spectrum of financial operations and finances management tools at more affordable rates, while financial institutions have an ability to accept a larger customer pool with lower levels of risk. Ultimately, the entire system benefits from such an effective symbiosis.
People, regardless of their occupations, are now beginning to realize that technology, innovation and AI are all media to a better everyday life, and can simplify whole ranges of tasks that were prior so sophisticated and complex. Even such complicated issues as credit risk management has now become simper and more efficient with the help of modern technological advancements.
To conclude, digitalization is now a hot topic and projected to soon affect all areas of human life. We live in a challenging and significant time and are lucky to be active participants and even mere observers of this revolutionary moment.