what kind of obstacle or problem does PRIVATE BANKER FACE IN THEIR WORK AND what is the fintech solution for them
Fintech problems with bank-
Initially, the companies behind many digital finance and fintech apps and programs were outside of the traditional banking industry. Companies such as PayPal are not banks and aren’t subject to the same regulations and rules that banks need to follow. Although they are technically outside of the banking industry, the services many fintech companies offer directly compete with the services offered by banks and other traditional financial institutions.
According to PwC, nearly three-quarters of executives in the financial sector believe that fintech is likely to disrupt the consumer banking industry. More than 80% of banks believe that they could lose up to 20% of customers to independent fintech companies in the next five years.
To catch up, banks are beginning to update their technology options and to shift the focus of their services. PwC reports that more than 80% of fintech companies believe that they put the needs of customers first, but just over half of all banks believe the same. In the coming years, banks will likely begin to offer services and programs, such as mobile apps, that put the needs of the customer first or that aim to anticipate and quickly respond to customer concerns.
Fintech Examples in Banking-
1. Virtual Assistants
Several traditional and online banks have introduced virtual assistants, which help users manage their money, pay bills and detect fraud or other concerns. One example of a virtual assistant is erica, from Bank of America. The bank released erica to a limited market in March 2018, before introducing the program to all of its app users three months later. During the first three months of the app’s existence, more than 1 million people started using it.
2. Mobile Apps
More than half of all banks offer a mobile app to their customers, according to PwC, and the vast majority, 90%, expect the use of their apps to grow over time. Mobile banking apps provide customers with access to their account information on the go. The apps let people verify that they have enough money in a checking account to make a purchase and let them transfer funds freely from checking to savings. Many apps also allow people to deposit checks by taking a picture of a check with their phone’s camera. The mobile check deposit feature eliminates the need to go to brick-and-mortar bank or an ATM to make a deposit, increasing convenience for banking customers.
3. Peer-to-Peer Payments
Peer-to-peer payment websites and apps have been around for decades at this point. But programs such as PayPal and Venmo, which is now owned by PayPal, operated as independent third parties. Users could connect their bank account information to their PayPal and Venmo accounts to send money to friends or businesses and to get paid by others. The money would then sit in the PayPal or Venmo account until a person transferred it to their bank.
what kind of obstacle or problem does PRIVATE BANKER FACE IN THEIR WORK AND what is...
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