Development of technology in financial industry is inevitable and increasingly. The past few years have witnessed extraordinary development in financial technology including innovation of mobile payment, digital banking. Importantly fintech innovation is changing customers’ experience and expectations as it offers new opportunities and increase client value.
Technology is aimed to optimize financial service and banking for ensuring seamless workflow within the institution. Technology will enable financial institution such as SACCOS and Microfinance to offer member convenience through quick and efficient service delivery as it automate the process, reduce common human errors and boost productivity.
Consumer experience can only be met with the best technology, the organization that put customer needs at forefront win the prospect and keep them 60% of consumers want to transact with financial institution that provide at least a mobile banking or mobile payment example 2022 mobile transaction projected to grow 121%, 90% of users will make a mobile payment with their smartphones. customers demand a seamless digital experience when handling their fund.
Mobility; The ability to perform any financial task anywhere with smartphones and mobile apps has shaped user experience and it is estimated that customers spending in an app store projected to increase because over 75% have mobile phones and 60% have mobile money account for instance there 650M mobile users in Africa and 85% of 8billion global population.
What Next?
As we have seen the path to where we are today has been much slower than the incredible pace of change that we have seen because people fear to adapt to the technological changes while fintech era has been driven by using technology to make financial institution easier to use for their customers and as this technology evolves , so have the ways in which people and business can manage their money. So looking to the future and deciding on the direction of the product, use the readily available technologies such as Amala to stay relevant, putting customer experience at the Centre, increase productivity and generate more revenues.
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