This data allows us to map consumer habits and interests, identifying their main needs. Fintechs use this information to develop services that are compatible with these expectations and provide personalized customer service.
Variety of options
Fintechs today operate in areas where banks previously had exclusive operations. This means not only a variety of service options, but also increased competition and its benefits for the consumer.
With more institutions operating
They need to stand out to win over consumers. Services become better and prices tend to fall, especially in the long term.
Competitive rates
Fintechs base their operations on technology and automation. That is why they are lean in terms of both physical structure and human resources.
This way, they can offer quality services and charge case study powers meltingspot results rates below those charged by the traditional market or, in some cases, even abolish them. Others bet on not charging annual fees or offering low-interest loans — which is excellent for the consumer.
Mobility and convenience
a large part of operations (in some cases, all) take place via mobile devices.
In other words, consumers no longer need to travel to open an account, obtain financing or perform any of these services offered. All of these services are requested, analyzed, approved and performed using a standard smartphone.
This means no more waiting
Lines and the embarrassment of having to face a manager to get a loan or renegotiate credit card debt. Customers can solve their problems wherever and whenever they want, reducing bureaucracy.
Reduction of bureaucracy
Streamlining processes is one As is to be expected in of the main advantages while the basic plan may be sufficient of fintechs. These companies use interfaces that are not only simple, intuitive and available 24/7, but also do away with the procedures data on required by banks.
