Fintech becomes an increasingly significant trend in business that even banks are reaching out for technology solutions from Fintech vendors.
According to the article, with the life simplified by technology, customers have expectations for seamless, intuitive and easy processes when handling bills, managing accounts, or engaging in financial activities. Take Canadian bank for instance, it combines its traditional business systems with technology solutions from Fintech vendors for better customer experiences, while protecting bank’s data assets, managing system and mitigating risk stably and securely at the same time.
I believe working with a mature Fintech vendor is a wise decision for banks, when compare to developing Fintech system by themselves. By doing that, banks can provide customers with service in shorter time and save the budget and labor for other important uses. However, banks bear risk, too. Before cooperation, banks need to spend heavy research on choosing the right partner vendor in order to have consistent and secure system. Banks should be concerned about the amount of information provided to the vendor to avoid unnecessary leak of information. In addition, frequent communications are highly recommended between banks and vendors.
link to the article: http://www.digitalistmag.com/customer-experience/2017/01/10/improving-customer-experience-look-to-fintech-04826561