The fintech sector has continued to innovate new technologies to meet customers’ needs. The growth of mobile and cashless payments during the COVID-19 era has changed how consumers prefer to transact. Many people have migrated to transact online, and are quite accustomed to it now.
Fintech companies have deeply ventured into block chain technology to deliver efficient processes, amplify consumers’ experience and reduce risks in business.
Fintech companies have enjoyed enormous growth over the last decade, and end users are also deriving the satisfaction of better transactions through fintech.
1. Fast service and convenience
Fintech companies provide much faster transactions, processes and systems in different sectors. Some fintech companies also provide avenues that facilitate end users to choose from a heterogeneity of conveyance options, most times, by the click of a button, you receive express delivery.
Meanwhile, this has cut costs of traditional forms of transactions where customers would either head over to their bank or agent, and some of these banks or agents are only open till a particular time. When it comes to fintech-enabled services, there are no such restrictions, transactions can literally be handled anytime from anywhere.
2. Reduced costs of transactions
Every day, every hour, a transaction is taking place locally. However, customers are paying a lot of hidden charges in the process of transacting.
Fintech solutions usually steer clear of additional charges like cancellation fees and hidden charges. Various tools are provided to help businesses send and receive money from their accounts over copious currencies without the burden of conversion fees.
Previously, customers would move distances to do physical transactions. With fintech, these extra fees have been eliminated because you can transact from the comfort of your business office, anytime and anywhere.
3. Increased transparency
Fintech has played a huge role when it comes to providing better transparency in the financial sector.
Irrespective of whether customers are sending or receiving finances via a specific payment solution, end-users of fintech solutions are often kept in a tight loop regarding their individual transactions.
Better still, fintech solutions operate 24/7 with real time updates and compact security procedures. This has ensured trust and reliability in fintech solutions.
4. Compliance and security
Fintech companies have specialists that invent solutions that easily negotiate the dissimilarities in national regulations and laws.
Take Yo! Uganda Limited for example. With the rising instances of cyber-security, we have invested laboriously on perpetuating a highly efficacious compliance department to ensure that every successful transaction is reviewed accurately.
5. Faster Rate of Approval
With fintech, the rate of approval has gotten much easier. You can clearly request the digital lender online and the application approval can happen in a day. The information of customers is processed and they can get access to all types of financial services they need. The credit for it goes to the automatic process powered by the use of AI within the banking sector which is expected to empower the process rapidly than what a human can do.
Fintech has definitely made things a lot easier for determined businesses looking to grow toward the edge. If you wish to know more about what fintech can offer your business, email us info@yo.co.ug and our team of experts will get back to you in no time.