Fintech has become an industry in Nigeria with the support of the Federal government and regulators like CBN, and SEC in carrying out their activities. This is to help stakeholders achieve a thriving and growing Nigerian Fintech industry.
Firms like Kuda, Remita, Piggyvest, Flutterwaves, etc., are more consumer-oriented. They offer individuals a platform to not only make their financial transactions but also a platform to invest, e.g Crypto.
Now that we are in a cashless era, the basic feature of every firm is digital payment. Fintech simply promotes the use of digital technology for financial management.
Benefits of Fintech For Banking
By combining the stability, product variety, customer knowledge, and financial strength of traditional banks with the data enrichment, user experience, and modern platforms that quality fintech firms can provide, both can build an amazingly rewarding experience for each other and their customers.
Data enrichment is an extremely powerful tool that quality fintech firms bring to the game. It’s an ongoing practice for fintech firms because consumer lives are constantly in flux.
What is true one week may not be true the next, and fintech firms make use of data enrichment in dealing with the task of giving real-time, dynamic data of their customers’ need day in and day out.
Without enriched data, companies risk making bad decisions based on an incomplete picture. Presenting bad data not only leads to poor business decisions but ultimately, customer attrition and decreased satisfaction.
Loan portfolio diversification.
Fintech is more advanced when it comes to Loan portfolios. When you can become more thorough with each customer, you are more likely to find (and offer) consumers the exact products they need, when they need them.
More partnerships with these industries can help solve and increase some consumers’ experience when banking. With a strong fintech partnership, traditional financial organizations benefit from the leverage of a secure network that can manage time-consuming and lengthy tasks quickly and effortlessly.
Digital finance, on the other hand, is a term used to describe the delivery of traditional way of banking digitally through devices like phones, laptops, and tablets. It provides some of the banking services that used to be manually done to consumers via the internet.
It also goes a long way in making financial services accessible in remote places where there is no physical infrastructure for these services.
The power of cloud quality are tool fintech firms have tapped into in delivering product offers and services. It is specifically tailored to individual customers in real time.