When I was assigned to write this topic, I had no clue how to start the piece. Fintech is a relatively new word in my dictionary. So, how would I know how it’s changing the banking we know today? My first reflex was to get the help of a friend, not a human being but rather a search engine, Mr. Google. And in front of my outdated laptop screen, I wrote in the search bar: “How is Fintech shaping the future of banking?” At the top of my search results, I found a TEDx talk with the same title. I swiftly clicked on the link and watched the 15-minute talk by Henri Arslanian, a notable keynote speaker in the Fintech space. So, here are three ways Fintech is changing the banking game, according to the TEDx talk I watched this morning and some articles I skimmed last minute. Please don’t tell my editor. Enjoy the ride.
(P.S If you’re not familiar with the word Fintech, you can check out this piece.)
- 🎉✉️ A party with an open invitation
Financial Inclusion means that everyone gets an invitation to the party. Well, not quite literally, but it aims to offer accessible financial services to everyone. In some developing countries, people still reserve their cash under the mattress and have no relationship with banks. So, that’s when Fintech plays a crucial role in offering compatible financial services to those individuals, the unbanked, just a few clicks. Then and only then, does your smartphone become your new bank, ta-da. The cool part is everyone is invited. So, RSVP.
2. 🏦 Bankers of the Future
The set of skills required to be a banker is drastically changing. It’s time to kiss the stereotype of the suited boring banker goodbye. Tech is the future, and the integration of new solutions to improve the design and the delivery of financial services is inevitable. So, if you’re considering majoring in Finance, the study of Fintech is vital as in ten years, the definition of banking we know today will be completely different. “The bankers of the future and those who will shape the future of this industry are designers, programmers, and creative thinkers,” concluded Henri Arslanian in his TEDx talk on Fintech.
3. 📱Room for development
The banking landscape is not static. Everything is changing: chatbots are replacing customer service. A menu with options in an app interface is replacing the long queue at your nearest bank. And, the boring banking experience is being shattered, as advancements in gamification make financial services more attractive to younger generations. From a consumer standpoint, this is all for the best. The integration of tech with Finance will offer a speedy tailor-made banking experience.