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Technology is disrupting the financial services industry. The increase in online banking, along with financial companies like PayPal, is completely changing the way people approach traditional banking. Technology is upending workflow and processes in the financial services industry. Tasks once handled with paper money, bulky computers, and human interaction are now being completed entirely on digital interfaces. Given how pervasive financial services are across the globe, the disruption opportunity for fintech startups is massive.
Almost every type of financial activity is being re-imagined. Meanwhile, many institutions are left trying to solve the puzzle presented by the fintech revolution: How can they benefit from the rise of digital, and how can they avoid obsolescence?
The Future of Fintech is Here
The concept of fintech has been around for a few years, but it was only in 2015 that it seemed to take off:
Financial institutions are acquiring a new breed of customers, in part to millennials, who are always connected and looking for more mobile experiences. In fact, 92% of millennials today make banking choices based upon what digital services are offered, instead of other perks and offerings. Many believe they will not need a physical bank in the future.
Many banks and financial businesses are stumped on how to approach this new and unfamiliar customer. In its research, Accenture discovered that legacy technology and trying to deploy new technology were just some of the challenges faced when trying to address customer needs. The chart below demonstrates strategies that financial institutions put in place for digital innovation, with 68% admitting they had fragmented strategies for encountering fintech. More importantly, they felt that the time it took to put these technologies in place was hindering their value, or didn’t provide value once implemented.
The foundation for most of these technologies is bandwidth and ensuring that financial offices are able to provide that, both online and in store. Below is an outline of the most used fintech services:
EY’s adoption survey concluded that 43.4% of customers adopt fintech solutions because it is simple and easy to set up, and that the new breed of customer will demand anytime, anyplace, and tailored experiences via mobile and internet access within the next ten years.
Gigabit+ Capacity Laying the Ground for Fintech Platforms
With these new technological innovations, financial institutions are going to need a considerable amount of bandwidth and speed to even operate on these platforms. And in order to give their customers and partners the confidence that they can play in this space, it is critical that the connection is secure and private. This is one of the reasons many financial institutions have moved to Gigabit+ Fiber Solutions – having a strong fiber backbone allows them to complete day to day operations and pass information via cloud based data portals as well as provide customers with the applications to interface with their institutions without lag time and long waits.
Gigabit+ Fiber Solutions from Mediacom Business provides the new future of high speed, with 1 to 10 gigabit per second transfer rates that are able to handle everything your business could throw at it. Gigabit speeds can meet the demands of these new digital first customers as they go from desktop to smartphone to connected kiosk within your financial institution. This ensures both customers and employees are able to access and retrieve information without interruptions; regardless of what’s going on.
Contact us to learn more about Gigabit+ Fiber Solutions and how it can transform your “fintech” business.
Resources:
Sizing the Fintech Opportunity
The Fintech Industry Explained – The Trends Disrupting the World of Financial Technology
Financial Institutions Need Faster Bandwidth for Security, Business Continuity, Data Transfer