Fintech is capable of enhancing the customer experience of those who have already signed up with adequate financial services. However, its deeper impact lies in the possibility to make banking possible for minorities and other disadvantaged communities.
All someone would need is a good internet connection to open a bank account, send and receive money, and otherwise work on their finances. Dubai has already made this happen with the Emirates NBD’s development of Liv Banking, a banking app targeted towards millennials. All they need to do is download the app and fill in their details so that they can get their card delivered to them. Just like that, they’ve got a bank account.
If one is thinking of setting up a business but faces problems with mobility and reach, fintech makes it easier to set up online businesses through secure and automated payments as well as solid KYC regulations to ensure the safety of buyer and seller on both ends. Work-at-home individuals, those with limited physical capacity, and other previously disenfranchised minorities now have a stable connection to a world that is bigger than the one they were barred from.
On a larger scale, small to medium enterprises (SMEs) have historically found it difficult to enter the market due to difficulties with obtaining funding and exposure. However, the increasing priority placed on fintech innovation has led to the rise of business accelerators and incubators, where young startups have a chance to meet and collaborate with some of the world’s top industry experts to test the viability of their solutions. Some startups have proceeded to fully develop their solutions and have managed to pay it forward. Amplified Payment System Ltd., for example, is a Nigerian startup focused on connecting banks, telecommunication companies, and businesses to their customers. The startup graduated from the Dubai International Financial Centre’s Fintech Hive Accelerator Programme just last year.
Overall, fintech has helped provide a more equal playing field for everybody and this fact alone is enough to conclude that its development is our advantage.
Nevertheless, the urge for an authentic human connection remains – especially when it concerns money matters. There is a limit to what Fintech can do and it’s well aware of these lines. This is why despite the massive capabilities of a completely tech-enabled financial service, the end goal of Fintech developers is always to provide support for human endeavors, not to overtake it.
The balance between human and machine remains evident. It is up to us to decide which way it will go from here. How will we want the next fintech solutions to enhance our quality of living?