What drives customers towards FinTech and how will conventional banking respond?
Post By Paylar

Banking sector experts, ranging from consultancy firms such as PwC, McKinsey and Deloitte to specialized media, foresee major shifts in retail banking. Two major factors for change are ever emerging customer-centered FinTech solutions and COVID-19. As traditional banking is still in retreat from direct interaction with customers and pandemic impeding on retail banking operations even more, innovative financial solutions, including Electronic Monetary Institutions (EMIs) and Payment Institutions (PIs) provide premium customer experience. You may draw your own conclusions and comparisons by trying out Paylar.

Affordable online customer-centered services will drive innovation in retail banking this year, according to the experts. Yet fever than 20% banking executive feel well-prepared for such a future, PwC survey shows. Until then, customer-friendly FinTech newcomers shall dominate customers’ choice for seamless, inexpensive and comprehensive financial services. Most modern financial services platforms, including Paylar, are built upon these three pillars of customer-convenience while more traditional banking institution are yet struggling to adapt.

Looking into the future, traditional banking will inevitably become ever more similar to FinTech startups either through innovation or by acquiring popular EMIs/PIs. Yet it’ll take time. And by then FinTech is predicted to attract ever growing popularity among customers traditionally shunned away by financial sector old-timers.

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