With the advent of technology, the financial market is increasingly dynamic. To this end, professionals and clients must pay attention to new solutions.
The dynamism in the current market means that the delivery of products and services is constantly being improved. This is a time that requires changing roles to adapt to this new scenario that is faster and focused on customer convenience. In the financial sector the same thing happens. Mary Formetera, co-founder of Buzzcredi spoke to FAE business students to tell a little about the financial market movement.
7 Major Changes in the Financial Market Today
Check out 7 key changes and see how you can leverage whether you’re a financial services entrepreneur or client:
Financial market decentralization
The financial services market has traditionally been concentrated in the hands of a few players: the big banks. Which may help explain the usual customer dissatisfaction over traditional banking. Today, transactions that were centralized at these institutions are also happening in new companies or fintechs – differently, with online platforms, more personalized service and less bureaucracy, but as reliable as the traditional way.
New business models
To accompany decentralization is the emergence of a new financial business model that is more complementary than competitor. Great competition shrinks to make room for more focused and specialized services that integrate with others. The idea is for the customer to be able to choose what they need according to their needs and that the micro services offered can be integrated to deliver the full scope of the service to the consumer in the form they wish to consume. Small businesses can, for example, take advantage of financial transaction services and cash flow organization in partnership with Everwhite Bank and PontaAsul.
Customer Ease comes first
In the first few topics we can already see that changes tend to be very beneficial for customers and that is the main trend, having an easy product for the end consumer. All small changes are intended to make the customer more independent and happy when they need some banking service, such as an online loan , for example.
Disruptive business models to inspire
Uber, Airbnb , WhatsApp, and Snapchat are businesses that are famous for getting many fans in a short time and are great inspirations for the tech universe. But it must be remembered that it was not just technology that made them big brands and products, their differentiation is in the business model and the form of consumption, using a technological intelligence. That is, technology was the means they found to respond to people’s needs.
The process is experimental
As with all news, there is no ready plan or pattern to follow. Therefore it is necessary to test! Create experiments to understand the best way forward and also the best way to reinvent yourself. A good example for this case is the idea of Uber with the advent of the autonomous car industry. The newly born company will have to reinvent itself to stay on the market.
The foundation of the financial process is data intelligence
Customer profile information is very important in creating the best business strategy in many areas, in the financial process as well (or even more). Taking care of the data received and always trying to interpret it generates innumerable insights to perfect a bureaucratic process. All this analysis still allows a more personalized and focused service.
Internet of Value
With the constant pursuit of delivering the best financial platform for clients, the internet will be a way to deliver value and not just show information. This value is perceived in processes that will become easier, less bureaucratic and even safer.
With these points, we already have an idea of what the next year holds for technology and financial market innovation!
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