Using Fintech to battle Big Tech
In today’s society, we have infinite information right at our fingertips. Now more than ever – especially with a global pandemic – it seems as if mobile devices are our safety nets. With just a click, an individual can take a high definition picture, Facetime a relative across the world, or update their status on social media. We use phones to communicate with loved ones and even order our family’s food. With this large increase in mobile usage among all generations, there has also been an increase in consumer expectations regarding digital services and the functionalities that are offered by their card issuers. So, what exactly are consumers looking for?
In a video interview with PYMNTS.com, Balu Kikkeri, head of Customer Service at Ondot Systems, says “Consumers really expect convenience and simplicity. People expect to do their banking activity through their smart phones.”
With digital services growing in popularity, consumers want interactions on their smart phones to be easy, fast, and smooth. FI’s are going to need to make the consumer experiences nearly effortless in order to stay relevant in today’s market.
“A report from June 2020 from Aite said even 17% of seniors log into their finical accounts on a smart phone at least once a week. So as one can imagine as the generation gets younger, this percentage only increases” said Kikkeri.
Got 9 minutes? Watch Balu’s full response on how Ondot is responding to beating Big Tech with Fintech.