Even though the traditional banks tried to adopt certain technologies over the years before such as mobile banking, e-statements among others, the consumer expectations, specifications and requirements  are changing. The FinTechs has proved to be a boom for both, the banked and unbanked. It's time to acknowledge these disrupters and look at the ways in which the FinTechs have managed to change the banking experience game.

More than a decade now and fintech has taken over such boundless changes for the betterment of the system. It has been a massive digital innovation. An alteration like this has bought about the following convenience : 

• Payment is on the click of a finger.
• Speech convenience to enable hands-free complaints/queries for registration.
• Easy transfer of money, no matter the distance or time. 

Banks are presently observing that FinTech companies normally post a greater amount of opportunities than threats. However, regardless of this, banks still get themselves gone up against by an extensive variety of related difficulties over a few fronts. The consumers are accustomed to various benefits in different ventures which is why they always choose a quicker medium of access and availability. Tech players may give some stage benefits more effectively than banks. A complete digital transformation for the banking sector. Banks should explore the various chat booths options on the market today and figure out how they can make their customers’ user experience even more frictionless with the adoption of chat related mediums of technologies. Its more convenient to adapt and to have a communication that doesn’t need a third person for the requirement of the work to be done. 

Alternatively, banks choose to switch to online processes for a better enhancement of communication. There is a major portion of the population which still does not have access to or knowledge of operating the banking services. Digital wallets have thus been a complete blessing for them. The unbanked or the underbanked rely mainly on the cash-driven economy. Though it is okay to be dependent on cash to make your transactions, but it is better to have the means to convert that cash into Digital Currency. This not only helps in financial transactions but also provide an added level of security to the monetary assets.

Pleasing the bank customers has become quite difficult with their growing expectations. Both businesses and private customers now expect better access, convenience and greater flexibility in addition to improved transparency. The FinTech companies have managed to identify and take advantage of this gap and are using the digital channels to provide a much easier access to the customers by opening up the traditionally closed markets.

Moreover it has also included rapid development of fintech service or companies that provide rapid increasing financial awareness. Conventionally, people used to reach out to their relationship or wealth managers when they wanted to manage their finances or take investment decisions. But, that does not hold true anymore. There so many other ways through online mediums where on receive, a web-based personal financial management service which helps the customers to keep track of their expenses and savings accordingly. Today, we have a lot of financial tools and services at our disposal, but it can get difficult to manage all of them. Thus, the FinTech companies are stepping in, to make things easier for the customers. FinTech companies are jumping at the opportunity to use the  blockchain  enabled digital currency to drive a cashless economy. Digital currency such as bitcoins saw many takers recently when blockchain became the new big thing. This cryptocurrency uses advanced encryption to regulate the units of value and transfer funds without the need of a central bank. Though the digital currency has seen a dip recently, there are good reasons to expect the bitcoins to come back. In future, if and when these currencies become regulated, it will further penetrate into the minds and hearts of the mainstream banking customers. Gone are the days when hard money was required to close other payments.

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