I have been doing this Blogchatter’s #BlogchatterA2ZChallenge for 20 days now. In this challenge, I have written about fintech platforms. The cool thing about this challenge is, I blog daily (except Sundays, (26 days)) and every blogpost starts with each letter of English alphabet. Hence the name, A2Z challenge. While this is hard enough, harder thing is to find a fintech platform that starts with ‘Q’. So, today, we talk about the less ‘techier’ aspect of fintech. This one is a compilation of my favorite quotes on Fintech and tagged along, is my interpretation of the same.
One key benefit of this challenge is networking. I have got so many fresh perspectives on content after I engaged with other bloggers. Some of them also mentioned that my content tends to get too technical at times. Therefore, today, I will just try to relate plain English with the underlying meaning in fintech parlance. So let’s get started.
Beautiful, isn’t it? This quote captures the essence of fintech. Sooner or later, everyone has to detach themselves from the idea of a physical bank. And in case you haven’t realized, it has already happened. My grandparents’ generation was dependent on a relationship manager who would help with all banking related chores. They also had a locker in the bank. This essentially meant that they would visit the same branch each time.
Our parents’ generation was a little different. They believed in decentralization and freedom to transact from any bank branch. So, their habits were aligned with this.
Next? Us! I haven’t visited a bank in last 15 years. When I joined my current job, some executive from Kotak Mahindra Bank came by and asked me if I wanted to open an account. I filled in some forms and that was it. I worked in Gurgaon for the first two years of my job but never knew that my bank account was in Powai, Mumbai.
This has now evolved into a resistance now. If any financial service (demat, insurance, banking) requires me to visit the bank physically, I am likely to give it a pass. Because I am sure there would be someone doing it without this nuisance.
From a company’s perspective, it is an eye opener. You can’t just run away from digital transformation. Either you adopt the new ways of working, or you wind up. It is as simple as that. Also, if you are a customer, same applies to you as well. It also resonates with my blog motto- ‘Adapt or Perish’.
Thank you. Someone had to say it. Companies often think that they are making lives simpler by adopting cutting edge fintech. However, it should be realized that going forward, this is going to be the only way. I can very well imagine myself explaining my kids how a bank is not just an app. How, documents also need to be printed at times. How, insurance is not recommended by engines but there are insurance advisors as well. The way this industry has evolved in the last decade, I won’t be surprised if my kids would be teaching me instead.
There are different intentions behind a product purchase. Some products like gadgets, clothes are happy purchases. While others like medicines, tyres are actually sad. In either cases, when customer lands at the payment page, you hit the ‘moment of truth’ as a company. This moment can make it or break it for you. If you annoy a happy customer at this point, he might rage quit and look for the products elsewhere. Similarly, if you annoy someone who is already dejected, you may not be able to regain that customer ever.
Therefore, a decent payment gateway is a must while getting paid online. Similarly, you as a business owner should NEVER be deciding on customer’s behalf regarding the mode of payment. UPI, P2P, POS, Cash etc. everything should be available when customer is ready to pay.