Fintech is a short form of the word financial technology, which is a website design which enables processing of financial information, such as books of accounts and financial statements. Originally, this technology in finance industry, was used by financial institutions such as banks and trading firms CMC Markets, but with the advancement in technology, these technologies are being used even at personal finance levels. It is among the latest innovations in the 21st century on the financial industry, because it can be used by wide variety of people, more than was used in the 20th century. Fintech has many users which include; banks, and their business clients; small business entrepreneurs and the consumers or the households. Some of the fintech technologies are mobile banking, mobile wallet system to mention a few.
When designing fintech websites, especially for new businesses, one need to have a clearly defined plan about the design. To design a successful fintech websites which will serve a wide range of customers, there are some key thing which are worth considering. These things include the following;
The first thing is regulations. This are rules and guidelines that govern a system and they are useful in fintech design in enforcing rules. These regulations protect fintech from misuse and abuse. These regulations are not standard and they differ in different countries, states and regions. Whenever you want to operate a business in a certain place, some fintech regulations are mandatory in that region and each investor need to understand and follow this rules.
The second thing you need to consider before you design fintech website is competition from other institutions. Competition strengthens the status of an institution and one should not quit because the competitions are stiff. For instance, banks and trade institutions, who were the first to use this technology are facing a lot of competition due to increase in number of companies offering this technology. Mobile phone network dealers are also using this technology. Banks are absorbing this competition by funding some of this fintech companies in order to cope with the rising competition.
Another key issue to take into account when designing fintech is customer’s trust. Almost all the customers trust financial institutions with their funds. This makes it an obligation of all the financial institution offering fintech technology to maintain high security on their customer’s information. You need to develop a fintech design which is free from security threats such as cyberattacks and data breaching. According to recent research, it has been found that, customer`s trust in financial institution has declined due to increase in cyber crimes. Designing a fintech website that will win back customers trust should be the key importance in any design. However, the biggest challenge is to convince your customers that your technology is more secure compared to others. Fintech will be more successful if it can target a lot of customers and win their trusts by ensuring there is very high level of security and confidentiality in their account information.
The fourth key thing to consider when designing this website is the uniqueness and variability of the services provided. There are very many companies offering this fintech services and the most important thing each company need to ask itself is how does it offers its services? is its services different from other companies? The best fintech company in such a situation, is the one offering unique and high quality services which is different from other companies. Some unique ways of designing fintech is by designing a system that incorporate people lifestyle and mobility.
Finally, we need to take into account technology choice such as machine learning or artificial intelligence, before we design the fintech. Technology ensures your system is up to date and it suits modern generation. There is another technology which is being used in banks, called chatbots, which can allow customers to access their accounts information via Facebook Messenger. Another technology is one that enables you to exchange values of currency, such as bitcoins, online.
Fintech usage is at increase in the modern society and designing a fintech system that meets the needs of every individual is of great importance. This technology has helped people to make timely and convenient transactions.