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Innovative Financial Services
are
innovations within the financial
services industry
that
change the way customers are
served to create
more value for customers and
higher
revenue for the company.
Innovative financial services
help
financial
institutions (FIs) increase
their
revenues due to existing
customers buying more financial
products, improved positive
company image, referrals, etc.
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The FinTech Factor
FinTech companies drive
innovation within the financial
services industry. They use
leading technology and
digital-first,
customer-focused approach
to
disrupt the market,
impact the customer battleground,
and force incumbent financial
institution to play catch-up.
According to Financier
Worldwide, "FinTechs are
encroaching on established
markets and offering
customer-friendly solutions
developed from the ground up,
unencumbered by legacy systems.
They have managed to disrupt
four major areas – market share,
margins, information security
and privacy, and customer churn.
They offer new business models
to address dynamic market
changes and reduce costs. They
also operate on platforms, such
as
social media channels, that
traditional FIs have been slow
to adopt."
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Disruptive Financial Services
Decentralized Finance (DeFi)
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Financial Innovation refers to
the process of creating new
financial or investment
products, services, or
processes. These changes can
include updated technology, risk
management, risk transfer,
credit and equity generation, as
well as many other innovations.
Three Basic Types of Financial Innovation
There are 3 categories of
innovation:
institutional,
product, and process.
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Examples of financial
innovations include
Blockchain,
cryptocurrency, banking as a
service (BaaS), robotic
process automation (RPA), new and better ways of crowdfunding, cardless ATM
services, weather derivatives,
central bank digital currency,
QR code payment, hedge funds,
exchange-traded funds, and
better monitoring of financial markets.
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Digital Future
To
stay
competitive,
retain the
loyalty of customers,
and
prosper
in the coming age of hyper-connectivity and innovation,
financial institutions must focus on greater
technological innovation, digital transformation and integration that
help keep costs low and build up their online offerings, including apps,
digital wallets, conversational AI and other virtual resources.
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