Novel Financial Services Accelerating Economic Progress

By CIOReview | Monday, July 15, 2019

Non-traditional financing is a lot more than raising extra funds! 

FREMONT, CA: New alternatives allow customers to exercise more economic life consciousness and control. Today, customers have plenty of opportunities to save more, spend less, invest more intelligently, and optimize their financial life. Here is a compilation of innovative financing ways leading to economic success.

Utilizing FinTech Apps

Small positive changes can add up to incredible savings over time. Several saving schemes and financial applications use behavioral techniques to help users gamify their savings and keep weekly expenditure in the "spending sweet spot." Little investment adds up, assisting cash-strapped masses to save for emergency cases without the mental struggle of big-money transfers.

Improving Investments with Behavioral Advisors

Fintech apps are not the only financial services based on psychology. As expectations of personalized service have increased in the latest years, financial advisors have started to consider the individual requirements of customers in more detail. Some wealth management companies use behavioral psychology to assist clients in making a difference in their human tendencies as they achieve their economic objectives.

Bettering Customer Service through Digital-Only Banks

As per statistics by financial services technology provider FIS, the customer satisfaction ratings of digital direct-to-consumer banks top those of traditional financial institutions, with 63 percent of direct bank clients in the U.S. reporting being "highly happy." These companies do not have physical branches, but they can still provide for all their needs and then some. Digital banks recognize the modern consumer's always-on mentality and have designed their services to deliver high-demand benefits, including constant access, custom reporting, and ATM reimbursement.

Fintech apps, behavioral science, and online banks are ready to help everybody, from the wealthiest investors to paycheck-to-paycheck employees, catalyzing their financial progress.