Fintech App Development — The Importance of Humans in FinTech

Introduction

The arrival of automation, machine learning points towards one thing: eliminating the requirement of hiring employees (or more precisely, humans!). But today’s world is dominated by FinTech software solution where humans are not just essential, they cannot be replaced.

Just a few years ago, it was unimaginable to think of taking financial decisions without considering humans. Now come to the present scenario, most of the workings of the banking, insurance, and mortgages sector are based entirely on digital mode.

So, one thing is clear that FinTech app development company is creating a revolution in the old FinTech sector with the latest technology. Nevertheless, the most successful brands in FinTech sectors are those that lay importance to their human power. It is because; customers yearn for FinTech app development which runs with the help of knowledgeable human employees.

There has been concern among some people that the rise of FinTech will make the role of humans more obsolete in financial services. Another fear has been arising that with FinTech going digital; there will be the departure of personalized and human touch to the financial services.

However, all the above-given fears will have no impact on the working of the banks. Experts have told that the new technologies will only shift the roles of humans and not throw out from the banks.

In the following blog, let’s examine some reasons that will illustrate the importance of humans in the success of FinTech. Furthermore, by going through it; financial firms will get better tips to make their brand a victorious over the long haul.

I. For Clients, Money is their Personal Custody that can be valued by Another Person only

Most people know about the financial expert who expert its weightage in considering money as a tool. Not wrong anyway! The perception and attitude of people about money are affected by their upbringing, personal experience, and society.

Furthermore, money is also associated with the emotion of the people as it allows them to purchase what they need the most. One such example is buying a dream home is the requirement of most of the people of the USA.

Therefore, when there is an involvement of highly emotional transactions, almost three-fourth of the US citizens need humans to answer their financial-related issues. Without them, the customers will refrain from opting for online financial transactions.

The takeaway from the given fact is that the FinTech app development companies need to understand the emotions of their clients and be ready to offer them financial services with experienced human support.

II. Human Employees have Better Understanding of Customer Needs than Robots

It is difficult for professionals to manage their time between tasks related to customers and back-office in the financial service industry. It requires more time, and thus they get less time to get to know about their customers.

However, with the arrival of FinTech, professionals can have a sigh of relief as the given technology comes with a solution to their problem. The FinTech solution helps in identifying opportunities related to the quality investment by involving a large amount of data/ The given data can be analyzed by the FinTech software on a 24/7 basis and in the more effective way than a human could do it.

Nevertheless, there is an effective role played by the advisor (of course human), all thanks to the usage of AI. Although the data analysis is done by AI, getting access to the client’s information at a personal level is not their forte. They still need human intervention to convert the raw data into meaningful information that can be understood by the client.

What’s more, it will be difficult for the AI to develop a strong client relationship for a longer duration that will be based on mutual trust. It is an essential aspect of many financial services especially wealth management.

So, collaborating with AI-based data analysis, advisors for wealth management can help the client to interpret the information well and make use of better choices. They will spend more time with the clients and provide more insights that will help to offer great customer satisfaction with also winning their trust.

III. Humans (or Employees) act as a Trusted Escort for Financial Well-Being of Clients

Although mobile technology helps the consumers in gaining general awareness about their financial condition in a well-planned manner, still it lacks in guiding them to enhance their financial prospects effectively. Furthermore, offering insights and taking action on it is not the strength of the automation technology and can affect the company’s prospects in the long-run.

With the availability of humans, the FinTech industry can extend beyond its traditional role of just keeping the financial assets. They can extend their services by offering their customers with trusted advice. It can include: helping them in maintaining positive behavior for longer-term, providing benefits of saving from a financial point of view and help them in managing and proper utilization of their credit.

IV. Experience is what Matters the Most

The present age belongs to the customer experience. Almost the majority of the customers expect from the FinTech app development company to offer products and services that meet their needs and expectations. Moreover, most of the banking enterprises said that they give high priority to offering the best customer experience than towards cost-cutting, sales, and compliance.

But when FinTech is given due consideration, it will require more effort in offering the finest customer experience than the development of the best technology. The given aspect can be clearly illustrated from the fact that little more than one-fourth of the banking customers use digital mediums and comes under the least satisfied customer group.

There is a saying that when the window is clean, no one notices any issue. Same as it is, when technology works well, no one, not even the customers, notices any issue. However, whenever an issue crept out in the software (just like piling-up of dust on the windows), everyone notices and results in increased frustration among the customers.

It is a known fact that with the availability of technology, the life of people has become much easier. Nonetheless, it is still far from arousing a feeling of wellness, connection, and gratitude just like humans can do it.

Employees have experience dealing with numerous types of customers and know well about their liking and disliking. They have enormous experience in handling them and can prove to be effective in offering the best financial products and services to meet their expectations well.

V. Automation might Take Some Jobs, but will also Create New Jobs

It is the new phase of the banking industry where digitalization is dominating almost every sphere of the business world. Due to the advent of automation, many have feared that it will eat into the jobs of people thus rendering them without any employment.

Various jobs such as cashiers, data entry operators, and bank tellers now come under automation or new FinTech software as they tend to complete it swiftly with low cost. Such types of jobs will not be available to the people in the future.

Nevertheless, the arrival of new technologies such as AI in the banking and financial sector has changed the rule. How? The answer is that with it come new job opportunities that will offer more employment to the people. Notable of the newer roles include AI managers and architects, data scientists, platform support engineers, and AI specialists.

So, opening up of new digitalized profiles for banking personnel have conveyed that humans will remain indispensable to the financial sector and will remain a part of it.

Wrapping Up

So, the above-given facts are something that should be in the remembrance of the people when they have a concern about the replacement of humans with technologies in the financial service industries.

By having a closure examination, one thing is sure that FinTech will result in the improvement of human services in the financial industries. Although, technology has made the financial transaction easy when it matters the most, i.e. money; people will go for personalized experience via humans.

Originally published at – https://medium.com/@emorphis.technologies/fintech-app-development-the-importance-of-humans-in-fintech-e7624c1865ec