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  We can’t deny the fact that the banks have legacy structures that puts them ahead of many FinTechs, especially in Nigeria and beyond. For one, banks have a lot of sophisticated relationships with the government as well as regulators. Second, having been in operation much longer than FinTechs, banks have been able to earn the trust of millions of customers. Third, banks are equipped with sophisticated data belonging to customers, giving them opportunities to provide customized services. Finally, the banking sector is highly structured and very systemic compared to FinTechs. Therefore, it is wise that FinTechs look to the banking sector and derive certain strategies in order to consolidate their operations in Nigeria. In this article, I discuss ten things FinTechs can learn from the banking sector.
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  • Adopting Advanced Security Measures

Banks have long been leaders in implementing advanced security measures to protect their customer’s financial information and assets. Fintech companies can learn from these practices and adopt similar measures to ensure the safety and security of their customers’ data and transactions.

  • Providing A Wide Range Of Financial Products And Services

Banks offer a wide range of financial products and services, including checking and savings accounts, loans, mortgages, and investment options. Fintech companies can adopt this model by expanding their offerings beyond just one specific product or service.

  • Leveraging Technology To Improve Customer Experience

Banks have embraced technology to streamline their operations and improve the customer experience. Fintech companies can follow this lead by using technology to make their products and services more convenient and user-friendly.

  • Building Strong Relationships With Customers

Banks have traditionally placed a strong emphasis on building strong relationships with their customers through personalized service and attention to their needs. Fintech companies can learn from this approach and prioritize building strong, long-term relationships with their customers.
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  • Providing 24/7 Customer Support

Banks have long offered 24/7 customer support to help customers with any questions or issues they may have. Fintech companies can adopt this practice to ensure that their customers have access to support whenever they need it.

  • Enforcing Robust Compliance And Regulatory Systems

 Banks have strict compliance and regulatory systems in place to ensure that they are operating within the law and industry standards. Fintech companies can adopt similar systems to ensure that they are operating ethically and transparently.

  • Offering Mobile Banking Options

 Many banks now offer mobile banking options, such as mobile apps and online banking portals, to allow customers to manage their accounts and conduct transactions on the go. Fintech companies can follow this lead by offering similar options to make their products and services more accessible and convenient for their customers.
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  • Providing Financial Education And Resources

Banks often offer financial education and resources to help their customers make informed financial decisions. Fintech companies can adopt this practice by providing educational materials and resources to help their customers understand their products and services and make smart financial decisions.

  • Collaborating With Other Financial Institutions

Banks often collaborate with other financial institutions to offer a wider range of products and services to their customers. Fintech companies can adopt this approach by partnering with other companies to expand their offerings and reach a wider customer base.

  • Staying Up-to-date With Industry Trends

Banks stay abreast of industry trends and adopt new technologies and practices as needed to stay competitive. Fintech companies can learn from this approach and stay up-to-date with industry trends to ensure that they are offering the best products and services to their customers. Featured Image Source: PYMNTS
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This article was first published on 27th December 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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