Mobile payments: By tying into systems that run on your smartphone or other mobile device, banks are relying less on traditional debit and credit cards.Then, it uses its findings to generate a more personalized experience for you. Customization: As machine learning-powered artificial intelligence, or AI, sifts through terabytes of data, it discerns patterns and tendencies in your interactions and behaviors.So, instead of dismissing the advances, traditional banks are tapping the value provided by fintech through improvements in the following: Plus, the banking industry still represents one of the biggest and most accessible sources for consumer and small business capital in the US. It's true that these innovations are great at addressing inefficiencies, but many banks are actively working to become more nimble. On the surface, UX-oriented services are seemingly reinventing our relationship with money, so many are heralded as disruptive to the banking world's longstanding processes and procedures. Meanwhile, your cousin can't stop bragging about how they secured a mortgage through an app on their smartphone. So, although your ideal UX may feature completely mobile access to your money, your friend may value instantly available customer support that reflects a deeper understanding of their financial history. But increasingly, fintech companies have emphasized customers' user experience, or UX: the overall experience of receiving financial services. Generally, innovation has focused on customer convenience, speedier transfers and other aspects of the business that heavily regulated banks have sometimes struggled to navigate while juggling marketplace demands and compliance needs. And PayPal, one of the best-known digital payment companies, rolled out in the early 2000s. The automated teller machine debuted in the US in 1969. The Federal Reserve first started moving funds electronically via its Fedwire Funds Service in 1915. Financial services and technology have had a union of sorts for more than a century.
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