How Fintech Apps Are Disrupting The Banking Industry

in banking •  7 months ago

Introducing: Innovative Distruption

Remember the defining moment in Thor: Ragnarok when the Mjolnir got destroyed by Hela? That basically defines Innovative Disruption in a nut shell.
In the capitalist world there are improvements made everyday. However, introduce a force, an idea with great vigour of creativity and promise of ease to prospective customers day-to-day living, which would destroy any other idea or competition, then we have the birth of an innovative disruption. Innovative disruption is defined as the initiative which introduces a new value market crashing existing markets putting out of place existing firms, companies and conglomerates.
The intiation of such into the banking system is prominent today. With the continuous elevation of technology and discovery of more purposeful use of the internet, we have banking system in huge competition with Fintech Apps. The innovation of ease and the comfortability of money related transactions minus complications is the strategy Fintech apps are putting in place to disrupt the banking sector.
Think of the long queues at the bank you meet after taking a thirty minute excuse from your boss and having to rush back to work worrying about the information you may or may not have omitted on the deposit slip or calling the third party receiver who informs you they have not gotten a notice from the bank on a successful transaction you made. Take a quick thought to analyse all these worrisome bothersome troubles all gone, poof! Now all you have to do involves a phone, an app and the internet. Just click and type, no necessity to stand and sweat or endure humanity in its hardness and troubles.
Imagine having to apply for mortgage or loans and make monetary transactions without queues and unnecessary documentation delaying or the attitude from angry bank tellers and customer care attendants. An innovation so intelligent it disrupts the traditional and conventional means of banking to create a applied system using basic principles and distribue money round the world.
The introduction this technology has been put in place to eliminate stress. With the current generation of customers today, continuously sorting for an avenue to reduce the stress of daily living. Take a mother for example, with her child in college nursing a two year old also. She would gladly sit in the house and send money to her child via the internet while she feeds the baby, clicking her tab and feeding her child. Men also would very much prefer to apply for a mortgage through video calling than extra expense spent on transport, the stress of communing from one bus stop to another, asking for directions in the bank or an irritated customer care representative being rude.
Creating an innovation such as this would disrupt the norm and the flood of customers towards new technology, ploughs in more profit. This type of business administration implemented in day to day sales of common products and service rendering will fast track sales pushing the small scale to large scale and a simple entrepreneur to a company CEO.

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