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It is a fact that some banks and fintech startups offer pretty much the same products and services but often have a different pricing structure with some added features. That is why customers don’t switch banks often until they see a specific product that is exceptionally rewarding or cheaper.
The transformation of banking sectors has been majorly due to the emerging online businesses, which provide online payment solutions to customers, and that’s how the Fintech companies built the ground for non-banking, online payment solutions.
Many Fintech products have seen a breakthrough by eliminating the roadblock for the financial transactions that occur online. The Fintech-bank collaboration brings agility and technology to enable the masses to use digital wallets at ease. In this blog, we would discuss how banks and fintech startups offering digital products can differentiate among themselves to get a competitive edge.
Key Differentiating Factors to Focus on for the Banks
Here are some key factors that can help the fintech platforms/banks with digital products to differentiate from each other.
Banks Need to Re-think Their Strategies
Although every fintech platform/technology-enabled bank has the same core assumptions, the actual market scenario may differ. Here are some ways in which the fintech platforms/technology-enabled banks can differentiate from one another:
Unthinkable has helped financial services companies know how to secure customer data and ensure there is no loophole in the system.
Our value proposition has always been about data security and scalability; thus, we can support the banks with more than a million-customer base through our well-designed servers. With the hyper-intuitive UIs and hyper-speed development, Unthinkable methodology has helped fintech startups and financial services companies to develop a platform and acquire a large customer base.
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