19d • General discussion
Fintech vs. Traditional Bank
Fintech and Traditional Bank can be differentiated by mainly two major points .
- Technology & Infrastructure
- Customer Experience and Cost
FinTech :
- Technology & Infrastructure :
- Digital-First: Fintech built on modern cloud infrastructure and runs and operates entirely on mobile apps/web.
- Agility: FinTech rapidly develops and launches new features as demand gen while on the go.
2. Customer Experience & Cost :
- User Experience (UX): Prioritize sleek and personalized user experience. The better the experience, the better the user flow.
- Accessibility & cost : use anytime, anywhere with no visit to the bank required. Lower the cost; no physical branch is needed for the customer handling.
Traditional Bank:
1. Technology & Infrastructure:
- Physical Presence : Maintain extensive physical branch networks alongside digital channels.
- Legacy Systems: Often constrained by older, complex core banking systems that slow down large-scale innovation.
2. Customer Experience & Cost:
- Service Model: Requires face-to-face service for verification and complex transactions.
- Accessibility & cost : Services are often limited by branch operating hours and physical location. Higher operational costs (branches, staff) often translate to higher service and maintenance fees.
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Fintech vs. Traditional Bank
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