Financial services should be more user-centric

It is encouraging that Fintech Summit 2018 slated for 29^th – 30^th in Nairobi is lined to assess the extent in which, banks, insurers, SACCOs are re-aligning to optimize their products to deliver user-centric services in the now widely digitized and disrupted financial market, says Dr. Bitange Ndemo, Chairman of Kenya Blockchain and Artificial Intelligence Taskforce.

“While there is no doubt that digitization has over the last few years caused the banking, insurers and SACCO establishments to adjust their approach to deliver optimized services to customers, there is more for them to do to cope with the trends of fast evolving market,” said Dr. Ndemo who is expected to speak at the Fintech Summit.

“Getting to know the market and adapting to their preferences and goals are excellent strategies. The world has changed the way people interact with technology. Fintech is fast re-building the financial services industry from the ground up.”

Dr. Bitange Ndemo, Chairman Blockchain and AI Summit, Kenya

Asserting that time for the next generation financial services has already overlapped some regulatory aspects and legacy systems, Dr. Ndemo called on the financial industry players to take a moment to wade through emerging and yet unstoppable ideas that are disrupting the digitized financial ecosystem.

“Getting to know the market and adapting to their preferences and goals are excellent strategies. The world has changed the way people interact with technology. Fintech is fast re-building the financial services industry from the ground up,” said Dr. Bitange Ndemo in an interview with CIO East Africa.

More and more Fintech companies are innovating, putting the continent on the global landscape. These companies shall dramatically continue to change the finance sector as the Internet changed the written press and the music industries said Dr. Ndemo advising that it is time to on leverage technology to provide innovative services on the financial platform.

Identify and fix user pain points

Dr. Ndemo’s words aptly describes the rate at which Fintech has grown in the last few years, changing the traditional financial service sector we used to know, and impacting how increasing numbers of individuals and businesses alike conduct their financial transactions.

Right from banking to international money transfers, business and personal loans to personal investment, and much more, these Fintech orientated firms are changing finance in virtually all its numerous offshoots and sub-sectors.

Searching and eliminating user pain points is one of the most important tasks of the financial user experience. Technological development and world demographic changes influence companies to shift from making products for the “perfect scenario” to a more profound focus on real problems.

Being in the users’ shoes and finding pain points in products and services will be a crucial competitive advantage which the Fintech Summit purposes to explore.

To register for Fintech Summit click www.cio.co.ke/events-list/fintech-summit-2018/