What if we
told you in the future, your smartphone wouldn't need the apps of five banks
you're working with.
Instead,
you could have one account to store your money and distribute them at any time
to your different bank acounts.
Today's bank
account management, while efficient, can do so much more. The advent of
information technology, which has made information dissemination quite easy for
this generation and its businesses and companies, should have helped improve
this sector.
Financial technology
or FinTech companies have been working to make it convenient for people to
manage their finances everywhere. Banks have worked with these companies to
create apps that allow people to check their bank accounts, ATMs and even
credit cards conveniently.
FinTech
companies working on a universal bank account can make it easier to manage your
finances at night and make real changes without having to spend time outside
the office or the weekend to head to your bank.
According
to FinTech VC Fund Life.SREDA Managing Partner VLadislav Solodkiy:
“The first
customers were ready to bake a cake with disparate ingredients themselves, the
mass customer wants to get a comfortable ecosystem of services with seamless
integration allowing the customer to easily use data from one service inside
the other and enjoy the benefits from their joint use.”
Financial
product providers may also use information collected from your universal
banking usage to allow them to present you the item or service you definitely
need even before you head to their shops and establishments.
