Impact of Fintech

Innovation on
Banking Services
Presented by : Group 3
Rachel Chong 2207177
Lam Weng Yan 2400337
Vanessa Anne 2400004
Azik Khan 2400650
Hoo Sin Yuet 2206296
 Introduction
What Is FinTech ?

use of technology and software in financial services

an umbrella term for business to offer financial
products or services, such as money transfers,
investments, loan origination, and wealth
management
as FinTech companies have emerged, banking
industry has a major shift in offering innovative
technologies and services that change how banks do
business
banks can create new opportunities for growth and
stay ahead of the curve

Presented by : Rachel Chong 2207177

 Smart Chip Technology
chip-based payment system for securing payment
transactions
relies on strong cryptography which generates unique
transactions code that allow the terminal to authenticate
the card
cryptography, a personalized chip card with cardholder’s
private key during manufacturing can generate a valid
transaction
enhance security with biometric sensors since these
microprocessors add additional layer protecting against
potential skimming or scams
leveraging artificial intelligence to anticipate complex
scenarios, ensure utmost safety in payments with smart
chip technology
reduction in card fraud and a rise in consumer confidence
in electronic payments

Presented by : Rachel Chong 2207177

 2. Simplify Removing manual processes that
and Effective the banking industry and their
clients.

Banking A lot of the laborious processes

necessary for traditional banking,
Processes such creating an account, applying
for loans, and transferring money,
may be automated using fintech
solutions.

Example: Users can make use of

the mobile app to apply for loans
and wait for approval from the bank

Presented by : Lam Weng Yan 2400337

 Convenience and Flexibility

Online allowing users to conduct various transactions

beneficial for individuals with busy schedules or those who prefer

Banking self-service options.

Real-Time Transaction Monitoring

the intersection of financial
provide real-time access to account balances.
technology (fintech) with the enabling users to monitor their finances closely and detect any
provision of banking services unauthorized activity promptly.

through digital channels,

Digital Loan Applications and Approval
primarily over the internet.
allowing users to apply for personal loans, mortgages, or business
loans digitally.

International Banking and Currency Exchange

facilitating international transactions and currency exchange

enabling users to transfer funds across borders efficiently and at
competitive exchange rates.

Presented by : Vanessa Anne 2400004

 IMPACT OF FINTECH ON
Presented by : Azik Khan 2400650

CUSTOMER EXPERIENCE
Speed and Efficiency Customer Support

Fintech technologies automate financial processes, Customer service speed is a top priority for fintech
making loan approvals, transaction settlements, and companies, which prioritize email, phone assistance,
account openings easier. This speed and efficiency and live chat. Sophisticated chatbots with artificial
saves customers time and reduces their frustration, intelligence capabilities may address consumer issues
which enhances their overall experience with financial promptly and efficiently, enhancing the overall
services. customer experience.

Security Accessibility

Fintech companies invest heavily in cybersecurity
measures to prevent fraud and unauthorized access to
customer information and financial transactions.
Fintech platforms use multi-factor authentication and
cutting-edge encryption techniques to ensure the
security and integrity of customer accounts and
Marginalized groups, such those without much access
to traditional banking infrastructure, now have easier
access to financial services. Mobile fintech solutions
eliminate the need for physical bank accounts or credit
cards by enabling customers to make purchases with
just a smartphone.
 Mobile Payments
Fintech has expanded banking access, altered transactions
without contact, and allowed effective fund management.

Consumers use mobile payments more frequently due to

enhanced convenience, accessibility, & security.
Allows businesses to increase efficiency, reduce
processing time, & simplify financial procedures.

The reasons for the increasing usage of mobile payments

are the rising utilization of smartphones, & the need for
better security and faster payments.
Mobile e-wallets have been developed, providing users with
a seamless and secure payment experience.
Example : TNG e-wallet, ShopeePay, & Boost e-wallet

Presented by : Hoo Sin Yuet 2206296

THANK
YOU