Numerous sellers accentuate their website and product’s functionality and, for the most part, disregard the significance of convenient buying, robust payment systems and, general customer experience. Unfortunately, a few organizations are zeroing in on their items to such a great extent, they forget about their customers. If e-commerce businesses need to grow, they must change.
“New products and administrations should be customer-driven, which are easy to use and have a higher likelihood to draw in and retain patrons. Customers are the essential wellspring of profits, market value, and growth. They should be taken care of with the most extreme regard. It is apparent that upstarts in the fintech area are stepping up to improve customer experience and offer better assistance, empowering e-commerce businesses to thrive even during the corona-induced crises,” says Tanvir A Mishuk, Founder and Managing Director of Nagad, a digital financial service (DFS) provider operating under Bangladesh Post Office.
As the mastermind behind Nagad, Mishuk introduced SMTAP (send money to any phone) feature in October 2019, which was unique at that time and copied later by others. This carrier later introduced the easiest way of opening a mobile financial account in February 2020, with the partnership of the country’s second-largest mobile telecom carrier Robi, a sister concern of Axiata Group Berhad, a Malaysian venture. Under this partnership, users can open a Mobile Financial Account easily by dialling *167# and following the instructions, and they can open an account with the touch of their fingers. Later this partnership also incorporated with the other mobile carriers with Grameephone, the majority shares held by Telenor Group, a global leading telecom service provider.
Tanvir Mishuk, as a Fintech visionary, desires to revolutionize the financial services all across Bangladesh, to make the nation tech-competitive.
Mishuk is an active member of the Bangladesh Business Chamber of Singapore. In 2020, he was bestowed with the Financial Technology Man of the Year 2020 award by ICE Business Times. The same year, he became the recipient of the WITSA Award for an innovative technological solution (DKYC). Additionally, he was also listed Inclusive Fintech 50 cohort list 2020 for innovation in the Fintech industry in promoting financial inclusion. Below, the Fintech enthusiast Tanvir Mishuk join us in conversation to reveal why Fintech is in need in the 21st century.
Mishuk reveals that customers are presently taking a gander at Fintech as an alternate, for it gives the benefit of speed and ease. “Individuals need streamlined services, as they anticipate that tech disruptions should permit seamless functionality, with applications that are not difficult to use. Like this, the Fintech area is chalking out measures to make financial services straightforward and much less perplexing for clients. The focus is on making better digital measures that customers can customize and personalize,” he says.
The Emerging Need: Catering The Needs of Younger Generation
Individuals trust more traditional banks than Fintech organizations, and it’s not astonishing. Banks are establishments that have been around for quite a long time, yet this is evolving. Just as the whole financial realm.
Numerous reports show that millennials and Gen Z are baffled by the standards of traditional bank services. Notwithstanding, simultaneously, they prefer to utilize new tech and innovation.
Banks are neglecting to adjust to customers’ needs. That is because traditional banks aren’t prepared for an innovative revolution yet. So millennial is desperately looking for technology-induced solutions.
Fintech organizations realize that the disappointments of banks are a tremendous opportunity for them. There is an extraordinary chance to offer clients what they truly need. They likewise need to provide friendly and responsive support and consistently be ready to help.
The Edelman Trust Barometer Report reveals that customers who trust companies are bound to purchase their items or services and refer them to their friends and family. This trust is profoundly associated with the experience of using the item or, when discussing e-commerce, the buying experience.
“It’s all about the client’s trust. Fintech companies still have work to do and make clients trust them in a similar way to trust banks. But, the future is definitely bright and prosperous,” says Mishuk.
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