Showing posts with label Big Banks Compete with Fin-Techs in QR Code Adoption for Credit Expansion Aparna Thakur. Show all posts
Showing posts with label Big Banks Compete with Fin-Techs in QR Code Adoption for Credit Expansion Aparna Thakur. Show all posts

Big Banks Compete with Fin-Techs in QR Code Adoption for Credit Expansion Aparna Thakur

Big Banks Compete with Fin-Techs in QR Code Adoption for Credit Expansion  Aparna Thakur



In recent years, the financial industry has witnessed a significant shift in the way transactions are conducted and payments are processed. One of the emerging trends that has gained traction globally is the adoption of QR codes for payments and credit expansion. QR codes, or Quick Response codes, are two-dimensional barcodes that can be scanned by smartphones to facilitate various transactions. This technology has revolutionized the way people make payments, and both traditional big banks and fintech companies are vying for a piece of the action. This case study explores the competition between big banks and fintechs in the adoption of QR codes for credit expansion.



Big banks, with their well-established infrastructure and extensive customer base, have traditionally dominated the credit market. However, the rise of fintech companies has disrupted the industry by introducing innovative solutions and leveraging technological advancements. Fintechs, being more agile and nimble, have quickly embraced QR code technology to offer faster, more convenient credit options to their customers. By using QR codes, fintechs can streamline the credit application process, reduce paperwork, and expedite approvals, providing a seamless experience to borrowers.



On the other hand, big banks have recognized the potential of QR codes and are keen to integrate this technology into their operations. They understand that embracing QR codes can help them remain competitive and tap into new customer segments. Many big banks have launched their own mobile applications with QR code capabilities, allowing customers to initiate credit applications, track their status, and make payments seamlessly. By integrating QR codes into their existing infrastructure, big banks aim to combine the convenience of fintechs with the reliability and trust associated with traditional banking institutions.



One of the key advantages that big banks have over fintechs in the adoption of QR codes is their extensive branch network. While fintechs primarily operate digitally, big banks have physical branches that can serve as QR code payment points. This gives them an edge in reaching customers who are not yet fully comfortable with digital transactions or those in remote areas with limited internet access. Big banks can leverage their physical presence to educate customers about QR codes and build trust in the new payment method, ultimately driving credit expansion.



Despite the competition between big banks and fintechs, there is also potential for collaboration and partnership. Some fintech companies have entered into strategic alliances with big banks to leverage their infrastructure, regulatory compliance, and customer base. By joining forces, they can combine the strengths of both entities and offer a comprehensive suite of financial services, including QR code-based credit expansion. Such collaborations enable big banks to tap into fintech innovations while fintechs benefit from the stability and credibility of established banking institutions.



The adoption of QR codes for credit expansion has become a battleground for big banks and fintechs. Both sides recognize the potential of this technology in revolutionizing the way credit is extended and payments are made. Fintechs, with their agility and customer-centric approach, have embraced QR codes early on and provided innovative credit solutions. Big banks, with their infrastructure and wide customer reach, are catching up by integrating QR codes into their operations and leveraging their physical presence. The competition between big banks and fintechs in QR code adoption for credit expansion will continue to drive advancements in the financial industry, benefiting customers with more accessible and convenient credit options.

 

Aparna Thakur

(Fin-Tech manager)

10bestincity@gmail.com

aparna10bestincity@gmail.com

www.10BestIncity.com


Linktree: https://tr.ee/lIJZgVTJo1

LinkedIn: www.linkedin.com/in/

aparna-thakur08

Instagram:https://instagram.com/aparna6928?igshid=ZGUzMzM3NWJiOQ==

Facebook:https://www.facebook.com/profile.php?id=100009335861292&mibextid=ZbWKwL

YouTube:https://www.youtube.com/@10BestInCity

Email: info@10bestincity

https://www.portrait-business-woman.com/2023/05/aparna-thakur.html


#banks, #finance, #money, #banking, #cryptocurrency, #bitcoin, #bank, #business, #blockchain, #realestate #sashabanks #crypto  #cash, #financialfreedom, #fintech, #creditunions ,#india, #economy, #easypaytment, #forex, #investment, #trading,#qrcode, #payments#adoptionmethod,#fintech

@State Bank of India @Bank of India @HDFC Bank @ICICI Bank @ Indusland Bank @Canara Bank @punjab National Bank @ Axis Bank @Bank of Baroda @UCO Bank

@Shekhar Gupta @10Bestincity@Aparna Thakur