FinTech (financial technology) in Banking

Capital One financial corporation is a leading banking organization in the United States that specializes in auto loans, credit cards, and savings accounts. The banking services portfolio is designed to match the needs of the retailing industry. Since its inception in 1994, the bank has operated as a credit financial organization providing financial and banking services tailored for the retailing industry. Its business model enables retailers to access credit to support their business operations using business assets as collateral. Therefore, the bank offers several credit and loan packages to retail businesses ranging from small enterprises to large corporations. However, consumers have raised concerns about the long loan application and verification period, which is usually more than a week. A recent company-wide survey revealed that most customers would like to access their credit packages in less than 48 hours due to pressing business needs. The company should also embrace FinTech to allow customers to access credit via their mobile devices to avoid spending long hours in waiting-lines at the banking Hall.

Project Service Proposal

This proposal entails service process improvement and managing waiting lines. The desire to improve service delivery efficiency in the banking sector will necessitate the rapid development of financial technology called FinTech. FinTech supports the provision of financial services via mobile devices such as smartphones. The technology utilizes consumer’s mobile/digital footprint/traffic to facilitate credit scoring and payment services. It leverages the consumer’s digital footprint via easy-to-use mobile apps to automate credit approval. Therefore, consumers no longer have to visit the banking hall to access credit services or make online payments in the wake of the rapid expansion of e-commerce. The new service package will enable consumers to access credit services in less than 48 hours as artificial intelligence will facilitate the loan verification process based on the consumer credit score. Consumers will also be able to make online payments to pay for goods and services such as shopping online or paying utility bills.