FinTechs ’ agility has allowed for faster innovation to meet changing customer needs . They have significantly reduced operational costs and made financial services more accessible to a broader audience . This includes offering cheaper and faster ways to move money abroad and PIaaS ( Payment- Infrastructure-as-a-Service ), which is providing a more flexible and scalable way to accept payments and run operations from end-to-end . Furthermore , the introduction of embedded finance like wallet-as-aservice is helping businesses offer built in financial services within their platforms .

Even with the digitisation of such services , there is now an even greater need for more efficient , accessible and customercentric financial solutions that provide personalised customer experiences to foster stronger customer loyalty and trust . FinTech can play a crucial role in bridging this gap between traditional banking services and building an ecosystem that can shift with changing economic times .

FinTechs have an opportunity to replace inefficient and costly traditional banking solutions to cut down expenditures and inefficient processes that directly impact their bottom line . For example , AI based products that improve decision making and automate manual tasks to cut down overhead costs have also seen rapid adoption .

To achieve a future of greater personalisation and accessible financial products , collaboration between traditional banks and FinTech must continue . If legacy financial institutions want to enhance their service offerings and remain competitive in the digital era , they must adapt and embrace the changes brought by technological advancements and shifting consumer expectations . �

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