EMI and traditional banking: what is the future?
The EMI (Electronic Money Institution) industry is undergoing a period of rapid expansion with modern start-ups and state-of-the-art fintechs entering the field. Is EMI a complete game changer? Can it meet all of our personal and business banking needs and make us kiss goodbye the conventional banking? Let’s have a look at it.
Certainly, each EMI is different and offers a unique combination of apps, mobile solutions and innovative services. But the bottom line is that there is nothing traditional bank provides that licensed EMI doesn’t. When choosing EMI you get all the perks of the old-school banking plus some extremely valuable additional features. Innovation enterprise lists the most important of them:
1. Advanced Solutions for both private and business needs
Everything from modern online banking and superior experience to faster, easier and more user-friendly apps, custom made solution and general innovation. EMI is all about being improved, better, more advanced and certainly one step ahead conventional banking.
2. Enhanced compliance procedures
While all financial services providers must follow the set of extremely complex rules, EMIs usually have the benefit of owning advanced technical solutions and sophisticated internal systems that allow them to conduct thorough online monitoring. They can detect and flag any suspicious activity and act on it instantly.
3. Understanding the digital environment
EMIs are built to fulfill the needs of digital world and meet the current changes in financial standards. They know the business and understand the mechanisms of innovative institutions. EMIs can identify with their clients, recognize their needs in the digital world and become one of the reasons of their growth.