Financial technology is influencing the world with growing speed as the scope of Fintech startups broadens to reach a variety of industries. In recent years the world of Fintech has exponentially expanded, penetrating into the spheres of banking, insurance, e-retail, and social media. Consumers worldwide are now relying on Fintech companies to aid in operations such as customer banking, payment transfer, insurance, pensions, and wealth management.
At a time when consumers are interested in maximizing their time and minimizing their effort, financial technology is a surefire solution for providing efficient transactions that cater to the financial needs of their customer base. Financial technology offers assistance with useful services such as applying for loans, tracking and managing investments, and overall management of personal and corporate financial requirements.
Although the sphere of influence of financial technology has grown, there is still one sector that has been virtually untouched. The transportation industry has not yet fully adopted the innovative applications that financial technology has to offer. Like Fintech, the auto industry is a constantly growing enterprise. The automobile industry, which has now re-gained traction since a 2007 dip in revenues, saw significant increases as automobile sales have spiked since 2015. The relationship between the tech and auto industries has only strengthened in recent years due to talk of new autonomous cars that could eventually be manufactured by technology companies.
While Fintech companies have accessed some niches within the auto industry, there is much more than can be done to cater to the financial needs of car owners. It is true that tech companies are now taking steps toward simplifying the process of automobile purchasing, however, there still remains a gap when it comes to implementing digital transactions related to everyday usage of cars.
Currently, certain technologies exist that aid in the process of purchasing a vehicle. It is possible to apply for an auto loan with the help of financial technology that performs credit checks and scans data virtually. Similarly, thanks to financial technology, one can complete the process of financing their automobile without dealing with the redundant offline process of filling out paperwork. What is missing, however, is technology that improves customer experience in the realm of maintenance and everyday usage of the car.
If automobile payments would become digitized, user experience would be swifter with less time spent in interface. It seems only natural that with the existence of applications that allow you to purchase coffee with the click of a button, that the same would be true for petrol and toll payments. Similarly, if all matters related to car insurance payment would be handled through online management, the process would become much less time-consuming. Even purchasing food at a drive-thru food establishment using an online method would constitute a more pleasant experience. If it were possible to receive one solidified bill at the end of each month which included all financial needs pertaining to one’s automobile, this would eliminate much of the hassle that automobile owners must deal with.
Financial Technology has the capability to shape the future of the transportation industry, and make the experience of owning an automobile more time effective. The industry now must look beyond the preemptive and initial steps in the process of auto purchasing and adopt a long-term game plan to provide efficient solutions when it comes providing options for digital transactions to car owners.