The financial sector’s terrain is rapidly evolving. Led by fast-growing neo-banks such as Revolut, banking services are becoming more efficient and accessible than ever before. At the same time, new technologies like blockchain and cryptocurrencies are fundamentally redefining how we manage our finances. However, while solutions like Bitcoin or Revolut undoubtedly show that change can still happen swiftly even in a millennia-old industry, they are still challenged by various factors – particularly in terms of customer support.
Amidst this digital shift, Collect & Pay emerges as one of the fintech solutions addressing the complexities of cross-border transactions, particularly for corporate entities. As estimates suggest that the number of digital banking users could soar to 3.6 billion by 2024, it’s worth examining the unique position and approach of Collect & Pay in this digitalizing field.
Navigating the financial shift
As the global economy continually evolves, the traditional banking systems face challenges in keeping pace. In times when some banking providers require weeks combined with hefty fees to process swift transfers, speed, efficiency, and flexibility have become the pillars of today’s financial requirements. This call has been answered by a wave of neo-banks and digital payment providers, with Collect & Pay as one of the voices in the chorus.
However, unlike providers such as Transferwise and Revolut, who are known for low fees yet suboptimal customer service, Collect & Pay’s emphasis on customer support offers a contrasting narrative. In the words of George Arakelov, CEO of Collect & Pay, “While AI and automation are invaluable, the human element remains irreplaceable.”
Their approach includes dedicated managers and personal assistants for clients, ensuring a blend of technological efficiency with a human touch. This is particularly true for corporate clients, who often deal with large figures and cannot afford mediocrity when it comes to service.
“We aim to address specific corporate needs,” Arakelov remarks. Unlike many other services that cater to a broad spectrum, Collect & Pay zeroes in on corporate clientele. From multi-currency bank accounts, currency exchange, fast online onboarding and dedicated IBANs to OPEN API, Collect & Pay offers most features that international corporations are looking for in 2023.
Yet, with digital advancements come concerns over data security. The fintech sector’s challenge isn’t just about innovating but building and retaining trust. To that end, Collect & Pay underscores its commitment to data protection, aligning with the Astana International Financial Centre’s guidelines.
What the future holds
The broader financial industry is abuzz with emerging technologies. From blockchain’s potential to disrupt payment structures to the Social Credit System’s novel approach to trust and credibility, the future is both promising and unpredictable. Even gamification, as Arakelov suggests, might change our interaction with banking apps, turning financial management into a more engaging experience.
The narrative of the financial sector is still unfolding. Amidst its chapters, Collect & Pay represents an approach that aims to address specific challenges in the corporate realm. As the story progresses, it will be intriguing to see how fintech solutions like Collect & Pay adapt, innovate, and contribute to this intricate global narrative.