Fintech Firms are Making Credit Card Applications Easier

Baby boomers and Gen Z used to rely and depend heavily on interpersonal banking. For any financial product they needed, it was mandatory to visit a bank or a financial institution for the transaction. This involved bundles of paperwork, hour-long processes, week-long waiting periods, and finally, the approval.

Then digitization came to be and millennials were the first generation after Gen Z to become extremely tech dependent. What could be accomplished only at a bank, can now be done with your fingertips on a smartphone. Mobile banking has become so popular that a Fiserv study found that millennials are 3X more reliant on this channel in comparison to the previous three generations.

The unique selling point? The convenience it offers.

Digitization has seeped into all fields since its introduction, and banking is one sector that has transformed massively. More and more tasks are now performed on mobile phones. Digital tools, whether they’re payment or ride-sharing apps, are now offering consumers something traditional industries can’t–convenience.

Why Fintech is Transforming the Credit Card Market

Because of the boom in this particular market, banks and financial institutions around the world are offering hundreds of credit cards that come with their own unique features and benefits. And they’re offering products specific to a certain segment of the population, from women-specific cards to cards for travelers.

These offerings have encouraged a huge part of the population, typically from the ages 25 to 34, to sign up for not one but multiple credit cards.

Now, why are credit cards so popular?

There are several reasons, but the general public is drawn to the incredible perks, benefits, reward packages, and sign-up bonuses that come with these cards. Whether you’re a business person or a regular Joe who needs a financial backup option, there is one credit out there that will meet your requirements.

But getting credit cards from your traditional bank or financial institution is also a lengthy process, no matter how loyal a customer you are. You still have to fill in the paperwork, wait for your approval, and then you receive a shiny, new plastic card.

The entry of fintech firms into this industry has been a massive game changer. For starters, they have made it easier to access financial products like credit cards, personal loans, and more. This is due to their adaptive digital footprint. In fact, 46% of consumers are now opting for online options instead of a trip to the bank. The demand for online options has been on a steady increase due to efficiency, security, and convenience it promises and delivers.

Now, choosing the right credit card that meets all your requirements requires extensive research and market knowledge. In this fast-paced world that we live in, it’s impossible to spend hours skimming through different banks’ websites and zeroing in on one card.

This is where fintech firms provide the immediate assistance you need. Their first notable feature is the comparison tool, which is a godsend. For instance, you can compare a couple dozen reward cards in a single page and check all the key features they have to offer — rewards, benefits, annual fees, interest rates, and more.

Once you have shortlisted a card or two, you’re given the option of checking your eligibility for that particular card. A nifty feature because it reduces your chances of getting your application denied by a significant margin.

Now, if you’re eligible and want the card, you can choose to apply for it online. A completely paperless process! The application form requests basic personal information and ‘voila!’, your application is done.

It’s no surprise that fintech firms are experiencing rapid growth in these times. And besides quick applications and approvals, some even give you the choice of checking your score on their website. All you have to do is sign up as a member on their website, fill in the information requested, and in seconds you’ll find out whether you’re excelling with your credit score or you’re lacking.

If you’re in the market looking for an incredible cashback card, you know where to go. And it doesn’t involve any sort of travel.

We hope you enjoyed this promoted piece as much as we did!