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How Integrated Fintech Innovations Across Asia Changed the User Experiences And Business Processes?
By Carman Chan, Founder & Managing Partner, Click Ventures
For example, if you purchased something with your credit card and then tried to cancel the purchase immediately. You may need to wait for many days or even one month for the refund go back to your credit card. However, with mobile payment, your refund can be credited to your wallet directly within a few minutes or at most two hours. The user experience is tremendously different and the fictions of purchasing something is sometimes much less when the refund process is so instant and transparent facilitated by all the messages and communication centralized in one place instantly that provide you clarity of the refund process and schedule. Payment and Referral seamlessly In China, we can see innovative business model and processes that integrate instant messaging, payment and marketing into one platform. When a potential customers decided to purchase the service after a few wechat messages communication, they can pay for the service right away by clicking the url provided within the wechat message and pay with their wechat pay. Right after, the salesperson can message a banner/ poster immediately and encourage the customer to share the post within their social network and capture the screen to redeem some reward. All the actions related to payment and referral to redeem reward only takes 1-3 clicks and it takes less than one minute. The user experience is very different compared to traditional business models and it's very tempting to take a few clicks to earn the incentive and provide your friends discounts on the services or product that you are purchasing. This maybe one of the reasons why social commerce evolved and expanded quickly. Digital Identity There are more supportive regulations and government policies to facilitate fintech in the Asia region. Electronic know your customer services further improve the efficiency of these digital financial services. The advancement of AI further support new use cases such as biometric payment, eg. payment by fingerprint or even facial recognition. The adoption speed and adoption rate of biometric payment are both very high in China. Lending Another interesting model is the use of credit system to streamline the personal or small business lending. For example, JD.com process a lot of small merchant business data in their platform and they are able to use these data to develop their credit system and provide business loan to these small merchants in their platform. Insurance Digital insurance are starting the revolution by vertical. For example, car accidents easily generate photo evidence on the car damages and can be captured by the mobile phone of the users easily and then studied by machine learning to evaluate the damage levels and reimburse the insurance compensation within seconds and therefore automate the whole process with very high accuracy. As an early stage VC firm, Click Ventures is excited to witness more innovation around this arena and enjoy the efficiency and effectiveness enabled by these disruptive new business models.