Impact of technology on Finance industry

Financial services companies are looking to improve efficacy, service speed, and customer experience by searching for new technologies. No doubt technological developments have changed the way we operate our businesses, ranging from information collection to interaction, advertising and meeting, and conferences.

The new buzzword ‘FinTech’ is becoming common in this sector.

There are vital areas that incorporate this technology in order to enhance the customer’s journey:

  • Online Banking: Banking has traditionally been something where people would go to their bank in town to withdraw money, transfer funds from one place to another, and sort out their finances. Online banking is becoming more and more sophisticated on a daily basis – we can transfer money or pay for goods by pressing a button. We live in an era when you can use phones, computers, and tablets to access our bank accounts. It disrupts banking and is one of the biggest impacts on business and customers. This is a very important factor.
  • Fraud Detection: Financial services executives are already sorely aware of the impact cyber threats have had on their industry. The detection of fraud was an equal effort by both man and machine. Technology can also improve corporate financing by protecting against human error and fraudulent activities. Nevertheless, now AI is making progress and can detect fraud and recognize it at a much quicker rate than a person. The program can go all its history and predict fraud based on the previous template.
  • Customer Service: Perhaps FinTech’s greatest disruption of the finance and banking industry is customer service. Most financial services directors feel that a good customer service team is vital for the Company. Chatbots can provide consumers with quick, customized interactions as part of the engagement process, using machine learning and artificial intelligence.chatbot can be designed to respond to all kinds of financial requests and queries.