Advancement in technology has transformed the various industries these days and finance & banking sector got no exception as well. Latest technology offers abundant benefits and various opportunities for businesses and fintech has totally changed the way we use financial services either for business or personal purposes. Due to the development of responsive websites, mobile apps, and other fintech solutions, banking and finance related processes become more efficient, faster and reliable too.
Technology has made a weighty impact on finance and banking sector and here are some ways how technology is impacting the financial sector to make things better for businesses and individuals.
Banking was done manually in a non-virtual way. Visiting the bank physically was a must to carry out several banking transactions like money withdrawal, transfer and deposit money into the account, etc. these days, people can conveniently send or receive money, transfer funds and pay bills on their internet-connected mobile devices. Online banking is getting more and more classy on a regular basis and several banking transactions can be done within just a few taps on the screen of smartphones and other mobile devices. People who are looking for loan, can get the required details and best deals by visiting the responsive financial websites even without leaving their offices or bedrooms. Bank accounts, monthly statements, and transaction history are accessible on computers, mobiles and tablets. Online banking is one of the biggest impacts of technology on finance and banking sectors.
More Efficient Processes
Modern technology has provided many benefits to both financial institutions and consumers alike to make the banking processes more efficient and faster. A bank account holder can easily check his/her account history and transaction details even while visiting another country for business or personal purposes. Online forms can be filled to open a new bank account or to apply for a loan. It makes things easier for both financial institutions and customers.
Better Customer Services
Customer services is another way technology is impacting the banking sector. Along with hiring professionally trained and highly qualified staff to handle customer queries, financial institutions and banks are spending money on developing mobile-friendly websites, mobile apps and chatbots to provide mobile users with excellent services whenever they need. The integration of chatbots with websites and social media sites has become the standard to interact with customers 24/7 in real-time. Customers are getting their issues and problems done within no time even while on the go. In this way, both financial institutions and customers are better able to carry out several banking related transactions and processes without spending lots of time and effort.
Faster fraud detection
We are living in a digital world where cybersecurity is one of the major concerns these days specially when it comes to carry out financial transactions. Thanks to the latest technology, fraud detection in the finance and banking sector have made effective and quick to keep the financial details and information of customers protected from cybercriminals. Integration of latest technologies like artificial intelligence and machine learning is making fraud detection faster, reliable and convenient as well. A bank account holder can easily detect any fraudulent activity in real-time due to the notifications sent to the customers on their mobile devices. Secured websites with SSL certificates automatically encrypt the details of users to keep them protected from malicious persons. AI can easily examine numerous factors like consumer behavior to predict and prevent fraudulent activities. All these things not only allow the financial institutions to improve security and build credibility but also enable the customers to avoid erroneous activities.
Technology has totally changed the way to get different financial and banking transactions done. Mobile payment is another way how technology is impacting finance and banking landscape. Plenty of mobile payment options enable individuals and businesses to send and receive overseas payments in real-time. Services like PayPal, Google Pay, and Apple pay make it easier to pay for the goods or services purchased online. Similarly, payments can be received for products sold via the internet. There is no need to wait for days and spending hours in the lines to receive payments. You can get paid or send payment in real-time without wasting precious moments.
In this era of mobile technology, consumers want more convenience and functionality regarding their financial transactions and investment activities even without visiting the financial institutions. It is the place where Robo advisors can come in handy and it is just possible because of the latest tech inventions. Through this way, people can get useful information and advice about their financial and investment accounts to make sensible and productive decisions.