January 1, 2019 By Adam Willson
Financial and banking industries changed drastically in the last couple of decades, simply because technology evolved. Most of the financial sector is now online, and brands and institutions are trying hard to keep up with the new changes and shift in technologies. Business experts like Nadeem Shaikh believe that it’s high time that the financial sector understands how the contemporary customer works. The new-age buyer is spoilt for choices and has access to better technology and online services.
Think of this – More than 50% of the world population has internet access, and that’s only a figure for 2018. The projections are huge, and it is not surprising that the giants and new companies in the world of finance are trying hard to grab the potential. In this post, we take a look at how technology may change the financial sector in years to come.
Customers will be on the forefront
Brands have to react to the demands of customers in a positive way, especially in the financial sector where money and trust is always at stake. Let’s face it – Better technologies may have improved services and the way people access financial services, but the change comes with serious concerns, such as data security, hacking and misuse of company resources. Brands will have to find ways to address the needs of the customers better.
Digital is the way to go
Gone are days when the staff and managers had scope to engage customers personally within the workspace or office. Today, all financial services are accessible online, and digital engagement is going to be a prime concern for all businesses operating in this sector. From having apps to creating special services that are reserved for online customers, the shift is real and needs to be extremely significant to generate revenues. Financial institutions also need to understand that cost reduction is important, and so is the need to add more value to the brand.
The extent to which artificial intelligence influences a company is different for every industry, and in the financial sector, the impression is likely to be massive. The banking sector is constantly grappling with the challenges of creating a secure system and offering better digitized services, and artificial intelligence is likely to have a big say as how things shape up.
To sum up things, there is no choice for financial companies but to embrace the new technologies.