Technology is by now playing a big role in the evolution of conventional financial services as enterprises try to adapt to evolving customer expectations, decrease costs, avert competitive losses from nimbler startups, and find novel ways to develop revenues in the digital age.
Digital transformation waves across all areas of financial services. Each month a novel application of artificial intelligence or machine learning makes the headlines. Under significant force to reduce costs and advance the volume, pace, and quality of consumer information, financial companies are shifting towards machine learning to automate main business tasks.
Eventually, robots may learn from data patterns and past decisions to make machine-pace assessments and execute certain operational functions 24 hours a day, seven days a week. With competition more and more growing in the financial world, automation offer companies with the prospect to speed up key processes and provide consumers with a more competent service.
Fintech World
This is mainly useful for Fintech innovators who can connect this technology to provide a growing range of tools and services to customers and businesses, starting from mobile payments to crowdfunding and online lending. In terms of alternative business loans, automated credit checks, and online applications have swap lengthy negotiations between customers and bank managers. All it needs is a computer, smartphone or tablet to access a range of funding choices at reasonable rates.
In the financial sector, decision-makers need the guidance of automated systems to make better data-driven decisions. No matter how hard you try, you simply cannot contend with the calculated accuracy of software and automation. One business, which leverages automation in the finance industry, is Moneta International UAB. One of its CEO, Eyal Nachum, indicated that we are continuously improving our payment and cash management system, which was designed for the 21st century. Customer financial data remain discreet and secure, the user interface becomes attractive and easy to use no overdraft, or additional charges involved.
Today, customers have high expectations. The rapidly adapting information base of automated software, which directly informs customers on their devices, is extremely helpful to customers.
By minimizing human being error, freeing up funds, and staying updated on information, automated technologies can raise efficiency in many industries. Automated technologies execute mainly human-based tasks without any of the conventional constraints.
Statistics
85% of banks have adopted digital transformation
3 out of 4 worldwide customers are using Fintech services for money transaction
77% of financial institutions are looking to innovate more
60% of conventional banks are teaming up with Fintech startups, and 82% expect these collaborations to increase within the next few years
The final reason why automation is beneficial
It’s a fact that today’s consumers are more linked with information than ever before. Therefore, it seems a little counter-intuitive to pay attention to a human about what funds or assets to go after when the information is easily accessible online.
Social trading forces technology service providers to innovate better tools, generating the need for automation in all businesses.
Credit unions, banking institutions, and top financial service providers have been playing catch up with new software developments and advancement in technology initiated by Fintech startups. This phenomenon is permanently changing the overall financial landscape.