Technology is changing the trend in almost every industry and the same is the case with the financial service industry where Fintech is transforming trends. The revolution of Fintech is spreading rapidly around the world and will continue to do so.
Fintech solutions have impacted multiple sectors including banks, transactions, customer service, account management, lending as well as payment providers and insurance companies with innovative solutions that can better respond to consumer needs in terms of accessibility and personalization.
This blog covers some innovative Fintech trends seen in the financial service industry. Let’s have a look:
Customer Service with AI Chatbots:
Chatbots have become an integral part of fintech development, especially for banks as it streamlines customer interaction processes. In simple words, this virtual assistant handles a lot of basic customer queries and professionals are not required to handle them all manually. They can rather use that time for more complex and relevant tasks.
Chatbots offer more advantages to the financial service industry specially AI ChatBots. Conversational AI has seen a lot of interest in recent years, with a number of banks implementing AI-powered conversational solutions. Also called it chatbots or voice bots, can conduct smart and useful conversations on behalf of the bank with millions of consumers, at a fraction of the cost of using human customer service staff. The interactive nature of Conversational AI, and its speed and efficiency go a long way towards enhancing the customer experience. They provide 24×7 assistance which supports speedy response, especially for simple queries. With the use of Chatbots, you can automate data collection. Not only this, but you can also expect your customers being redirected to the relevant web pages.
Blockchain and Cryptocurrency for Transactions:
For the past few years, Cryptocurrency has been offering the financial service industry, especially the banking sector a quicker and cheaper way to complete the transaction. And we cannot deny the fact that it has been notable how it reshaped the ways for payments and transactions.
Blockchain has proved to be solid a trading partner in the financial service industry as it increased transparency. Not only this, but it also benefited customers. As, with the use of cryptocurrency, they could transfer money at reduced costs, also saving a lot of time. Blockchain technology will provide an immutable record of personal data for individuals looking to use mobile payment solutions, giving the industry an added layer of security. The security inherent in these blockchain solutions will prevent fraud and improve the ability of people to become part of the financial system.
Today, Mobile banking is far more accessible because of the increasing smartphone adoption rate which provides access to the internet easily. So, anyone who has a smartphone can connect to the financial system, eliminating the need for a traditional bank account. Mobile banking can be far more accessible than traditional banks, and smartphone adoption is driving that accessibility. Anyone with a smartphone and internet access can become a part of the financial system without the need to open a traditional bank account.
The digital environment allows you to deposit checks—transfer funds—apply for loans!—all from our mobile devices. With the introduction of 5G in mobile banking, we would see more customer-centric services reducing latency and transaction time.
There’s always been the risk at security and it changes without any notice. This is why risk management strategies may fail from time to time. And, we end up thinking that it’s impossible to eliminate the sources of cyber-attack. But, with more and more advanced technology including Artificial Intelligence (AI), real-time monitoring, advanced analytics and additional tools such as biometrics authentication tools, we can detect the potential threats and stop them before they strike.
One of the best examples could be blockchain technology that eliminates the need for banks in a financial transaction. This eliminates the need for a middle-man who can skim the data. Thus making the transaction even safer than ever before. Thereby increasing the effectiveness of security.
Digitalization is evolving expectations even in the financial service industry which forces the industry to reimagine the delivery of products and services. This requires the financial service industry to put customers at the center in order to ensure them with seamless experiences. In the upcoming year 2020, it’s expected that digitalization will continue innovating customer expectations for the financial industry and most importantly its banking sector.
Want to transform your financial services with the new trends? Curious to know how we have been helping Banks & FinTech companies to Grow their Business? CONNECT with CDN Solutions Group, mail us at firstname.lastname@example.org or call us:+1(602)626-7419 Or +1(347) 293-1799. We have been providing customized financial software to the Banks, Fintech Startups and Enterprise considering security, performance, development time and scalability as the key objectives.