The FinTech revolution and its impacts

Every field is revolutionizing its operation processes through the integration of technology to make them more efficient and less time-consuming. Not only does the make them more profitable for the business, but also enhances customer experience. Technology allows real-time collection of data and tracking of the business operations for actionable insights in every moment. It enables companies to mitigate risks and put forth meticulous steps.

While these seem useful in various sectors, how can technology specifically aid the growth of the conventional finance and banking industry? The key areas that will benefit from the incorporation of technology include

Help-lines and customer support

On the turf of financial institutions, a proper guidance through the various procedures and formalities and support for the different modes of a transaction are crucial from the customer point of view. In the traditional structure of the institution, this would require trained professionals well-versed with the entire system. Handling of big money and matters concerned with them could become a risky job.

But, with the advent of the technology of AI, this has become easier. A chatbot can be programmed to answer all such customer queries. Although this will lack a human touch, the clients will be provided with information for instantaneous action.

Internet banking facilities

A proficient market research would suggest that most regions of the world are switching to digital wallets and cashless transactions. This renders online banking an integral part of the everyday life also making the physical presence of banks redundant. Online banking is developing with newer utilities for the customer every day; Transaction limits are being raised making the management of money more sophisticated.

While the customer can pay through a click, it requires an efficient infrastructure for the exact amount to reach the specific concerned person. This has been enabled by technological advancements. People can now also conveniently view their bank statements or make payments through any of their every-day-devices like phones and tablets.

Detection of fraudulent transactions

The staff and the owner of the respective account were initially responsible for recognizing any fraudulent transactions done through the accounts managed by them. But newer software being designed is capable of recognizing a person’s transaction patterns and thus determining a likelihood of fraud. This makes resolving the issue a lot faster.

Technologies such as the aforementioned are capable of surpassing human potential. This will cause a disruption of the traditional industry. While this may signal the revoke of a number of job opportunities, it will also create more vacancies in the field of innovation to design and deploy such services. This is a preferable solution because the virtual world is not prone to err at the rate of humans. It will also provide more feasible solutions to the various existing problems in terms of money and time.