4 Ways Technology Is Transforming Finance
The advent of technology is without doubt a solution to man’s problems. Technology clearly has made man work smarter rather than harder to achieve results. Technology in finance can be said to have made the finance sector a lot easier to glide through. It has enhanced workflows and processes in the finance sector. Its huge impacts can be seen on financial activities such as online banking, online payments to mention but a few. The interruption that technology is bringing in the financial sector is immense.
This post will show some immense changes technology has brought to the financial industry;
We all know originally, banking was majorly done in the banking halls, where people would go to their banks to withdraw, transfer money and every other problems they are facing. Any problem being faced is handled physically by a staff on ground. Right now, banking has taken a huge turn where everything can be done through an app, where the taps on buttons can help solve any financial problems one is having at the moment; either payment, transfers etc. This is the kind of thing that is changing the banking sector and is one of the bigger impacts on the industry and consumers.
This is one of the biggest way technology is making huge changes to the industry. Chat bots are changing the face of customer service in the finance industry as they have become the norm for customers to chat with. Although, the human touch is less, industries are using it hugely for their services.
Fraud detection used to be a man and machine effort back then but now AI is already moving beyond the capacity and is now starting to be able to detect fraud and identify it. It is noted that the machine can track the history of the victim, then calculate and predict the likelihood of fraud based on previous patters. It is evident that the speed is much faster than what a human can operate on.
Improved Customer Experience with AI-powered Bots
A chat bot can now know a customer’s spending habit by tracking and analysing their card transactions. Through this budgeting tips that help keep their finances under control are given. These chat bots not only do this but can also help connect internal systems to provide the right data or to input customer information.
In conclusion, these are just a few of the different ways that technology is modifying the way the finance industry works. Nonetheless, these disruptions come from progress. In other words, progress in any field is usually a form of disruption, because the existing people and technology are rendered obsolete, and need to be upgraded or removed.