Technology is evolving day by day. And in various industries, it is transforming how firms go about their business in providing their services and products to consumers. One sector that has experienced the many developments brought about by technology is the banking and finance industry.
Firms in this sector embrace technology as clients move away from the conventional banking methods to modern methods that are faster, secure, and more efficient. This transformation of customer experience is facilitated by the integration of technology in key banking and finance aspects. Some of the impacted areas include:
Online Banking
Banking activities have typically been carried out in a non-virtual setting. People had to physically visit bank premises to organize their finances or carry out transactions like transferring money to different accounts or withdrawing funds. One had to find staff to talk to in the banking offices to address their problem.
Now, brick-and-mortar stores are slowly being phased out. Online banking is gaining traction every day, and bank transactions can now be completed with a simple click. Bank accounts are now accessible via gadgets like laptops, tablets, and mobile phones. This is one of the main ways technology revolutionizes the banking industry.
Preventing Fraud
Fraud detection and investigation required a joint effort from man and computer. While computerized systems aided in the detection of possible fraud cases, trained personnel had to analyze the information and figure out whether or not there was fraud was committed. But with the advancement of AI, it is becoming easier to identify a fraudulent transaction.
By analyzing previous behavior, an AI system can monitor the transaction history and compute the probability of fraud. It reduces the need for large personnel as it carries out its analysis faster than human beings.
Customer Service
In the banking industry, customer service has been the most affected feature by the onset of technology. A solid customer support staff was once the hallmark of a successful banking company. They were responsible for responding to customer queries and offering the required assistance.
Nowadays, chatbots are replacing customer service personnel. They interact with clients to deliver the assistance required, especially for non-complicated tasks. It is a very cost-effective method of customer service. However, its downside is that it does not have a human touch. It also may result in job retrenchments in a company as the machines will replace many workers in the customer service department.
