Trends A Financier Should Keep Up With This Year

This year saw a great many innovations in the field of financial technology. From the new cloud to artificial intelligence, the technology is mind-boggling. Any financial service company that wants to offer better customer service and keeps perfect control needs to leverage every one of the high-end innovations. To be faster cheaper and more powerful, a financial service provider should consider investing in at least the four technologies listed below. They will not only modify the way companies operate but facilitate a paradigm shift in the entire industry.
• Any firm that wants to stay ahead of the curve when it comes to operations needs to think about Big Data. Better tools and improved visualizations have made it possible to take data actions that advance your business model and make it more open. At present, most financial services are basing their decisions a data infrastructure that is old. Invest in a new architecture so that you can follow the new data requirements such as PSD2 and GDPR when the right time comes. Begin with an application for data uniformity and work forwards from that point.
• The retail industry and the communication sector have somewhat spoiled the consumer. The customer now has the same expectations from banks and other financial institutes. The target audience is not extremely tech savvy. Digital is the word of the day, month and year. Any financial service provider who wants to retain their customer base needs to transform digitally. For any bank who wants to beat out the competition, the need of the hour is investing in digital infrastructure. Taking on digital transformation projects is the only strategy to meeting your customer’s demands and expectations.
• Slowly but steadily banks are facing a need for a business model that is cloud-enabled. Any institute that is already choosing cloud technology is seeing a boost up. But with such technology comes the responsibility of compliance with security and administrative regulations. These rules have to be the guiding star for any cloud-enabled structure. Utilize open APIs and the applications will drive patrons to cloud even more.
• The last trend that necessarily should be taken advantage of by financiers is artificial intelligence. This trend is more focused on the marketing, sales, investment and wealth management side of the service. AI will bring an intellectual factor in promoting such services. The shift from machine learning to cognitive computing is already visible in banks. Advanced robotic technologies like predictive analytics are already old news in the financial sector. If you want to keep up with other brands in the field, factor in AI.
By incorporating even one of these trends, a financial institute can better assist a customer. They can satisfy every need of the patron even before it arises. It is not just on the customer-end that the pros lie. A company will be able to offer cheaper services and deliver them faster which translates to a thicker bottom line. It is high time to make new technologies part of the financial sector.