The smart customer of today needs convenient and safer ways to access, spend, save, and invest money. That is why banks are trying to go the extra mile for an improved customer experience. ATM machines, card payments, mobile banking, etc. exemplify how the banking sector is continuously evolving and believing in technological advancements like never before.
An overwhelming number of leading banking organizations have been adopting conversational AI to improve customer service and end-user experience. This has been especially evident in the retail banking sector where there is no shortage of competitors. Valuable customer analytics and 24/7 support are some of the benefits that conversational AI offers.
Traditional financial institutions still rely on manual tracking when it comes to the vendor management component of their workflow. They make use of spreadsheets, email, and shared files on online drives instead of a dedicated vendor management platform. A common misconception in the financial industry is that investing in a Vendor Management System (VMS) is more expensive than manual processes.
For the FinTech sector, the pandemic-riddled 2020 and 2021 had been majorly about handling the many hurdles of digital transformation. 2022 is looking like the year when businesses will stabilize and get back to business as usual after swapping their systems to digital platforms.
The banks of today are witnessing sweeping changes at an unprecedented pace. Changing consumer expectations, new technology innovations, and unconventional business models are driving these changes in the banking sector. Banking officers operating in the technological sphere are realizing the potential of cloud banking to help them cope with these modernizations.
The FinTech domain has recently become an integral component of banks and Financial Institutions (FI). FI-FinTech collaborations are especially crucial in handling the vast and ever-increasing burden of regulations in the financial sector. Regulatory changes are being rolled out at a staggering rate in the finance sector. This has driven FI stakeholders to turn to niche technology solutions collectively known as Regulatory Technology (RegTech).
Finance industry processes are becoming more foolproof and efficient due to automation. There is plenty of evidence to showcase the growing impact of Machine Learning (ML) and its wide acceptance across various use cases in capital markets.
Fintech is one of the fastest-growing industries, owing to the rising penetration of internet users. There is a paradigm shift to mobile devices for performing financial transactions and related actions.
Before the concept of crowdfunding, the only way for the early stage startups and founders with new ideas was to approach angel investors to get seed funding or go for VC (Venture Capital). On the other hand, established businesses opt for IPO (Initial Public Offering) to raise a huge amount of capital.
The hype around cryptocurrencies (like Bitcoin, Ethereum) unveiled a disruptive technology, called Blockchain. A Blockchain is a virtual, public ledger, which uses cryptography to store permanent and tamper-proof records of transaction data.