How Technology Has Made Financial Services More Efficient
Technology has had a huge impact on the lives of everyday people and business professionals all over the world over the last few years, and it is only set to continue growing, evolving, and expanding.
One area that has been affected in a positive way is the financial services industry. Thanks to technology, financial services are now more efficient than ever. Continue reading to learn about how FinTech has been changing the way that people handle their finances on a daily basis.
Mobile Banking Makes Banking from Anywhere Very Easy
One of the most obvious ways that technology has made financial services more efficient is mobile banking, which gives customers the ability to manage their accounts, make payments, and more, all from remote. In other words, customers no longer have to go to a physical bank in order to make transactions. Instead, they can do it all from the comfort of home, at their desks at work, or on their mobile devices while they are on the go. And because mobile banking has been so popular over the last few years, online financial services are also set to increase and expand in the future.
Changes in Customer Service
Mobile banking and online banking are changing the way that financial service companies need to provide customer service. Generic services aren’t required now that most people do their banking online, and customers also expect a more personalised and tailored experience whenever they do need to contact a bank by chat, in person, or over the phone. With the help of technology, financial service providers are able to give customers the answers that they need right on their websites, as well as through secure message centres that provide answers promptly.
Innovators within the financial services and technology sectors are also using their skills to allow for more automation and less manual processes. Automation results in increased efficiency, but it also makes it possible for new financial businesses to offer their services to new sets of customers that used to be available only to elite and established players in the field. For example, there are advisors that are now able to offer automated, full suites of wealth management services that include investment advice, tax strategies, and asset allocation, and they can do it all through an online portal.
Cybersecurity has become extremely important for financial service providers because so much data is stored on servers that can potentially be hacked. And in the last few years, there have been a large number of data breaches. For example, a total of 400 breaches occurred within the United States just in the first half of 2015. Technology is helping banks and other financial institutions efficiently secure their information to prevent the same kinds of breaches in the future.
Technology has affected the financial services sector in a variety of ways, from providing better security, to allowing people to bank from anywhere. It will definitely be interesting to see how much more technology can contribute towards making financial services even more efficient in the future.