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Latest advancements in the financial services sector

financial services sector

Financial sector firms have had a turbulent few years. Traditional companies and working patterns have been rocked for many of them by the ongoing Covid-19 pandemic, the rapidly changing digital landscape, and a new generation of agile, tech-driven companies.  

 Another few years will be even more significant, as we discover which organizations can adapt to and thrive in this shifting climate.  

Along with the pandemic, the ever-increasing number of clients who want to access services instantaneously and from anywhere via their cellphones is a key force driving these changes. In addition to the massive increase in data generated by our increasingly digitized, always-online existence.  

So, let’s take a closer look at some of the greatest trends that will affect the sector in the next 12 months, from the established conglomerates to the tiniest, youngest startups.  

Banks going Mobile  

 Today, there are over 7 billion cellphones in the world, and out of these, around 1.8 billion users do not use banking services. These untapped gadgets are a key focus for banks and other financial institutions wanting to put their products in the hands of clients.  

When we make purchases, we will increasingly use our phones – this is valid both online and offline, as many of us abandon the habit of keeping plastic in our wallets in favor of mobile payment services. This is just another example of how society is getting increasingly digital and connected, and for most of us, our phones serve as the major gateway between the digital and physical worlds.  

This is especially true in financial services, where every bank and insurance business wants us to download and install their apps.  

Why are banks going mobile?  

There are numerous reasons for this, ranging from the user experience (more on this below) to economic considerations — it is very economical for banks to provide service this way than to have us visit physical branches.  

Artificial Intelligence 

AI is predicted to provide up to $1 trillion in value to the global banking industry each year. Financial institutions are expected to embrace an AI-first approach, better preparing them to withstand incursion by increasing technology corporations.  

AI applications will permeate the whole financial industry’s activities, providing Tailor-made products, personalized customer experience, and data insights, smart robotic systems and messaging interfaces, business trackers, electronic transactions, etc.  

Also, alternative credit ratings based on non-financial data, and face detection authentication are examples of customer-facing applications.  

Many financial institutions continue to deploy AI in a haphazard and fragmented manner, frequently limiting the tech to specific uses. However, leaders in the banking industry are modernizing their operations by systemically applying AI throughout the whole cycle of their digital operations.  

Banking with Blockchain  

Simply put, a blockchain is an electronically distributed, decentralized public database that spans a network. The potential of Blockchain has been demonstrated in all professional industries, from education to finance, and all are aided by the advent of this technology. It is a top pick because of the speed and protection it delivers to users.  

Being a Distributed Ledger Technology, records on a blockchain are incorruptible, making it a seemingly perfect choice for banks, as it could dramatically reduce cases of fraud and cheating in the system.  

Blockchain trends such as Decentralized Finance (De-Fi), Smart Contracts, and Proof-of-work can be used to provide security to Finance which was until now, unimaginable.  

Check out our blog on Blockchain Applications in Fintech for more information. 

Robotic Process Automation (RPA)  

RPA is the most widely utilized tool for automating static and repetitive procedures.  

 Automation, unlike AI, relies on a basic set of rules (If this Equals then that) to provide predictable outcomes. To manage digitalization, approval, risk flagging, and other tasks, these pre-programmed procedures incorporate learning patterns, allowing them to improve over time as more data is collected.  

RPA bots are used to create reports, log data, automate repeated procedures, and keep track of logs. RPA, for example, may handle quick payments by employing a coded rule to authorize a payment automatically if all circumstances are satisfied.  

RPA allows the bank to save money, reduce human error, and speed up procedures. Customers benefit as well, as they do not have to wait for human approval.  

RPA bots also help financial organizations with compliance and auditing since they create paperwork and reports automatically. As they record and preserve all data without the difficulty of silos, human mistakes, or variances, the audit process is simplified.  

Check out our blog on Applications of RPA for more information. (link) 

Cloud Banking  

When the pandemic hit, Finance companies were already shifting in droves to the cloud, but it accelerated cloud adoption. This was owing to the advantages it provides in terms of scalability, security, and resilience at a time when customers were rapidly demanding digital services.  

Multi-cloud infrastructure, which uses many cloud service providers, and hybrid cloud, which uses a mix of public and private cloud services, are both well-known and widely utilized in the industry.  

Cloud computing relieves financial institutions from non-core activities like IT infrastructure and data centers, while also allowing them to use more flexible storage and online services at a cheaper cost. At the same time, new cloud-based approaches are shaking up the traditional customer-service provider relationship.  

UX Design  

Financial apps are becoming popular by the day, and they frequently try to provide a wonderful experience just by providing clients with access to banking services from anywhere.  

During the epidemic, apps were the most common route for people to interact with their banks. The race is now on between service providers aiming to differentiate themselves by using the latest trends to enhance the user experience provided on their platforms.  

The days of banking apps being slow and boring are fast disappearing.  

Banks are hiring UX Designers who can empathy-map their clients and strive to offer a refreshing, tailor-made experience.  

In a Nutshell….  

Banking and Finance have been working in the traditional sense for a long, and with increasing competition from Startups, are striving to retain the customers they have been serving.  

The industry is witnessing a revolution, be it acquiring credit, loan rates, or even depositing money, thanks to the advent of the era of Fintech. The amalgamation of tech and finance is making lives easier and stimulating growth engines across the nation by making things simple and secure.  

Making a career in Fintech has never been more lucrative, with rapid digitization and the boom of the internet.  

Start learning Fintech today with ImaginXP!  

ImaginXP is a higher-ed firm specializing in Future skills and making them accessible to all.  

We are running part-time and full-time courses in the Field of:  

  • Fintech  
  • Blockchain  
  • UX Design  
  • Robotic Process Automation (RPA) 

And many more….  

To know more, call us at +91-949 949 0 949 today or chat with us online!  

  

 

 

ImaginXP is leading the HigherEd revolution offering some of the best future skills certification courses and full time degree programs in Business, design and Technology. We are pioneering the higher educational space with top-notch faculties and industry-led curriculum.

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