Can Technology Spur Growth in Finance

Can Technology Spur Growth in Finance?

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The finance and banking industry is under an increasing pressure to create new strategies and cutting-edge solutions using data, analytics and artificial intelligence. To improve customer experience, it is necessary to implement programs that will contribute to faster and smoother transactions.

There used to be a time when customers were impressed by the prospect of being able to resolve disputes and financial queries in the comfort of their own homes. Today, customers demand lightning-fast response and resolution. They no longer have the patience to wait a minute longer than necessary, which presents a considerable challenge and opportunity. Customer service is mostly driving chatbot development within the financial sector. Backed by AI and Machine Learning technologies, chatbots can help financial institutions reduce costs and meet the ever-changing needs of their customers.

Gartner’s report states that in 2020, chatbots will handle about 85% of customer service-related affairs. This is because it reduces the cost of two-way communication systems,

such as phone and email. Chatbots inspire conversational interactions and can aid financial companies to offer an outstanding experience to their customers. Chatbots can personalise these interactions and present solutions as though they are happening in-person, which help meet and exceed the customer’s expectations.

Some traditional institutions have been using bots for quite some time to deal with simple issues. However, today’s chatbots provide a lot more. They can help detect and mitigate fraudulent actions, offer financial tips to customers and help customers make informed decisions.

Some traditional institutions have been using bots for quite some time to deal with simple issues. However, today’s chatbots provide a lot more. They can help detect and mitigate fraudulent actions, offer financial tips to customers and help customers make informed decisions. For the best part, these bots help financial companies have smart and effective conversations with millions of customers within seconds. Therefore, it drastically reduces the cost of customer service while creating great interactions with their customers.

Another important aspect to look at is the integration of Big Data into core processes. Big Data presents a huge opportunity to harness actionable and relevant insights from increasing piles of data (credit/debit card transactions, money transfers, ATM withdrawals) created daily by the financial sector. These insights can be transformed into strategic opportunities, which can help any financial institution stay competitive and meet future demands.

Big Data helps financial institutions harness deeper insights about, for instance, their customers’ purchasing habits. This, in turn, enables real-time business decisions about better ways to serve their customers. It can also help financial institutions make smarter decisions about their marketing strategies, sales management and fraud detection.

Overall, big data can help banks and other economic sectors keep up with emerging trends, streamline internal processes and mitigate risks more efficiently.

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