Banks and financial institutions’ clients have higher customer service expectations these days than they have ever had, which makes it increasingly more difficult for companies operating in the financial industry, to retain and attract clientele. This challenge however, can be overcome by integrating strategies that enable financial institutions to harness the benefits of disruptive technologies like robotic process automation, cognitive technology, virtual reality and augmented reality, and data analytics.
As a result, integrating such solutions has become a priority in the financial world, and has managed to revolutionize and transform the way customers interact with their financial services providers, as well as the latter’s internal processes and operations. Over the last few years, businesses and institutions carrying their activity in the financial services industry, have tried to find the perfect recipe when it comes to incorporating disruptive technologies, but a one-size-fits-all strategy has not been determined, as each organization must take its own needs and objectives into account.
So, let’s take a look at some of the new technologies that have taken the financial scene by storm, so that hopefully, by the end of our journey, you will find it easier to make a decision regarding which solution might suit your company’s needs best.
- Robotic Process Automation
Outdated infrastructure and practices such as entering data manually, simply don’t cut it anymore, but, luckily, robotic process automation is here to help relieve financial institutions of such repetitive and time-consuming tasks. Companies’ staff have thus more time to concentrate on core activities, and direct their efforts towards more urgent matters. And employees working in the financial sector aren’t the only ones enjoying the perks of RPA, consumers benefit from the technology as well. In this sense, chatbots and virtual assistants, powered by robotic process automation technology, assist users in performing various operations in a shorter period of time, making instant payments or even receiving information about mortgage processing. Therefore, through RPA, financial services providers are able to lower their expenses, eliminate human error, and offer their clients an enhanced customer experience.
- Cognitive Technology
Understanding customers’ needs can truly set a business or institution, that navigates the rough and competitive financial waters, apart from the rest of its rivals, and cognitive technology helps them do just that. More specifically, cognitive technology enables systems to understand data such as that in the form of texts or spoken words, much like humans would, and act in accordance with human behaviour. By means of this disruptive technology, virtual financial assistants can offer users improved solutions and a more personalized experience, much to the customers’ satisfaction.
- Virtual Reality and Augmented Reality
Augmented reality and virtual reality have numerous applications in the financial sector; from virtual branches, that specialists predict to become a reality in the near future, to training banks and financial institution’s employees in a VR environment, these technologies can not only improve customer satisfaction, but also increase profitability, efficiency, and help organizations cut costs. Furthermore, by adding virtual reality and augmented reality into the mix, users can visualize and analyse data easier, and make better decisions when it comes to their account. And it doesn’t stop there; virtual financial assistants can also help clients in their decision-making process, by simulating different scenarios, enhanced with visuals, for a better understanding of users’ potential financial choices.
- Data Analytics
Another disruptive technology that’s been catching the attention of banks and financial institutions in the last few years, is data analytics. The latter provides those who choose to implement it, with valuable business insights, that translate into perhaps one of the most sought-after perk, which is competitive advantage. Data analytics assists financial services companies in making the right choices regarding financial products, helps them streamline processes, and even plays an important role in strengthening security. Through predictive analytics technologies, financial institutions are able to better protect their clients against fraudulent activities and therefore, consolidate their relationship with their customers, who, in return, reward vendors with their loyalty.
Conclusion
The financial service industry has undergone quite a few changes in the last decade, as disruptive technologies have been successfully applied in various areas. Robotic process automation, virtual reality and augmented reality, cognitive technology, and data analytics are some of the solutions that financial services providers turn to, so that they are able to offer their clients enhanced experiences, while, at the same time, increasing efficiency, profitability, and streamlining internal processes. So, what will your company be choosing?
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