The world is changing at a rapid pace thanks to new technology, ideas and consumer behaviour. No industry is safe from the advances of innovation, and it’s important for businesses to stay up to date with the latest trends if they want to avoid falling behind the times.
While all global industries are experiencing changes due to innovation, few have felt the impact of new technologies than the financial industry. Modern consumers now expect better security, increased efficiency and greater access to their funds when using banking services. The explosion of the financial technology (FinTech) sector has demonstrated just how important technology can be for banking and financial services.
Diverse Payment Options
In 2023, consumers have a greater variety of payment options than ever before. Online payments have gone from being difficult and potentially dangerous to becoming commonplace, and that’s thanks to the development of faster and more secure payment options.
Not only can consumers use traditional banking services such as debit and credit cards, but new options such as eWallets, buy now pay later, and even cryptocurrencies are growing in acceptance.
One of the most significant advances in online payments has been the introduction of embedded finance. Now, consumers can make payments for goods and services directly through the app instead of needing to open up a new window to set up and approve payments.
Gaining Insights Through Data
In today’s digital era, the value of data has surpassed that of oil, leading to a transformative impact on decision-making processes across industries.
AWISEE and other marketing-focused companies harness vast amounts of data to shape their SEO strategies, recognizing the immense potential it holds.
Within the financial sector, consumer data is collected by financial apps and online banking platforms for various purposes. This includes analyzing trends, predicting behaviors, enhancing customer experiences, and detecting fraudulent activities. By adopting a data-driven approach, personalized services are offered, operational processes are streamlined, and a competitive advantage is gained within the financial industry.
Personalising Consumer Experience
Data can also be used to provide a personalised experience for consumers, giving them suggestions and services based on their preferences. This personalisation can be carried across multiple apps and services, ensuring that each consumer receives the kind of service tailored to them.
When combined with the power of artificial intelligence (AI), data collection and personalisation can become even more efficient. AI is capable of analysing a vast amount of data and helps companies gain new insights into how consumers use their services.
The ultimate goal of personalisation is to give consumers a better experience. This helps to increase engagement from consumers, as well as drive brand loyalty. Ultimately, this allows companies to drive business growth and build longer-lasting relationships with their consumers.
Regulatory Technology
Regulatory technology, better known simply as RegTech, is a growing field of technology within the financial sector. Rather than focusing on the consumer experience, this technology aims to help businesses comply with the latest regulations.
With financial regulations, particularly those involving FinTech, becoming increasingly complex, it’s important that companies are able to adhere to them properly. TegTech can be anything from specialised software that automate compliance tasks to data analysis tools that discover the latest regulatory trends.
By following regulations, financial companies can avoid facing fines and the loss of customers. RegTech makes the process a lot easier while also minimising the risk of non-compliance, which can be costly for businesses. It allows companies to get an overview of their compliance situation and take any necessary corrective action.
