Fintech or financial technology is making a significant impact on the financial sector. It is changing the way people bank, receive financial advice, and interact with the bank. Fintech also provides ways to improve bank performance through automation. It can even enhance financial security, as well. Here are some more details into how fintech is enhancing the operations and delivery of financial services.
An omnichannel or multiple-channel experience is being created by fintech. This means that traditional banking is becoming integrated with online banking. An example of an omnichannel banking experience is online banking accessed via a computer that people use to check their balances, make payments, and access bank statements.
The omnichannel financial experience has moved past simple online banking now, thanks to fintech. People can now access their bank accounts and transfer money on their smartphones, thanks to new apps. Some fintech companies are even letting people perform some banking transactions on social media such as Twitter.
Co-browsing is another omnichannel financial experience that lets bankers and financial advisors see what their customers are accessing in real-time. This enables bankers to guide customers through an application process or explain how to perform transactions.
Chatbots have been adopted by the financial industry for a while now, and they are a part of the fintech revolution impacting banks and other financial institutions. These automated customer service reps let customers receive assistance 24/7. They also free up human customer service agents to deal with more pressing issues that need an actual person to resolve them. Expect chatbots to be widely used in financial institutions, but don’t expect them to replace human agents entirely. A hybrid person and chatbot customer support experience seem to be where the financial industry is headed.
Automated Financial Advice
Automated financial advice is another area that fintech is changing. Basic financial advice can now be given by robo advisors. While more complex and specialized advice will not be automated, robo advisors can help financial advisors capture leads and help to convert those leads.
Fintech is also helping the operations of the bank in addition to improving their service to customers. Banks can now more efficiently and more quickly process large amounts of data and transactions thanks to the automation of data collection and payment processing. Fraud can be detected more quickly as well, thanks to automated fraud monitoring that helps detect suspicious transactions. Artificial intelligence technology can help flag down suspicious transactions for a person to look at in more detail and take the appropriate action.