The technological advancements we’ve made is this generation’s legacy. We’ve made everything smarter, easier, and more accessible than ever before. It has enhanced our health care systems, financial analysis, and helped us become more in control of everything around us. Financial technologies have allowed institutions to serve customers better and with more flexibility. Almost all financial institutions are present online today through websites and mobile applications that allow customers to experience automation and higher quality services.
Fintechs has used everything, blockchain, the IoT (Internet of things), Artificial intelligence, quantum computing, and many other technologies to ensure a smooth experience for customers that costs financial institutions less time and money to operate with. It also reduces the number of employees needed for monetary transactions to take place. Resulting in the absence of need for employees and human resources.
However, technology has a very vital positive impact on customers and their satisfaction with modern solutions.
Artificial Intelligence
Financial institutions now have the ability to evaluate and find customized solutions for consumers in real-time. The ability to gather more accurate data without missing information or ending up with a bad credit score that is based on false information is now nearly impossible. Some business bureaus do not have access to all your information and hard inquiries.
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Therefore, they can miscalculate your credit scores, as suggested that you get all 3 credit scores by easily getting a report from each one of these bureaus and calculating it. All of the bureaus calculate credit score the same way, it just depends on the access they have on your data. You need to check and submit these credit scores whenever needed and allowed to ensure that you’re fairly judged. After all, no one wants to have a bad credit score, especially if you’re trying to move out or need some cash for traveling or to buy a new car.
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Public Clouds
Before this year, banks and other financial institutions had concerns about implementing cloud technology. It was an issue of privacy and data security that they simply couldn’t risk. However, the adoption will be easier now since the development of cloud technology ensures safety and security beyond imagination. The cloud will allow companies to spend less money and monetary transactions will be easier and faster than ever before. It’ll allow the institutions to know more about customers and build solutions around their behavior, needs, and wants.
Augmented Reality
Did you know that in some areas of the world, you can have meetings and conversations with bank tellers and employees only by using your phone application? The augmented reality which is easy to use from your mobile phone will allow you to go to the bank and explain your issues or requests to tellers in real-time while you’re sitting at work or at home enjoying your favorite show. Isn’t that great? No more waiting areas and time-consuming drives to have a bank operation done.
Peer to Peer Technology
This allows people to do daily transactions without using a card, cash, or cheques. By clicking on a few buttons on a mobile application you will be able to pay whoever you want right away without the risk of losing confidential information. Even though this technology targeted younger generations, older ones seemed to be using it just fine and they enjoy every bit of the ease it brings to their lives.
Digital Banking
Banks are not only using chatbots and virtual assistance for customers’ education and ease in the overall experience. There are financial institutions that are entirely based on digital presence. Digital-only banks cost less for higher quality services that they offer their customers. Since they do not have traditional expenses that normal banks have, they save money to help you save and make more money when dealing with them. Think about it, less pollution and a hassle-free way to manage your money…virtually.
Financial institutions and many industries are also using Blockchain technologies. Which is reshaping financial services for consumers. As well as enhancing their ability to make more money and invest in various options to avoid inflation and be able to invest more money in various areas like cryptocurrency which some famous financial professionals and billionaires think can fix the world’s economical challenges forever.
Fintech technology has been proven that it will create more products for consumers in the future and will give them more satisfactory services. Remember to keep up with what is going on with the world because anything traditional will slowly vanish in the era of internet and technological advancements.
