Big data and AI
marketing experts espoused the benefits of personalization to attract customers and keep them loyal. Today, thanks to big data and artificial intelligence that helps us process, store, and drive insights from the data, Financial institutions now have information about their customers’ behavior and social and browsing history. AI facilitates real-time omnichannel integration of these insights to deliver a personalized one-to-one marketing experience for their customers at the time when the information is most relevant and useful.
Robotic Automation (RA)
Probably the biggest change that is affecting our businesses is how machines are taking over tasks ranging from window cleaning to inventory management. Anyone with a transaction-based job or business will be having a forced career change before the end of the decade
robotic process automation (RPA) will continue to impact financial institutions to help them be more efficient and effective as well as help ensure they meet federal and state compliance requirements. Today’s advanced RPAs don’t have to be explicitly programmed to perform tasks; they can simply observe what humans do and then automate or suggest improvements to processes. This includes processes such as customer onboarding, verification, risk assessments, security checks, data analysis and reporting, compliance processes as well as most other repetitive administrative activities.
By eliminating human involvement in these interchanges, productivity, and speed improve. In fact, according to one report, financial Chatbots save over four minutes on every interaction. This is a booming area due to the progress made in natural language processing and speech generation. Customers of financial institutions have come to rely on conversational interfaces to provide 24/7 service, instant responses to queries, and quick complaint resolution to improve personal banking significantly. Conversational interfaces also provide an easy and economical way for organizations in the financial sector to receive customer feedback.
Blockchain, a special immutable computer file that is decentralized and distributed, is disrupting financial institutions. Blockchain can make things more efficient in the financial services industry. Since fraud and identity theft cost financial institutions billions of dollars annually, blockchain has the potential to save the industry from experiencing these significant losses.
Mobile payment innovations
One of the latest “big things” in fintech is the growth of the mobile payments industry. Consumers want payments to be instant, invisible, and free (IIF). Mobile payment innovations might even do away with our traditional wallets as global consumers are less reliant on cash. Google, Apple, Tencent, and Alibaba already have their own payment platforms and continue to roll out new features such as biometric access control, inducing fingerprint, and face recognition. One of the most popular payment methods. is now the world’s largest mobile payment platform. Many mobile payment platforms are building programs and offers based on the user’s purchase history.
Cloud computing has become mainstream, with major players AWS (Amazon Web Services), Microsoft Azure and Google Cloud dominating the market. The adoption of cloud computing is still growing, as more and more businesses migrate to a cloud solution. But it’s no longer the emerging technology.
Edge computing is designed to help solve some of those problems as a way to bypass the latency caused by cloud computing and getting data to a datacenter for processing. It can exist “on the edge,” if you will, closer to where computing needs to happen. For this reason, edge computing can be used to process time-sensitive data in remote locations with limited or no connectivity to a centralized location.
#Blockchain #EdgeComputing #MachineLearning #BigData #AI