Fintech, a new technology that can improve and automate financial services, is expected to exceed $30 billion this year. This investment will save time and money while enhancing service offerings from financial institutions. The following 5 fintech trends will impact anything involving money in 2020:
1: Hyper-personalization via big data with AI – Big data and artificial intelligence helps us process, store, and drive insights from data. Financial institutions can acquire information about customers’ behavior and social / browsing history. AI facilitates real-time omnichannel integration of these insights for a personalized, one-to-one marketing customer experience.
2: Robotic process automation (RPA) – RPA’s will help financial institutions be more efficient in 2020. RPA’s can simply observe what humans do and suggest improvements to processes. They also can ensure institutions are meeting state and federal compliance requirements. This includes risk assessments, security checks, data analysis and reporting, compliance processes, and more.
3: Conversational interfaces – Customers rely on conversational interfaces to provide 24/7 service to improve their personal banking needs. According to Gartner, by 2020 chatbots will be used to interact with customers in 85% of banks and businesses. These chatbots may improve productivity and speed which would save up to 4 minutes on every interaction. This will provide an easy and economical way for organizations in the financial sector to receive customer feedback.
4: Blockchain – Blockchain is a special decentralized and distributed immutable computer file. It has the potential to save the financial services industry billions of dollars lost from fraud and identity theft. Financial institutions will use blockchain for smart contracts, digital payments, identity management, and trading shares.
5: Mobile payment innovations – Consumers want payments to be instant, invisible, and free. New features allow consumers biometric access control, inducing fingerprint and face recognition. Many mobile payment platforms look at the user’s purchase history to build programs and offers.
Adopting new technology can be an integral part of enhancing operations and improving customer service at your establishment. Adopting the right technology to deliver value is essential.
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