Businesses have been changing for years now, and there is no stop in sight. Industries are seeing innovations that are changing their processes, products, and equipment. In recent years, the financial industry has been seeing a lot of these innovations. FinTech has become a common term used by the financial sector and has begun changing the forefront of the industry as we know it.
Customer Service
FinTech is disrupting the different sectors in the financial industry through customer service. Excellent customer service for any business is an essential component. In the past, financial services would have trained staff that would help customers sort out problems and provide assistance. Now, chatbots are becoming a regular interaction that customers will interact with. Artificial intelligence is evolving to give answers to customer issues though it lacks the human touch, it allows service for more people.
Online Banking
People used to go into banks because it was their only means to do banking. They would go to the bank to make transfers, withdraw, and deposit cash. Online banking is a feature becoming more and more popular since you can transfer and deposit cash with a push of a button. With the ability to access our banks through our phones, computers, or tablets, online banking is creating one of the more significant impacts on the industry.
Fraud Detection
Though technology provides many gains to industries and consumers, the advancements can also put them at higher risk of fraudulent behaviors and hacking. With technologies improving, hackers are becoming more equipped with tools to steal identities and credit card information. To combat this, systems to catch fraudulent behaviors has improved. Research and development have been progressing the artificial intelligence and human component of fraud detection. AI has the ability to identify if transactions are normal or suspicious. With machines, it can be done much faster than a human sifting through all the data. Then the information will be sent to a human to determine if it is fraudulent behavior, and the contact the account owner.
Technology is creating a whole new world for us. We are able to have our accounts at our fingertips but still human interaction if need be. Managing the balance between using technology and manual intervention is going to be an important component when moving even further improvements to the industry.