5 Digital Trends That Are Transforming the Financial Industry in 2024

Technology has shaped the business of every company currently operating, there is no doubt about it. Implementing new equipment and following trends has become the only way for them to improve their productivity and grow their business. There is another thing – they have to meet the clients’ requirements which have become really high.

This is especially true for business in the financial industry i.e. those who work with people first hand. In this article, we are going to discuss the latest trends, tell you how they are changing the way companies operate, and also what benefits they bring.

1. Personalization of the service

How can a company improve customer satisfaction? Well, simply, by offering them the exact services that they need. In the past, that was not that easy, but in recent years, due to all the innovations, it has become. Simply put, banks receive numerous data regarding their clients, and they use it to custom tailor the offer for each of them individually.

We are not only talking about surveys that people fill out every once in awhile, but about the actual data regarding their account, credit score, frequency of credit card usage, and so on. According to planetforge.org, by having this information at their disposal, banks are able to provide their clients with advice on how to improve their financial status, or on the other hand, provide them with the services that are perfect for them.

Source: unsplash.com

2. Digital payments

It’s 2024, and online banking is at the peak of its popularity. Millions of people use original apps that allow them to make the payment via their smartphone or laptop instead of wasting time waiting in line in a bank. People have become spoiled and due to the fact that the Internet provides us with so many opportunities, it is natural that banks have created this type of service.

As already mentioned, every bank has its own app that allows people to securely make all the payments they want. These include everything, from paying the bills, transferring the money to another account to online shopping. More importantly, all these transactions are conducted instantly which is another way for them to boost the client’s satisfaction.

In some countries, these companies went a step further. What are we talking about? Well, there are numerous apps that provide users with dozens of services, everything from making online payments to transferring the money, and multiple others, and you can learn more about them on bebasbayar.com.

Source: Moneycontrol

3. Implementation of AI

Artificial Intelligence has transformed the business world in a big way. It comes with numerous benefits, but the fact that it can, in a way, predict clients’ behavior is by far the most important one. Financial companies have to protect their assets, in any way they can, and AI allows them to do exactly that.

First of all, based on the data from every customer (their satisfaction, credit score, frequency of using some of the bank’s services, etc) it can predict whether or not a certain client is likely to leave that company and go to their competitor. This is a competitive world we live in and every company must do their best to keep their clients.

Secondly, it protects the business from granting bad credit and loans. Even though many people get frustrated with these, when it comes to loans and interests, in the end, they have to protect their business. AI allows them to thoroughly inspect all the information about the certain client and in addition to the previous benefit, predict and conclude whether a certain person will be able to pay off the debt. This is the reason why getting approved for a loan can take so much time and why one has to provide so many different documents.

Lastly, don’t forget about chatbots. Regardless of the company, employees have to be at their clients’ disposal 24/7, and this is even more important when it comes to financial ones. Oftentimes, people have urgent questions regarding their finances and require the answer almost immediately. By programming this piece of technology to answer some of the most common questions, banks are reducing the number of tasks for their employees thus improving their efficiency. Naturally, some questions and problems cannot be resolved by AI, but the number of these has drastically decreased, and workers can dedicate more attention to people who contact them. For Fintech integration services click here.

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4. Improving security

Since we are talking about companies in the financial industry, can you possibly imagine how important data security is for them? Here, we are not only talking about personal information but also about financial data that, if stolen, can result in a robbery.

No matter how much they try, they are not always able to predict where the next cyber-attack is coming from. Due to this reason, companies have to invest a lot of money in top-notch technology that is going to protect all their data from cybercriminals. One might say that this is the negative side of the 21st century since this type of attack is more likely to happen and that it is something that didn’t exist a few decades ago.

5. The explosion of social media

When it comes to these platforms, firstly they are used to promote companies and attract new customers. Traditional marketing channels aren’t as effective as they used to be because people usually use the web to search for what they need. Nowadays, this doesn’t only apply to young individuals who are tech-savvy, but to everyone. Generally speaking, even if they see an ad on TV or billboard, people are more likely to do an online search and check out the social media profiles of the company that interests them.

Source: allpromedia

Finally, these platforms have also become the perfect place for making business connections. How? Well, everyone is present online, all one has to do is to attract their attention, and the only way to do that is by creating and uploading interesting content. Naturally, it has to be closely related to the company’s business, but at the same time, it has to be interesting to everyone who stumbles upon it. Figuring out what that is can be quite tricky, but it is another digital trend on the rise.