How Is Technology Impacting the Finance and Banking Sector

Technology has overridden our lives like never before and not only in the field of aero science, medicine but also in finance and the banking sector. Fintech has revolutionized the way businesses are conducted in the current times. Those who want to stay ahead of the times have adopted technology in finance wholeheartedly but it is not all rosy. Here is how the biggest impact of technology is feeling in this sector.

The disappearance of human customer service personnel: The customer service is the backbone of a good business and hence banks and institutes employed and trained their staff to add value but with fintech taking over things are not the same anymore. Nowadays you get to interact with a chatbot that is interactive and intuitive and smart. As a result, the need for a human representative has disappeared.

Physical banking a thing of the past: What was once a major part of one’s weekly or monthly routine of going to a brick and mortar building and interacting with other humans is also disappearing slowly. Now people can bank anytime from anywhere without even a thought from their handheld devices. It has become extremely simple to transfer and receive money without an effort or the bank knowing who their customers are.

Fraud detection easier: Previously staff was trained to identify fraud and investigate it but with artificial intelligence taking over every aspect of finance, fraud detection is ahead of its times. These machines are capable of tracing the history and detecting a pattern in no time at all.

Thus, we see that with technology the number of human interactions in the industry has come down. Organizations are relying on machines which are prone to fewer mistakes and economically more viable. The biggest concern at this point is that due to technology it is hard to know a person on a physical level and hence to judge their true nature. Therefore, there is an emergence of the video identification business to overcome this drawback in an otherwise promising future to the finance world.

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