Digitization currently covers all industries and, through technology, can accelerate processes, increase work models' effectiveness, and facilitate business strategies. Your investment can influence a 14% increase in company profits and a drop of up to 13% in operating costs, according to a study by the digital firm Avanade.
One of the clearest signs of how the technological revolution drives all productive sectors is the birth of Fintech (from the contraction of the English words finance and technology ), a current that encompasses various companies that want to participate in the financial sector and that use technologies to create innovative, practical and strategically designed products with the customer at the center (CX), understanding their behavior.
Fintech has created better contact points and services for banking customers, including other forms of payment and even currencies, which increase the transition from the physical to the digital world, democratizing money and benefiting the global economy.
A digital trend is related to the high degree of assimilation of mobile technologies that society is having. For example:
Digital Transformation in the financial sector is an exciting trend that will continue to define the coming years and decades.
Currently, the process involves increasing security, practicality, and agility and reducing typical problems in the sector, such as bureaucracy and service fees, which are essential for the coronavirus pandemic.
But what has changed, and what is expected for the future? What will be the mandatory trends and technologies to accompany this growing digitization?
It is not news that the Digital Transformation in the financial sector, as in other sectors, was mainly driven by the coronavirus pandemic. During social isolation, many financial institutions had to reinvent themselves and turn to digital to continue operations that could not be stopped even in delicate moments. At the same time, consumers were educated to accept technology as part of their routine, and thus it was not necessary to go to the bank many times; it was only enough to click.
We can say that the "pandemic effect" has changed how companies and customers act and think, revolutionizing finance and impacting the sector as a whole.
Digital and personalized service during the coronavirus pandemic and news about large banks' closure of physical branches were standard. This massive shutdown is justified by the way consumers have come to use banking services. With the support of more intuitive applications and platforms, it became unnecessary to go to branches to carry out banking operations. At the same time, getting used to technology has made consumers increasingly demand quality, efficiency, and a unique and unforgettable experience.
Given this scenario, digital service has become more critical, and many companies have begun to invest in modern and intelligent technologies focused on the Consumer Experience (CX) that provide a humanized and personalized service within the digital environment.
Among the advantages that technology brings to the financial industry, we find.
Online banking became widespread in the 2000s, and today new technologies are a daily part of companies and consumers. Furthermore, new tools are constantly being developed to boost the Fintech industry, from established banks, StartUps, and even technology organizations embarking on a new path in this area.
Among the most used advances currently are.
In the financial sector, new technologies are blockchain and cashless payments. The first is not only cryptocurrencies, which many do not trust but also the most powerful means of protecting any monetary transactions. In parallel, digital transformation is taking place in areas such as.
Many banks already allow their customers to perform most transactions remotely, without visiting a branch.
Digital transformation is also gaining momentum in the financial sector. New technologies, in particular, offer enormous efficiency potential for the future. Knowledge and old inventory systems need to be improved during implementation. Enormous savings potential can be realized with highly manual processes through simple measures.
While technologies such as RPA are already being used today, future technologies such as blockchain, AI, or big data still need some time to be fully adapted. In the long term, however, these technologies will present an entire industry with fundamental changes.
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