The impact of technology on financial services

Melissa López
December 6, 2020

Financial entities that decide to invest in technological innovation can offer more complete services and thus provide better experiences to their users.

The finance sector has seen technology as an essential tool to transform and survive in an increasingly digital world, achieving the momentum for the change of model that the system already required.

Among the changes they are experiencing are cost reduction and coverage to a larger segment of the population that was previously excluded from traditional financial systems.

With the arrival of FinTech to the financial market, it was shown how technology can be used to offer truly innovative products and services, replacing old systems, promoting a transformation process in an accelerated way.

FinTechs are institutions that break into traditional financial systems through technology, adding value to them or offering new services at a lower cost and ease of use as well as transparency before users.

They constantly change tastes as new disruptive ideas appear on the market, so technology came to eradicate the need for users to visit a bank branch to carry out their financial operations, which are now available from their device mobile without the need for intermediaries.

AntIT is the perfect ally that your financial institution needs to take that step towards digital transformation, our team will perfectly match yours every step of the way, taking you to a higher level of competitiveness in the market.

Among the main advantages are:  

Automation of customer service: with the use of chatbots, conversations, or tasks can be automated without human intervention.

Optimization of internal processes: in the same way, the automation of repetitive processes through artificial intelligence increased the efficiency of its services and improved the experience of its users.

FinTech promotes the application of technological innovations to financial processes, products, and services, making them faster, better, and cheaper by modifying the existing offer.

Personalization of services: the use of data analysis makes it easier for financial entities to personalize the offers they offer to their clients, improving the quality of their services, promoting greater loyalty in the face of satisfaction achieved.

Increased security: in search of offering faster and more reliable services, more and more banks are integrating biometric recognition solutions such as facial, voice, fingerprints, etc.

Besides, the use of security keys by the user is simplified, saving time while simultaneously protecting their data.

Modernization of payment methods: payment methods have been one of the areas of the financial sector that has been most impacted by new technologies.

The use of cash has been reduced and instead the use of Apps has increased for making payments, bank transfers, the possibility of international payments, and even payments in shops.

Furthermore, the diversity of payment methods and infrastructures is positive in terms of financial stability by allowing the financial system to be more decentralized where operational risk is transferred to the cybersecurity arena.

AntIT stands out in the market as a FinTech product developer whose experience can help you achieve that level of innovation you have been looking for, contact us and we will guide you in the best path to follow for your organization.