financial technology (fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. while that segment of fintech may see the most headlines, the big money still lies in the traditional global banking industry and its multi-trillion-dollar market capitalization. the combination of streamlined offerings with technology enables fintech companies to be more efficient and cut down on costs associated with each transaction.
fintech is also a keen adaptor of automated customer service technology, utilizing chatbots to and ai interfaces to assist customers with basic task and also keep down staffing costs. in others, they are a reflection of the tech industry’s impatience to disrupt finance. because of the diversity of offerings in fintech and the disparate industries it touches, it is difficult to formulate a single and comprehensive approach to these problems. they have established fintech sandboxes to evaluate the implications of technology in the sector.
while the impact of new technology in financial services will differ based on the function, you can likely adapt and greatly benefit from many of them. many financial institutions have fought api, but with the regulation in the eu forcing organizations to offer open api, many organizations in the u.s. are following suit. chatbots and other artificial intelligence solutions are increasingly part of the digital transformation in banking.
these emerging technologies in the financial services industry are readily available for smaller banks as well, with tools to automate specific processes such as documentation, data sharing, data analysis, customer communication, and much more. implementing backend automation into risk-management, security, document processing, and so on has many other benefits, but is a new technology in the financial services industry that is still not widely adopted. while developing chatbots, experience portals, or a blockchain solution yourself would be inefficient and costly, these emerging technologies in the financial services industry are becoming increasingly accessible to banks of all sizes. 50% of consumers hesitate to approach their financial institution for products and services.
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