How new technology is transforming the financial services sector

New technologies have proven crucial in helping financial organizations increase their efficiency and improve customer experiences. With these new technologies, financial institutions can come up with innovative solutions to help with marketing, customer service, and more. When used effectively communication automation, blockchain technology, big data, AI, and low-code software can all elevate your customers’ experiences.

Communication APIs

APIs help financial institutions by unifying and optimizing omnichannel communications. They assist by constantly updating data between applications and web servers. This helps provide sought-after information in real time. Communication APIs also deliver new automation performance without interfering with your current infrastructure.

These interfaces allow financial institutions to incorporate automation features into existing contact center operations by:

• Minimizing risk: Through account validation using SMS, email, or voice biometrics. This helps financial institutions reduce the risk of fraud.
• Sharing data: Enables the sharing of information with your customers efficiently. APIs can help clients find connected information without help from an agent.
• Processing payments: Payment APIs allow customers to make payments easily and securely over the phone.

Blockchain

Blockchain technology has revolutionized how some financial institutions do business. Essentially, it is a dispensed ledger of records openly shared among dissimilar users. This creates a record of the user’s transactions.

Blockchain has helped develop cryptocurrency solutions, which have become powerful wealth management tools. It has also ensured the transparency of regular financial transactions, facilitating a standardized financial landscape. Some have praised blockchain for its high-security traits, making online financial services transparent. Blockchain can:

• Transfer currency faster, internationally, and more cost-effectively
• Record an audit trail to help eliminate unwanted costs
• Reduce costs for customers and financial institutions
• Help decrease chances of human errors in accounting, record-keeping, and reconciliation

Big data and AI

One source of big data in the financial services sector is the information obtained by institutions from online platforms. AI can help enable tasks like risk assessment and fraud detection. Big data and AI can help financial institutions predict industry trends, manage risks, and generate revenue. (Business Insider, 2022) AI has also revolutionized client experiences by allowing customers to interact without friction at any time of day.

No-code and low-code Solutions

These solutions help to fasten the creation and delivery of applications – a significant aspect in the digital age when financial institutions must meet employee and client demands. No-code and low-code platforms also help non-IT professionals create, update, automate, edit, and manage omnichannel communication workflows.

Some of these platforms provide apps requiring minimal or no customization, making them easy and efficient to use. In other words, you don’t need to have high technical abilities to design and use no-code and low-code apps.

Contact us

At IntelePeer, we can help you optimize your customers’ experiences. IntelePeer’s communications automation platform helps mutual fund organizations, banks, and financial companies improve their communication and customer experience. Contact us today to learn more.