3 Fintech Trends Leading the Transformations in Banking

Banking CIO Outlook | Monday, December 09, 2019

Fintech innovations are transforming the financial landscape, enabling banks to amaze customers with enhanced services. 

FREMONT, CA: Financial institutions are transforming rapidly with the incorporation of technology in the past few years. The range of fintech has surpassed the basic functionalities of banking and now contributes to developments that are transforming the overall user experience. Current technologies are also enabling financial institutions to market financial services via messaging platforms. Capabilities such as 24/7 virtual assistants, voice banking, mobile apps, social media integration tools, and other such advancements are certainly pushing the boundaries. The extent and speed of transformations are propelling the market forward while forcing the banks and credit unions to remain competitive and address the needs of modern customers.

Current fintech advancements can enable banking institutions to gain a competitive edge. Here are some of the primary fintech trends to know.

Live Chat 

The limited working hours of the banks do not fit the needs of various customers. Customers who wish to interact with the bank officials are mostly free during odd times that may not necessarily fall within the working spectrum of the banks. Banks have realized the above challenge and are increasingly moving towards innovation to address the above issue. For instance, live chat platforms are gaining popularity as a means of communication with customers in the banking sphere. 

Chatbots and Virtual Assistants

Financial institutions understand the potential of messaging platforms and are increasingly deploying chatbots that can address many of the frequently asked queries. Advanced chatbots can also assist in complex tasks such as suggesting bank accounts and investment plans based on individual customer’s needs. 

Voice Technology

Banks are also incorporating voice technologies for improved customer experience. As humans are increasingly moving towards voice technology, banks eye the trend as an opportunity to offer voice services to the customers in order to attain a technological edge in the market. Further, capabilities such as voice recognition will add to the security aspects of the banking network.

Also see:- Top FinTech Solution Companies

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