bankingciooutlook

Top Fintech Trends Attracting CIOs

By Banking CIO Outlook | Tuesday, October 01, 2019

The ever-changing customer-centric digital age motivates CIOs to check the latest trends that can offer all-around finance business solutions with long-term benefits.  

FREMONT, CA: Digital services and products are rapidly becoming standard in today’s world where imagining any primary task without such innovation seems impossible. Finance service providers harness latest technology to deliver advanced finance services like digital payment, online banking accounts, innovative finance solutions, and more. As the CIOs aim bright future for their finance organizations, keeping track and adopting the technology advantages stand top of their priority list. In the present market, adopting technology not only opens the doors to future opportunities but also expands the finance business objectives and goals. CIOs tend to match the force of ever-changing technology and explore new solutions to accelerate business.  

• Digital Payment Platforms

Digital Payment Platforms are becoming critical with an increase in the influence of digital platforms. Businesses look forward to implementing new technology solutions for financial applications and perform payments and transaction operations. The digital payment interfaces encourage CIOs to invest in the right tech firms that can achieve optimized technology solutions for their organizations. Person-to person payments applications offer advantages like 24/7 transaction services instantly, enabling customers to perform financial activities on a broader scale. In the high-tech global market, financial institutions, businesses, and industries experience the growth of competition. The massive transformation leads CIOs to guide their organizations’ finance department streamline digital platforms, which can quickly provide personal financial services, including different payment facilities to the customers across the world. From shopping online to managing bank accounts, today, the finance sector is involved in significant consumer activities, demanding advanced solutions for both financial institutions and consumers. CIOs recognize the extreme importance of digital finance applications for finance businesses and drive strategies for effective adoption of technology solutions.

• Digital Account Opening

In the customer-centric growing financial market, finance service providers look to provide top-notch digital finance products and focus on developing a strong and loyal customer base. Banking CIOs approach services like digital account opening for their consumers to cope up in the competitive market environment. Opening the digital account allows financial institutions to optimize account management systems, allowing CIOs to improve their finance businesses and identify new opportunities. With the initiative of digital accounts, CIOs can efficiently face digital finance challenges while managing their organizations’ market value. Opening digital accounts can optimize the finance services, collect customer data, and offer high security and full transparency on account activities. CIOs can gain business advantages like increase in conversion rate and process success rate, attracting new customers to join the digital account system. The digital account opening also contributes to supporting the organizations and achieving businesses targets. CIOs' initiative for digital accounting systems helps in studying customers’ financial activities, making effective decisions, and accelerating organizations’ performance and growth.

• Cloud Services

Cloud services are attracting banking industry to invest and take massive advantages. Harnessing cloud-based solutions carry the potentials to transform the new financing ways and develop significant cloud-driven growth strategies. Cloud-based solutions easily collaborate with various technologies like data analytics and artificial intelligence to manage and build finance organizations’ projects. The cloud-based solutions provide decentralized cloud platform to optimize the overall finance operations and open doors to new opportunities for growth. Cloud provides omni-channel strategies, which blend well with the existing channels and use innovative platforms like the Internet of Things (IoT) and sensors. Cloud services can efficiently merge with different digital innovations while gaining benefits of collecting real-time customer data, and access deep analytical insights to customize finance services and products. The omni-channel features present opportunities, which can automatically resolve digital banking issues, generate cost-benefit analysis, and develop transparent ecosystem across the organization. Implementing cloud-based solutions back the tech-savvy CIOs to update their organizations' infrastructure, and keep pace with the fast-growing business.

• Blockchain  

Blockchain technology gains popularity in the finance industries due to its unique security features. As this decentralization technology eliminates the need for third-party intermediaries, the finance-centric applications and operational systems provide CIOs with direct decision-making capabilities. By removing the intermediaries, financial institutions can significantly reduce the cost of transaction merchants and minimize third-party intervention for recording financial account activities. CIOs can support organizations to maintain data accuracy, identify frauds, and quickly settle payments. Blockchain participations can initiate automatic verifications and validations of claims and proceed to clearance processes immediately across the created network of financial institutions' authority and customers. CIOs ensure practical utilization of blockchain features to secure financial activities, initiate a smart contract system, and simplify complex banking measures. Blockchain-based infrastructures help CIOs to optimize the finance businesses solutions by strengthening data protections and high identification ability of any attempts to forgeries. Blockchain technology offers interoperability, which improves information sharing across diverse networks, the participation of numerous users and devices, protects the information, and permits decentralized operations and transactions.  

• Chatbots

The disruptive force of intelligent chatbots reshapes the traditional infrastructures of the finance industry. Intelligent chatbots help CIOs transform the traditional operations of the finance industry. To achieve a high customer satisfaction level, CIOs push their organizations to invest in smart chatbots. Intelligent chatbots add strategic equations in the future decisions offered by the banking professionals and help the organizations achieve desirable results. The advanced technology allows the organizations to understand their customers and accurately identify their digital age demands, hence driving the developers to build optimized and customized financial services and products. CIOs understand the profits on additional investment on customer delight, as the initiative can deeply root the customer and organization relationship. Chatbots provide profitable data insights using artificial intelligence technology, which collects valuable customer data through conversational interfaces. The chatbots act as a digital assistant that performs the complex operations of offering accurate information to the customers instantly. Today, chatbots are adopted widely in various financial service sectors for managing complex economic reality, minimizing the stress factor from financial planning, increasing the market share, driving more revenue, and earning new age customer loyalty. Understanding customers’ finance activities help chatbots to generate predictive analytics and smartly enable the customers to make better financial decisions and improve their finance portfolios. The advanced conversation platform proves to be the ideal solution that can detect frauds and prevent future losses. Introduction of intelligent communication bots in financial organizations boosts personal financial services while unlocking the new market opportunities.  

Today, the evolving technologies contribute to the finance industry in the major scale, benefiting and accelerating the performance in the global market. Creating a whole new era of Platform-as-a-Service, the digital solutions offer responsible finance management applications with numerous benefits and the new-age challenge facing strength. CIOs look for solutions that provide team collaborations, tools for streamlining deployment, services on configuration, and resource management in their finance organization. Technology like blockchain, artificial intelligence, cloud, and data analytics show high potentials to bring transformations in the finance market and motivate the finance business professionals and CIOs to invest. The collaboration of technology developers and CIOs brings next-generation finance solutions and highlight future possibilities. 

Weekly Brief

New Editions