When technology grows, it’s time for the financial industry to adapt and evolve. Customer needs in banking are changing, and that’s why institutions have to adapt to drive efficiency, and better experiences.
Understanding tech solutions can benefit your business in the long run. Here are a few important technologies for a prosperous business!
Cloud Computing
Cloud computing is widely used, not only in Finance, but also in various industries. Flexera revealed that more than 50% of organizations moved their business to the cloud in 2020.
What makes cloud computing crucial?
The data provided is uploaded straight to the cloud and protects it from security risks. Another advantage is that it allows people to access data with role-based administration. This leads to an increase in productivity and efficient management of data security.
For example, UnionBank of the Philippines provided a seamless online banking experience by using the world’s leading cloud computing software, Salesforce. With Service Cloud, they connect with customers across multiple channels in handling Customer Engagements and Support.
Robotic Process Automation (RPA) with Artificial Intelligence
The amount of unstructured data is rapidly increasing, especially when customers are going digital. It goes beyond the transactions since other data can help banks improve customer service.
This technology can imitate human action at a higher speed, scale, and quality. According to KPMG’s Rise of the Robots report, RPA can have a high cost-saving potential of up to 75%.
RPA and artificial intelligence (AI) can be applied in banking services. In this technology, people can scan documents– structured or semi-structured data– without going to the bank.
Automation Hero, a Silicon Valley software company, takes RPA to the next level. It combines RPA with AI as it intelligently automates repetitive and time-consuming tasks to improve productivity and drive more successful, optimized business outcomes.
Read here to know more how this is done.
Customer Service Platforms
Long lines have been a major pain point for customer experience in many banking industries. The lack of attention given to customer experience ends up costing more long term.
A 2020 McKinsey research showed a third of high-net-worth clients explaining why they are not satisfied with the quality of financial advice offered. It resulted in one out of five moving their assets to another bank during the pandemic.
An interesting case of such applications was demonstrated by UnionBank, which offered a secure process by opening an account remotely– all done within their native app. All you have to do is provide basic information and upload documents anywhere.
The improvement of customer experience generates more revenue for the enterprise.
Data Analytics Software
To truly understand and make sense of data, you need to analyze gathered insights to help your team make informed decisions. Data Analytics gives you the visibility to manage and improve customer experiences
For example, Salesforce allows you to see data in a single dashboard, whether it be real-time marketing campaigns, sales reports, and other valuable insights unique to your company.
With the recent developments of AI, it enhances the ability for you to analyze data in your business beyond the traditional data tools or data analysis tools available in the market. With Salesforce Einstein Analytics, it offers insights to the data from contacts, campaigns, and accounts in your customer relationship management (CRM) system.
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Future-proof your business with these technologies by messaging us here. Our team is here to help!