What are the most significant digital changes driving the banking and finance sectors today?
Innovation continues to fuel the finance industry – find out the latest digital transformation trends in finance.
Finance and banking continue to grow, change, and adapt to the technology available at a rapid rate. Smart businesses – especially those in the financial market – stay up to date to on the changes that the finance sector faces, as well as the new trends in banking and significant or disruptive banking technology trends that may influence consumer behavior or help their business stay competitive in the market.
So, what digital transformation trends in finance are having the biggest impact in the industry, and what does that mean for the banking and finance sectors of business? Right now, some of the dominant trends are the ones that help customers streamline and simplify financial transactions.
One of the biggest banking trends right now is automation. One simple example of this is the “fast cash” option at ATMs, letting users set an amount they want to be able to withdraw every time they visit an ATM, saving time. Stash is another example of digital transformation in financial services. They make it easy to invest in real world stocks by setting up an account and automating an amount to invest every month. Automation allows customers to take more and more control of their finances and is the kind of digital banking and finance trend that is getting the attention of more people, particularly millennials, because automation makes the experience of banking, investing, and financial planning easier.
Blockchain technology is revolutionizing everything from supply chain management to content distribution. As far as latest trends in banking technology, blockchain offers consumers something they want – choice and security. No longer are consumers tied to one bank or financial services company. A decentralized, more secure way of trading, authenticating, or managing financial transactions is a huge draw for many different groups of people, from casual traders to serious investors.
Another prevalent trend dominating the financial sector at the moment is AI, like deep learning and robotic processes. This digital transformation in banking and finance is helping some customers decide which savings accounts to choose, which stocks to invest in, what kind of mortgage is right for them, and which credit cards to sign up for. With some basic consumer information, AI and robotic processes help consumers decide what financial products might best fit their needs. Consumers enjoy the simplicity of an AI bot instantly analyzing their information and offering streamlined and simple suggestions.
Digital transformation trends in finance continue to grow and recent trends in banking continue to drive and change consumer behavior. The trends that dominate and grow business are the ones that offer simple solutions for customer problems. The trends that will ultimately help shape the direction of the financial sector are the ones that make the lives of consumers easier and help create simple-to-understand strategies for financial management.
Technology continues to enhance the lives of consumers, directing how they spend their time and money. If a technology enhances the lives of the public – financially, socially, or otherwise – it’s likely to become a staple in the industry. Has your business been impacted by the digital transformation trends in banking and finance?