One of the predictions of 2019 was that digital transformation will be one of the big influences that will be visible in the financial services industry. Forbes predicted that “we will see big changes this coming year, especially for the banking giants, many of which have operated with a legacy-era brick-and-mortar mind-set for hundreds of years.”
In a recent article, Ambrosio Blackwell, Commercial Financing and Business Cash Flow Strategist, shares that industries are seeing innovations that are changing their processes, products, and equipment. “FinTech has become a common term used by the financial sector and has begun changing the forefront of the industry as we know it”, he mentions.
The financial industry has been seeing a lot of these innovations, but what are they? Improvements and advancements are noticeable in the customer services, online banking and fraud detection areas of the financial services businesses.
“Technology is creating a whole new world for us. We are able to have our accounts at our fingertips but still human interaction if need be. Managing the balance between using technology and manual intervention is going to be an important component when moving even further improvements to the industry,” Blackwell concludes.
Click here to read the article that shares more about these innovations.