Digital Payments & Business: A Compatible And Complementing Match
I would be surprised if you are not a G-pay, or PhonePe, or Paytm, or even a PayPal person. Every second person you come across uses digital payment platforms for payments of all kinds. This has even accelerated trading and has worked completely in favor of business owners. Online payments even encouraged small and medium businesses for adopting unconventional modes of delivery and services.
How Technologies Are Transforming Financial Services?
When I say technologies improving financial services, I refer to a cluster of technologies and platforms. These have been facilitating financial transactions, monitoring the flow, ensuring data security, and measuring its effectiveness. Here I am discussing some of the most transformational and dynamic technologies that have been facilitating the process.
Artificial Intelligence
Banking and allied financial services is a crucial sector that can best be served by artificial intelligence. AI enables flawless calculation, analysis, prediction and more. These help in understanding the market in-depth, identify risks and manage them, find our data or any other kind of frauds and identify data patterns. These are some of the very crucial factors in financial services that help in arriving at strategies and other decisions with minimum human assistance.
Blockchain
As we move deeper into a digitized economy, blockchain is one of the most prominent technologies that you would come across. You would need it for better and safer business operations and management. Blockchain technology brings in unchallenged security and accountability in the financial products and services sector. It ensures the transactions are safe, and thus encourages more people to be a part of it.
Data analytics
The banking and financial service sector is a highly sensitive arena. When you are operating in that sector, authentic data can be a great element for your venture. Data analytics is using technology with data for deriving exclusive business value. It gives you exclusive business sights based on which you can create your strategies, identify loopholes, develop products and services, predict market trends and enhance customer relations as well.
Chatbots
As economies across the world grow and expand, our requirements change. We need round-the-clock service and availability. This is where chatbots are relevant and useful. These have been in use for several years but conventional chatbots lose their relevance with time. Recently updated chatbots are powered by artificial intelligence (AI) and offer much human-like experience. They can add value to customer interactions and customer relations by readily addressing their queries, responding to issues and suggesting them workable solutions, and much more. Since not everyone is accustomed to how banks operate, they may need assistance. AI-powered chatbots are thus useful in serving them and more.
Cloud computing and services
Your customers are tech-savvy; they like to carry out online transactions, check their balance online, order food, or make business investments from their digital wallets. What these things point out is the increasing dependence on online platforms and digital transactions. Cloud computing enables these and much more. It provides a secured area for carrying on transactions, storing crucial data, and managing ventures.
Also Read: Business Automation: Your Way To Thrive At Your Trade
Technology Influencing Consumer Behaviour
The performance of your venture and acceptance of your products and services depend on how your consumers behave. Over the last few years, the technology boom has been more intense. As dynamic and transformational technologies are flooding the market, more and more people are adopting them.
- You have an app for essentials, luxury items, health, financial products, and services, finding a job, business, and multiple others. You name it and it appears on Play Store or App Store.
- Social media has penetrated much beyond the layers you have assumed. Your target audience is connected to a wide network, exchange regular updates, the latest purchases, and more, almost always. This creates a perennial flow of information that influences their preferences and even buying choices.
- Almost everyone has access to a smartphone and that doubles up as a tool for infotainment, trying out the latest hairstyles before you decide which one to have, and much more. Yes, different brands are using augmented reality for enhancing customer experience. For instance, like Lenskart, IKEA allows you to virtually place furniture at any place of your choice and see how it fits in and looks there.
The technological revolution over the past few years has been quite a phenomenal one. The banking and financial sector has been largely benefitted from it. Digital payments and related tools and technologies have further acted as a catalyst in boosting business across the globe. It further added to the motion and has been a great benefactor for banking and financial services.
