The modern banking sector is increasingly moving towards interactive technological enhancements to address evolving customer expectations.
FREMONT, CA: Financial institutions are evolving rapidly with the adoption of technology in the past few years. The present contribution of fintech has surpassed the primary functionalities of banking and now accounts for the developments that are revolutionizing the overall user experience. Current technologies are also aiding financial institutions to market financial services with the help of messaging platforms. Capabilities like 24/7 virtual assistants, mobile apps, social media integration tools, voice banking, and other such advancements are certainly pushing the boundaries. The speed and extent of transformations are guiding the market forward while forcing the credit unions and banks to remain competitive and address the requirements of modern customers. Here are the primary fintech trends to know.
Live Customer Support Facility
The limited operational hours of the banks do not fit the requirements of various customers. Customers who want to interact with the bank officials are usually free during odd times that may not necessarily intersect with the working spectrum of the banks. Banks have understood the above challenge and are increasingly shifting towards innovation to address the above issue. For instance, live chat platforms are gaining traction as a means of communication with customers in the banking eco-space.
Proliferation of Chatbots
Financial institutions have realized the potential of messaging platforms and are increasingly incorporating chatbots that can address many of the frequently asked customer queries. Advanced chatbots can also aid in complex tasks such as suggesting investment plans based on individual customer’s needs.
Customer Experience via Voice Capability
Banks are also adopting voice technologies for improved customer experience. As people are increasingly moving towards voice technology, banks eye the shift as an opportunity to lace their systems with voice services in order to gain a technological edge in the market. Further, capabilities like voice recognition will contribute to the security aspects of the banking network.
Current advancements in fintech can enable banking institutions to gain a competitive edge, and thus financial institutions are investing increasingly in fintech innovations.