Thank you for Subscribing to CIO Applications Weekly Brief
The Growing Role of Digital Transformation in the Finance Industry
FREMONT, CA: For many years, digital transformation has been a concept knocking at the doors of the finance industry. In recent years, the technology has become an integral part of business strategies and has forced organizations to integrate digital transformation and the latest technology. Digital transformation has had a positive impact on business operations in the finance industry. It has led to opportunities for faster, cost-effective operations, meeting regulatory deadlines, improved employee and customer experience, and remaining competitive. Digital transformation is no longer just a technology upgrade but a business strategy. Considering how far modern banking has come, it is easy to understand how digital transformation has grown to benefit everyone with greater convenience and experiences.
Digital transformation in the finance sector came from humble origins like ATMs. Today it has expanded to mobile applications and much more. The banking sector’s progress has enabled digital technology to offer more excellent choice, convenience, and experience. 2018 marked several digital transformation trends in financial services like organizational agility, increased collaboration, and risk assessment. Learning from the last economic crisis, companies focused on an effective response plan to disruption. Firms are looking at ways to improve and support innovation but through efficient means.
Artificial Intelligence (AI)
AI has played a pivotal role in credit companies and financial institutions in identifying and predicting the possibility of fraud. The technology has become more practical to help banking customers make their life safer and more comfortable. However, there is another side to the benefits of AI for financial services; it can support firms in keeping in line with regulatory and compliance changes. Also, from a customer perspective, AI can reveal exciting observations and trends in customer behavior.
Blockchain and Cryptocurrencies
The emergence of digital currencies like bitcoin has enabled customers to take advantage of faster and cheaper ways to carry out transactions. Blockchain allows cryptocurrencies to be viewed as a technology with trust-building properties, minimizing risk and human error, an outstanding securities exchange trading platform. It is regarded as one of the most impressive innovations in financial services and logistic technologies that will transform the world once widely adopted.