The 2020 seems to impress us on an everyday basis. While the world is facing natural, political, social and economical changes, we would like to attract your attention to the top 5 fintech trends to keep your eye on this year.
- Highly personalized AI-based services
More personalized the service becomes, easier it is to attract customers and above all to ensure their loyalty as they feel unique and, what’s more important, heard and understood.
Thanks to artificial intelligence (AI), financial institutions now have enough information on the behavior and social history of their customers. AI makes it easy to sort, process, and store this information. AI also allows to offer a much more personalized experience to customers and to adapt the services provided to each customer’s specific needs.
That is why even national banks all around the globe, the one of Canada, for example, are focusing their RnDs on the AI technologies integration and promotion
2) Robotic processes automation
Over the next few years, all the basic repetitive actions will be automated. Thus, offering financial professionals significant time savings and making the whole financial operational process perform faster. The automation of robotic processes (RPA) allows to identify user behavior as far as to execute substantial tasks without being explicitly programmed.
This innovation also allows to simply observe what customers are doing and then automate the processes, suggest improvements alongside. This includes processes such as client integration, verification, risk assessments, security controls, data analysis, reports, compliance processes and other related administrative activities.
3) Conversational user interfaces
Chatbots can increase productivity and speed when interacting with customers within the service user interface. This technological field is due to the progress made in language processing. Customers now expect to be able to communicate with their financial institution 24 hours a day, seven days a week.
Can you imagine a better way to meet this need than a customized chatbot? This technology enables instant responses to inquiries and significant customer experience improvement.
4) His majesty the Blockchain
In the nearest future, the Blockchain technology will enable financial institutions to communicate efficiently and securely. In this particularly turbulent period of fraud and identity theft, Blockchain could be the very right solution allowing financial institutions to avoid significant losses. Blockchain is particularly efficient for smart contracts, digital payments, identity management and stock trading, according to the most recent researches.
5) Mobile payments
Being able to contact their financial institutions and/or financial service providers anytime, customers now want instant, free and easy-to-make worldwide payments. Innovative mobile payment solutions are ready provide this. Moreover, they make people less dependent on cash.
Google and Apple already use their own payment platforms and continue to develop new features such as facial recognition or fingerprint induction. A number of financial institutions have entered the race and offer mobile applications. Customers can take advantage of these services on their smartphones. Some applications have been customized for specific customers. Among others, RBC launched a student version of its mobile app in summer 2019.
Financial institutions continue to invest in the above-mentioned technologies to improve their customer experience and their processes. These five innovations are becoming the hearts of startups that are not only moving the financial industry forward alongside with reputed players but also proposing a real financial wealth to their local and global customers.
