How Fintech Is Changing The Future Of Finance And Banking Sector!

Technology has become an aid to our life today. It has become a lifestyle to make purchases, detect poisonous substance in the air or even identify medical conditions. Of course innovations have been a part of this ever emerging industry. But when it comes to banking and finance Fintech has been a game spoiler in many ways.

What might be construed as advancement in customer experience, digital operations etc is actually disrupting what once existed in the name of banking! Nadeem Shaikh is a prominent name here who has shared insights into the world of technology and finance bringing out the impacts it holds in the future.

AI disrupts customer service departments

Traditionally banking included having a customer service department where the employees would help the customers solve their routine banking issues. This has been fast replaced with the chatbots that exist in almost every website and mobile application today. With the help of Artificial Intelligence the companies are coming up with an array of solutions to the problems which aren’t just processed faster but are assisted 24*7. And all of this comes at a relatively low price than the customer service department. Of course the change has been challenging for the banks!

Online banking system

Gone are the days when collecting application forms, depositing cheque or withdrawing cash meant traveling to the banks and spend an entire day there. With FinTech services online banking has become the biggest respite. With the help of apps today transfer of funds happen with just a few clicks. Opening of an account, transferring money, seeking loans or even changing bank accounts happen through websites and apps making it extremely unimportant for anyone to visit the banks.

Detection of frauds

Banking frauds used to be a dreading event where a team of professionals would look into the system, make use of their judgment and bring out the suspects after checking on the bank’s files for months. But with the help of technology today the AI systems can track the same things within a matter of minutes. Here the accuracy and prediction is based on calculations and so the results are much brighter. Banks therefore are no more required to spend time, efforts or money on them.

Least to say Banking sector has gone through a tough time and needs to pair with technology to rise and beat the market. And as the time progresses there are far more progresses to be made.