#6 Navigating the Technologies for Fintech and Banking
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Financial institutions need to adapt to new realities framed by pandemic-induced high-speed digital adoption. Combining technology with a personal touch, intelligent use of data, and compelling service delivery models, we pave the way for our clients to increase customer engagement. Here are the technologies that our clients from Fintech and Banking industries adopt now.?
Robotic Process Automation
RPA has been one of the top technology trends among financial institutions since 2020. Here are four main areas in the banking industry where robotic process automation can be used:
Reporting and audit (documentation process automation, freeing employees from monotonous manual tasks, providing control activities for legal and audit operations)
Risk and compliance (for KYC, SAR, regulatory compliance, intelligent automation, etc.)
Lending and mortgage operations (10 times faster loan processing, mortgage operations automation)
Customer Servicing (automatic classification of emails and auto-reply setup, single automation interface)
Business Intelligence and data visualization
More and more financial companies are making good use of the data pouring from spreadsheets, invoices, journal entries, and other sources by using Business Intelligence. Analytics embedded into a CRM or ERP system help to unlock the valuable insights hidden within.
Personalization in banking
By building personalized relationships with clients, banks get additional financial worth: up- and cross-selling of financial products, new clients through recommendations, inter-bank transfers, etc. All these complement direct revenue streams and are the result of brand affinity.
In our expert article, How To Nail Personalization In Banking and Build Customer Loyalty, we revealed five secrets of acquiring and retaining bank customers through personalization.
Cloud adoption
Cloud adoption has become a real game-changer for financial organizations. It helps them ease their operations, function more efficiently, and delve into generation-defining technological capabilities such as blockchain, AI, etc. Here are some of the benefits of cloud technologies for Fintech:
1. Cloud service providers take major responsibility for the protection of the data, applications, and infrastructures in the Cloud.
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2. Cloud technology allows companies to store large amounts of data and scale up and down according to business needs.
3. The Cloud helps process and analyze big data faster, leading to data-driven insights.
4. Cloud technology allows to cut down costs on maintenance, energy, redundancies, and IT issues.
5. Cloud vendors take very strict measures to guarantee that in financial services, compliances are not violated by either party.?
DevOps implementation
Recently DevOps has been trending in the financial world. Known for its speed and time-to-market, it appears to answer financial organizations’ prayers, ensuring its products meet their clients’ rapidly developing demands.
DevOps is leading the way in the financial world because of its capability to modernize outdated legacy systems, improve security and compliance, increase transparency, automate processes, and alter the financial industry culture.?
Capitalizing on the amplified value of transformative technologies, *instinctools enables financial institutions to reimagine their business models, foster agility, achieve scale, drive innovation, and modify the customer experience. We cover everything from digital banking and investments to insurtech and personal finance, including:
Tell us more about your innovation project idea, and we’ll provide you with a project estimate after a first call.
Stay tuned!