Changing Paradigm in Finance and Service Industry

The financial sector is changing with the changing scenario: Technology is playing a key role in enhancing the customer experience and helping firms to maintain an efficient customer base. But what more is yet to come post pandemic? And how will companies be dealing and adopting with rapidly changing economic environment and needs?

It is a complex question to answer, though it’s not much difficult to imagine an advanced reality in comparison to what exists today.

Companies in financial sector manage the money of the costumers. Imagine yourself as an investor who is looking for “High Return with Low Risk” in the present scenario of covid. The firm that best helps customers to achieve their desires wins the greatest market share. Companies are exploring ways to study the consumer desires and different algorithms to automate investments. Each customer looks for high profit at a low investment. Imagine if a firm makes a shadow portfolio of your current investment where no real money is invested but you can see the change in the value of the funds. This shadow portfolio is an electronic mirror which is traded automatically according to the algorithms designed personally for you. It can help you in comparing the result with your own portfolio.

In the near future, financial services firms will start using “trusted machines” which will be far better than human. These machines will create investment portfolios that would help customers in earning money even in tough times. Though there will be bad experience also as it happens in the process of making money. But firms with “trusted machines” combined with good customer experience will define the finance industry. When this will happen, investors will shift from pay for asset under management system to pay on performance system.

Online budgeting tools, spending tracking, even automated chatbots for customer service are some of the tools that are taking Financial Analytics to a different level.