Financial Service Technology A Panacea To Solve The Major Challenges Of The Finance Industry
While the financial institutions like banks, insurance providers and capital markets firms are still facing old challenges of security, compliance, efficiency and cost control, new challenges like how to deal with the increased customer expectations, extreme competition and new rules and difficulties in implementing new technology are raising concerns amidst the financial crisis. These trends are driving change at a speeding rate, as companies endeavor to meet new business requirements using the latest technological innovation, mobile devices.
Nowadays, however, a number of new trends are emerging that guarantee to guide in an entirely new arena. But technological innovations have to be much more than simply an add on and must be greatly included in its core. Due to its deep penetration, mobile technology can play a key role in the financial services industry. Those organizations that are able to take benefits of the abilities and possibilities that mobile technology can provide will be well positioned to enjoy the competitive advantage.
In todays industry, financial services organizations have to be a lot more agile than they used to be. Customers and companies are demanding a new level of comfort and visibility, and a company cant sit idle only relying on a multi-year IT solutions provide them what they want.
In fact, mobile technology has the range and versatility to considerably decrease the cost and offers predictive abilities, among other extremely useful features. Plus, it will decrease the risk, and encourage end customers to achieve business goals quickly and cost-effectively.
Financial service technology, leveraging the power of mobility automates the data collection, loan disbursement and payment collection, eliminating the process of capturing the information on paper. Now all the information can be captured through the mobile devices. It not only reduces the cost but increase the customer satisfaction by fast approval loan and other transactions. Field agents can forward the captured data to the head office without any error for further processing in real time, cutting down the number of trips a field worker had to make between the data processing and after approval again approaching the customer.
Furthermore, people with low financial awareness are needed to be educated about their financial decisions, but its not possible in one meeting alone, they need a program that can educate them on a regular basis. As it is not possible for the financial institutions to train every customer personally, therefore mobile phones can play an extremely important part. Companies can send customized messages and alerts to the customers based on their type of loan, policies etc. Moreover, quiz questions can be asked to the customers to know the financial literacy that can be further used to educate the customers.
Financial Services Technology allows financial service companies to confirm high valuable information as it is obtained rather than awaiting back-office handling. Organizations must also add a layer of intelligence along with the safely and effectively exchanging data; to add business value and quickly react to new market or regulating specifications. It also gives workers and clients easy access to information and transactions anywhere, at any time via the mobile devices of their choice.