- Jun 04, 2019
- May 20, 2019
- May 10, 2019
There has been a surprising transformation in the financial market since the emergence and application of new technologies such as machine learning, artificial intelligence (AI) and open banking. In addition to the improvements made in the sector, these innovations also present some challenges and probable opportunities to transform the sector.
This new reality puts pressure on many companies that deal with constraints presented by deep layers of older technologies, resulting in inflexible and suffocating processes. It is time for them to renew themselves and adapt to the news so that they continue in the market and improve their relations with the consumers.
Below are 4 transformations that will have a significant impact on the global financial services industry and corporate business.
1. Humanization of clients' journeys
The main trend for the financial segment is
of customers' lives. Institutions are beginning to orient their services / products and to create platforms dedicated to the customers' journeys, trying to understand more and more the moment in which the consumer is.
For example, banks, rather than simply offering their products,
home loan, they now want to help their customers buy a home. That is, they seek a humanization, approaching the reality of the consumer to not only offer more solutions, but also help in all the processes that involve the acquisition of a property, as in the example cited. It is an extension of the User Experience (UX), as soon as it analyzes a much bigger and deeper journey of the moment
of consumer life.
2. Global availability of new technologies
The financial market is seeing companies, startups and fintechs applying new technologies, such as
artificial intelligence, machine learning, among others, in all parts of the world.
In Brazil, the financial sector has great potential and capacity for development through the use of Open Banking and Open APIs and creation of digital ecosystems and service platforms. We are each
time using Artificial Intelligence to automate processes and improve the customer experience, which now also integrates augmented reality.
3. Defense against challenging new competitors
At the moment, some of the more traditional financial institutions are still struggling to chart their course for a successful digital transformation program. While this is happening, new competitors in the form of giant companies, such as Apple, Amazon, Google and PayPal and innovative fintechs, are exerting increasing influence on business sectors.
These financial institutions need, now more than ever, to technologically upgrade to bring new services to the public and maintain market stability.
4. Modernization of the infrastructure for automation
In order to survive in the marketplace, companies need to focus increasingly on modernizing their entire infrastructure and on taking the cloud, and all the benefits it can offer, into their operations. New technologies, such as artificial intelligence, blockchain, open banking, coupled with management enhancement and data analysis, are already seen as key facilitators in financial services.
Its uses provide greater support for the automation of critical business functions such as compliance monitoring, better liquidity management, and regulatory reporting.