Impact of technologies in financial sector

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Today, technology and digitization have become essential tools for the survival of a company. Such is the case; the financial sector has gone from traditional interaction and communication to being immersed in a process of regeneration and transformation that has achieved decisive changes. Without going any further, financial services have shown that incorporating practices related to the digital world has a positive impact on the finance sector. Reason enough to turn to digitization, technology, digital marketing strategies, and interaction through social networks. 

Likewise, today there are companies in the financial sector that use the latest technology to be able to offer truly innovative products and services. These companies become part of the new technological reality and stand out as Fintech companies.

The benefits of Blockchain

Blockchain is a service launched in 2009, in open source, which allows direct negotiations between people. In the financial market, blockchain has been used in several ways, such as international transfers with reduced costs and a much more agile operation. This feature is already being used by large banks.

 It is a great opportunity for companies to do international business at a much lower cost, in addition to having great transparency and privacy on the part of the blockchain in relation to those who use it. In addition to all this, the blockchain allows the simplification of the back-office processes, and the records generated by it are encrypted, this prevents fraud. It has been a trend since 2018 and, more and more, companies have been adopting this service to protect both their customers and their users.

Benefits of Big Data Analytics 

Big Data Analytics collects data and seeks to direct all information towards a goal. Through it, companies can analyze raw data collected by them in large quantities. There is huge information that needs to be extracted for the good of companies, and it is the function of Big Data Analytics to extract them. This directs companies to offer personalized services, thanks to the extracted strategic information. 

With Big Data Analytics, it is possible to find solutions to several specific problems, which were not possible to be solved before. In a way it allows companies to observe more clearly what is going on inside and the strongest demands from customers. Adaptation to new technologies is extremely necessary to guarantee the expansion of the financial market. For example, banks needed to have a large, well-groomed branch in the past since no one trusted digital transactions, and today they needed to adapt and create a fully digital branch.

Increased adoption of chatbots 

The use of chatbots in banking is becoming a key component in customer service and financial marketing. In fact, according to the Digital Marketing Institute, in the next five years, approximately 90% of B2C communication will be done through chatbots. This boom responds to the need of customers to receive attention at any time, without the need to visit a bank branch. Unlike banking advisors, chatbots are available 24 hours a day, answering about 90% of the frequently asked questions from users immediately.

Wrapping up

In conclusion, the new technologies have opened up innovative possibilities that are also applied in the financial sector. It offers personalized products and services to the client and makes the processes in which they interact with other entities or companies more efficiently.

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