6. Customer intelligence
Tying in with AI and machine learning, customer intelligence tools can be used conjunctively to harvest valuable insights from widely dispersed and oftentimes raw customer data. Fintech companies can use customer intelligence platforms to gather and analyse customer information including basic details, brand interactions, and customer survey data.
Furthermore, powerful linguistic analysis, language identification and pattern matcher annotators can garner a wealth of voice-indicative data from telephone conversations between customers and customer service call centres—most of which is unstructured and untapped. This technology can help brands understand a customer’s intention when they call, their behaviour, and their perception of the brand/product/service they’re calling about. In doing so, it will enable companies to better adapt their services to meet customer expectations.
7. Cybersecurity
It’s predicted that cybercrime will cost $6 trillion US dollars, globally, by the end of this year (2021). The proliferation of IoT technologies across all industries, not least the financial sector, has created a wealth of new opportunities for cybercriminals to exploit.
Given the nature of the information held by financial institutions, it’s unsurprising that cybersecurity represents one of the biggest focuses for the sector moving forward. In fact, the financial industry is one of the top three targets for cybercrime, accounting for around 10% of all annual attacks.
According to a recent Deloitte report, up to 64% of banking businesses are expected to plough investment into combating cybercrime in 2021 and beyond.
8. Biometric security systems
With the aforementioned rise in cybercrime, financial innovators are having to think of new and infallible ways to protect their customers’ sensitive financial data. Passwords are coming under increased pressure from evermore advanced criminal technologies, and this is why biometric security measures are the next logical step in safeguarding financial security.
Many are already familiar with things like fingerprint ID, but an increasing number of banks, including HSBC and First Direct, are looking to fintech trends like face and voice recognition to keep their customers safe.
This not only has the benefit of being far more secure than a password but it’s also much easier for the customer. Instead of having to remember endless combinations of letters and digits, and answer multiple questions to access things like telephone banking, they can gain access to their accounts simply by using their biometrics. It also benefits the banks by making authentication quicker and more efficient, and enabling them to remove certain human touchpoints.
The technology can be applied at cashpoints too, removing the need for a traditional PIN.
Conclusion
Almost every industry has been forced to rethink traditional business models in the wake of the COVID pandemic. And many, including the finance sector, will never look the same again. If we’ve learnt anything from the events of 2020/21, it’s that agility and flexibility are the keys to business survival. Financial institutions need to flex their models to support remote operations while adopting the latest fintech trends to innovate their offerings, enable tailored, on-demand banking services for the masses.
Ready to join the fintech revolution? Contact ELEKS today.
