The financial services landscape is changing fast. Advancements in technology, including AI, the IoT, and blockchain, are doing a great job in preventing fraud and providing customers with better and more efficient banking services.
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The future success of the financial sector will largely depend on the adoption of the latest technological trends such as the Internet of Things, big data, and artificial intelligence (AI). The connectivity of devices enabled by the IoT is used to track customers and learn about their behaviour and preferences. This information these devices generate can also be used to combat fraud and make banking services more efficient. Visa, for example, built a mobile app that verifies a payment by confirming the GPS location of its client and the vendor.
Big data will enable banks, hedge funds, and insurance companies to predict the actions of customers and even markets. Services such as loan underwriting or stock trading already largely depend on big data, and in the future, that relationship can only deepen. The growth of big data also benefits AI technology. With more numbers to crunch, smart algorithms can run increasingly complex operations. Services such as AI-powered chatbots can answer customers’ inquiries and save banks and their clients valuable time.
But due to increased reliance on technology, it’s important for the finance sector to improve its IT security systems. One way to achieve that is to use behavioural biometrics data such as the patterns of mouse movements to identify consumers. Another layer of security can be provided by blockchain technology. Some banks already put loan documents in blockchain, relying on cryptographically secured transactions to prevent fraud and cyber-attacks.
These and many other trends – such as quantum computing and wearable tech – are transforming the financial sector. You can find more information about them on our blog along with other topics such as why customers love AI and powerful apps that might be the future of fintech.
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