There are a lot of changes that are, and will be taking place during this year. Every industry is changing to be more convenient and cost effective. And the financial services space is not left behind. Without much ado, here are the top five financial services trends that are meant to improve the customer experience during this year.
1.Elimination of physical currency
Digital currency is slowly replacing physical money – thanks to Bitcoin. If you are traveling abroad this year, then you won’t need to carry traveler’s check or curry money in the local currency. Bitcoin is simply a form of absolutely digital currency that is not and doesn’t need to be backed by any government or nation. Bitcoin is mysteriously changing the financial world by proving that the currency no longer requires any government backer for it to work or exist. Throughout this year, many people will travel without having to curry physical currency.
Blockchain technology is promising more than just digital payments. Basically, it allows for safer and more secure trading of nearly anything. Going by the rate at which its popularity is growing, majority of people will digitally trade money, copyrights, ideas, and royalties among others. This technology eliminates the middle men that you would otherwise need to manage or facilitate the transactions. You can use Blockchain technology to manage anything of value from real estate to investments and much more.
As you know, security has become the biggest challenge in the financial space. This is why this technology will have a huge impact in financial world because it is built to eliminate any security risks that you might encounter during a transaction.
4. Mobile financial wellness platform
Instead of going to the bank to make a deposit or a withdrawal, you can now find a convenient mobile wellness platform which allows you to budget, pay and bank from your home. In simple terms, you no longer need a bank to manage your finances. In fact, many people have not stepped into a banking hall in the last six months, but they still manage their finances.
4. Incorporation of Fin tech principles
Fintech companies have effortlessly penetrated into the financial space. These innovators are always reinventing one process like lending, while providing customized customer experiences at a great price. Traditional financial institutions have started incorporating some of the most relevant Fintech principles into their own strategies for them to remain in the business. Otherwise, you can be sure that they will be pushed out of business very soon. In fact, you can be sure that before the end of this year, more than 80 percent of traditional financial institutions will incorporate the Fintech’s principals.
5. Artificial Intelligence
Artificial Intelligence (AI) is a very smart technology that is actually going to change the way financial industry delivers its services to the customers. Like many other new technologies such as blockchain and machine learning, AI is set to change how the financial industry will be making its crucial decisions.