The forces that are changing the way banking is conducted are people-driven. More than any other sector, customers are demanding easy access with a desire to access banking services from smartphones shaping the future of the industry.
Smartphone banking has been on the rise globally since 2017. This customer push has meant that Internet banking, online transactions and banking apps are developed at a rapid pace to meet customer demands. People want to be able to directly transfer funds, set up auto payments, pay for purchases and track their Bitcoin trading all from their smartphones, and if one company can provide a single ap from which to do this, they become the clear choice for the time-poor tech-savvy smartphone users.
Behind the scenes, this customer drive is opening access for businesses to improve their services. Big data is generated by customers using IoT, and this data can help to change how businesses interact with their customers. From store transaction records to home appliance use output, consumers are feeding the data machine with rich information that can be harvested by businesses to create products and services that meet the expectations of users. Consumers no longer have to ‘make do’ or fit a mould, they are now in control of what they want from suppliers and are vocalising their demands through big data.
However, concerns that financial institutions have been made more vulnerable to hacking and theft due to the advances in technology are also real. This has pushed the development and implementation of AI. The technology has been made more sophisticated in recent years to ensure the security of online transactions and adapted in various revolutionary ways in an effort to stay ahead of those who would take advantage of lax security measures.
FinTech for the financial sector is among the most rapid and advanced developing form of technology. The finance industry is driving IoT and AI development, while customers are making their demands known through big data. When the big picture is put into focus, it shows that the future of finance is reliant on technology and the industry needs to invest in technological development to deliver what customers need.
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