For years, the financial services industry was stuck in the past. People would have to work with traditional financial institutions such as banks in person. When the internet became prevalent, banks were slow to adapt to the new technology. While online services were created, they lagged behind what many other industries were adopting. Luckily now, technology is changing the industry, and Scott Crockett, Everest Business Funding’s CEO, is here to share the most recent advancements.
#1. Protecting Data
So much valuable information is transmitted with each financial transaction. That makes them ripe for security breaches and fraud.
Advanced technology has been created to track things such as spending behaviors to predict when something might be fraudulent. Financial systems can then notify customers immediately of a possible fraudulent transaction so they can rectify the problem before it becomes too big.
The usage of artificial intelligence allows machines to sift through the loads of data that transmits with every financial transaction.
#2. Digital Access
Financial services are benefitting greatly from the digital access they are able to give consumers. With solutions hosted on both local servers and the cloud, consumers are able to gain both accessibility and enhanced privacy.
This also allows financial services companies to personalize their services to consumers, digitize in real-time and provide advanced analytics platforms.
Easy integration with other technology reporting tools allow businesses to benefit directly from the financial services industry, rather than being held back by it.
#3. Improved Customer Service
One of the biggest negatives to the financial services industry of the past was poor customer service. With something as important as money, one would think the industry would be more focused on providing a great customer experience.
Until recently, that wasn’t the case, though. Now, AI has helped transform banking altogether.
Financial institutions of all sizes are utilizing chatbots to provide quick, easy solutions to consumers’ main inquiries. This enables financial services to be self-serve for the most common problems. And when issues are too large for consumers to handle on their own, chatbots can connect them with live agents who are now more knowledgeable about the issue at hand.
One of the biggest changes technology is bringing to financial services, according to Scott Crockett, is automation. Automation isn’t exactly AI, but it uses principles of smart machines to help financial services companies make quick decisions.
Applying for a loan used to take weeks to complete the forms and get a decision. Today, that entire process can take minutes.
Many financial institutions have online platforms that allow consumers to apply for things such as personal loans right on their websites. Then, using preset rules, the financial institution’s system can input all the consumer’s information and spit out an on-the-spot decision based on a number of factors.
This makes the entire process pain-free and can get much-needed money into consumers’ pockets almost immediately.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a seasoned professional with 20 years of experience in the finance industry. Mr. Crockett’s track record includes raising more than $250 million in capital and creating thousands of jobs. Scott has founded, built, and managed several finance companies in the consumer and commercial finance sectors.