Introduction
Banking and Financial Services (BFS) have undergone tremendous changes over the past few years. The banking services were greatly affected by major occurrences in the financial market, such as demonetisation and the Covid-19 pandemic. Financial institutions thus began to appreciate the need to use the latest technologies and offer top-notch customer experience. With this came the need for individuals who could adapt to the changing climate of the banking and financial sector. And to adapt and evolve in this rapidly growing sector, individuals must first be aware of the latest trends.
Let’s take a look at some of the latest trends when it comes to financial services.
Trends in the Banking and Financial Sector
Digital Transformation
We function in a digital age. Most activities of daily life are done through an app or a website. Whether we talk about shopping, entertainment or education, all of it is now available at one’s fingertips. This is true for banking and financial services as well. More and more people have now understood the convenience of online banking. The need to physically visit a bank has declined significantly.
In response to this growing need for a hassle-free user experience, banks have begun implementing new technologies and undergone a digital transformation. This is aimed at making banking services available to customers 24/7 and user-friendly. On an organisational level, banks, too, have understood how digitalisation can help increase operational efficiency and decrease costs. This has encouraged more and more banks to become digitally aware.
Fintech Partnerships
A recent entrant into the financial market, Fintechs are firms that utilise new technologies to run operations as opposed to traditional banking services. There are currently 2,000 Fintech organisations operational in India.
Although banks are aware of the importance of digitalisation, there are still some operations that are run conventionally. Banks are also just making their way into the digital sphere. On the other hand, Fintech offers financial services at lightning speed and uses new technology as and when it develops. This allows Fintechs to offer a seamless customer experience.
Initially thought of as the enemy of banks, it was soon realised that the strengths of these two financial institutions could be combined to have groundbreaking results. Where banks have spent years, if not decades, carefully fostering personal relationships with their customers, Fintech has only just entered the market. Therefore, Fintech still faces a bit of scepticism and is not necessarily perceived as trustworthy compared to a bank.
This is where a bank and Fintech collaboration comes into play. Firstly, all Fintech requires licensed banks for capital. A Fintech as it stands today cannot function without a traditional bank. On the other hand, customers are no longer interested in spending hours in queues at banks. A collaboration between the two meant bringing together the best of both.
While Fintech brings technological savviness, banks bring their huge consumer base. And this becomes a win-win situation for all. The consumers get the services they require promptly, and the Fintech-banking partnerships observe an increase in the outputs offering these services.
Improved Technology
Another trend witnessed by banking and financial services was the use of new technologies. Although banks had begun to realise the need to go digital soon after the emergence of the internet in the 90s, it was not until recently that they realised how advantageous new technologies could be. This encouraged banks to use new technologies as and when they appeared. Some of the technologies currently being implemented by banks are listed below:
● Artificial intelligence (AI)
● Blockchain
● Machine learning
● Cloud banking
● Robotic process automation
● Big data
The following list mentions a few ways in which banking services are benefitted from using advanced technologies.
● Increased efficiency
● Improved accuracy
● Reduced costs
● Streamlined communication
● Better overall customer experience
Conclusion
There is a lot to keep up with within the banking and finance sector. Financial services are now offered in a significantly different way than they were before. With the trends leaning away from traditional banking services and taking a customer-centric approach, one must be equipped with the latest know-how and domain knowledge.
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