Question

QUESTION ONE: Technology has revolutionized the financial services market and has also created entrenched competition.

AS a student of financial services marketing discuss five key technologies that have affected service delivery in the financial services market?

Answer 1

Technology has been helping businesses to deal with both existing and new issues. These emerging trends in financial services will help banking, insurance, and other financial institutions implement security, improve accessibility, deliver convenience, and most importantly, build trust. Followings are the 5 of the many technologies that have affected service delivery in the financial services market.

1. Blockchain:

Blockchain is leading all emerging technologies that financial institutions believe could majorly impact the way they do business. Many financial firms are already using blockchain to build a variety of platforms—such as payments and trade finance—and are beginning to communiacte with established cryptocurrencies.

2.  Prescriptive Security:

The nature and incidence of cyber risk is unique and altering without notice that means typical approaches to risk management may not be apt. The potential sources of cyber threats and the attack footprint are impossible to eliminate, requiring organizations to be nimble in their approach to cyber security.

3. Artificial intelligence

Financial services companies are using AI in a wide range of settings. Along with the customer service chatbots mentioned above, they’re also deploying AI to automate loans and insurance underwriting. Among the three disruptive digital technology categories that are the focus of this survey, financial services executives expressed the greatest familiarity with AI.

4. Instant Payments:

Technology has changed consumer and business expectations in payments. Instant payment options are available in many markets despite the lack of immediate payment infrastructures. The availability of an instant payments platform offers banks an enticing opportunity to achieve the transaction speed consumers expect of their banking experience and increase the customer satisfaction.

5. RPA:

Robotic process automation in banking simplifies compliance by keeping detailed logs of automated processes, automatically generating the reports an auditor needs to see, and removing human error. By automating these manual processes, financial institutions can improve efficiency and accuracy.