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Home Economy Finance

Revolutionising the Future of Financial Services Using Digital Technology

by Techeconomy
June 26, 2023
in Finance
0
Revolutionising the Future of Financial Services
Revolutionising the Future of Financial Services (Photo" Pagefreezer blog)

Revolutionising the Future of Financial Services (Photo" Pagefreezer blog)

UBA
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Article By: Okwuchukwu Udeh

In today’s world, digital transformation has introduced a new era in financial services, where customers are the focus, altering the traditional way of banking. This enables financial institutions to provide convenient and smooth services to their customers.

Traditional banking which involves visiting a branch or doing banking over the telephone is now being complemented and sometimes replaced by digital banking channels.

Customers now prefer digital wallets and automated teller machines (ATMs) over cash, as seen by a dynamic trend towards online payments, contactless payments, and various points of sale (POS).

Another pivotal change in the sector is how customers can now do their regular banking activities online and on mobile devices.

By utilising emerging technology like artificial intelligence and machine learning, financial institutions now have the power to enhance their customer service and operational efficiency.

Sparkle is at the forefront of this drive, a forward-thinking digital bank leveraging its innovative chatbot, Indy, to provide AI-powered customer service.

Indy is a brilliant example of how digital technology can transform customer service and experience in the banking industry.

The AI-powered chatbot utilising natural language processing and machine learning algorithms, serves as a virtual assistant for Sparkle customers, enabling them to interact with the bank’s services conversationally around the clock.

One of the critical advantages of Indy lies in her ability to provide tailored assistance to customers by analysing vast amounts of data spanning transaction history, spending habits and user preferences. This high level of customisation helps Sparkle build trust and improve its relationship with customers.

ALSO READ: CBN Makes U-turn, Daily Withdrawal Limit on ATMs now N20k from N100

Financial inclusion is another aspect of financial services that have considerably improved because of digital advances. People who previously did not have access to financial services or did not have a bank account can now utilise mobile banking and digital wallets. Thanks to digital technology, banks can directly reach previously forgotten individuals and customers in rural areas, removing the problem of distance and giving them the tools to manage their money effectively.

Also, the emergence of fintech startups like Sparkle has disrupted conventional banking, providing innovative solutions for disadvantaged demographics. These challenger banks use technology to develop peer-to-peer payment networks, micro-investment applications, and alternative lending platforms, empowering people previously shut out of the formal financial system.

To conclude, digital transformation in financial services allows customers and businesses access to banking and payment services.

This financial inclusion enables people to manage their money better, participate in economic activities, and stimulate development in underserved regions, offering new chances for them to succeed.

About the writer:

Okwuchukwu Udeh ​is a seasoned Growth and Product Marketing Manager with over 7 years of experience in the financial services industry. She’s a trailblazer in fintech, leveraging technology to drive business growth. Okwuchukwu’s punchy op-eds provide fresh insights on finance, inspiring readers to navigate the ever-changing landscape of financial services.

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    Techeconomy

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