As most working professionals know, technology is having a significant impact on a large variety of industries, including finance. From improved access to financial resources to direct contact with your bank at the touch of a button, the technology that we see today will only grow in its influence on the field. With this in mind, what kind of changes can the finance industry expect to see, and why is it important to understand?
The need for customer service in banking has always been fairly significant, especially before the internet allowed customers to view their financial information online. In recent years, though, the need for exceptional customer service has slowly shifted, as more banks expand their online offerings. As a result, customer service may not weigh as heavily for customers that are deciding on what bank to work with. With these changes quickly coming, banks will have to find new, creative ways to maintain their status without relying on customer service to do so. In response, many banks have added the ability to chat with bankers online, which has helped incorporate technology without losing the service that customers love.
Fraud & Hacking
While there are countless benefits to increasing your online services, it also can increase your company’s chances of experiencing fraud or hacking within their database. Because of the sensitive information that banks typically keep online, it is not uncommon for individuals to try and hack into their system, or even act fraudulently in hopes of obtaining access to another person’s accounts. In response, banks are constantly looking for new ways to protect their customer information. While it can be difficult to stay ahead of potential information breaches, it is helpful to stay aware of them. By staying up-to-date on new hacking or fraud scams, you can reduce your bank’s risk of their information being stolen.
Like the online customer service options, banks have had to adjust to an ever-changing field, which has included incorporating online services into your bank’s website. Online services refer to online apps that can be used to access banking information, deposit checks online, transfer money between accounts, and more. Having a strong online service menu can help your company stay ahead of the competition.
Technology has not only changed how finance functions as an industry, but how the workforce functions as a unit. With that being said, it is important for companies to ensure that they are evolving along with it.
About The Author
Yuri Vanetik is an Entrepreneur, Private Investor, Coalition Builder, and Philanthropist in Orange County, California. He is the Managing Partner of Vanetik International, LLC, a management consulting firm which offers advisory services and strategic planning to businesses and industries. He is also the Managing Partner of Dominion Asset Management, a technology-driven opportunity real estate fund that invests in undervalued real estate throughout the United States. Yuri Vanetik brings over 20 years of professional experience in a variety of roles, and has been featured in notable publications, including the Wall Street Journal, California Business Journal, Bloomberg Law, and Forbes.