Business Development
Trends in Consumer Finance Industries
Consumer Finance industries are revolutionized by humanoid robots and chat bots. They are deploying a future that is characterized by virtual currencies, instant payments, and anytime-anywhere services. Many of them reorganize savings into investments. This industry has now shifted its attention to workable growth measures. They use alternate operating models and evaluate evolving technologies to achieve an extensive range of benefits. Financial industries have also transformed with regard to customer preferences, demographics and lifestyles changes to cope with the developments.
Some of the key trends undertaken by financial institutions are as follows:
- Digital Transformation
The industry is focused on digitization and on the implementation of emerging technologies to bring in operational efficacies, boost swiftness-to-market and provide greater customer experiences. It invests in self-service digital channels to offer specific services to customers.
- Rational approach to the Business
Technologies such as AI and robotics help finance industries to address constraints due to Regulatory and Data protection laws.AI and power chatbots provide round-the-clock customer services. They optimize costs while improving operations. Additionally, Robotic Process Automation and machine-learning technologies help them replace manual workflows with cost-efficient robotic operations.
- Concept of Money Re-conceptualized
Blockchain with digital payments eliminates intermediaries and speeds up basic processes. Crypto currencies are slowly gaining importance.
In conclusion, for optimizing the customer experience, financial industries are widely adopting data-driven marketing in their business and are investing in cloud-based technology solutions.
Source: intellias.com
References
- Xiao, J., & Tao, C. (2020). Consumer finance/household finance: the definition and scope. China Finance Review International.
- Özoğlu, B., & Topal, A. (2020). Digital marketing strategies and business trends in emerging industries. In Digital business strategies in Blockchain ecosystems (pp. 375-400). Springer, Cham.