Fintech and businesses in general have had a lot to contend with over the past year, more so than anyone could have anticipated. As the coronavirus pandemic forced companies to take a good hard look at their resiliency, many found it necessary to channel
resources into development.
It has been more crucial than ever before to be adaptable and cutting edge. As such, in order to stay afloat in such difficult months, it became clear that new technologies were the key to keeping up with the demands of a rapidly changing and hugely challenging
set of circumstances.
As a means of improving operations and making companies as a whole far more capable of withstanding obstacles, we witnessed these technology trends helping to drive fintech and business development.
1. Remote working models
We were already moving in the direction of more flexible working models. Lockdowns, unsurprisingly, accelerated this shift massively. As such, it was no longer the case that fintech and other businesses could figure out a way of making this work in their
own time. Virtually overnight, working from home became a necessity.
Companies that could funnel funds into technologies that would make this switch more seamless fared well. To that end, we have seen an increase in the use of business communication platforms primarily. However, technologies such as virtual reality,
crypto payments and augmented reality are likely to come into their own in this area in the future.
2. Artificial intelligence
Everyone’s known about artificial intelligence for a while now. However, it’s only more recently that its applications for fintech and businesses of all types have come to be more widely adopted.
Whether companies want to better analyse their goals, predict trends, or personalise a customer’s journey, artificial intelligence can help. Those that have the resources, as well as the foresight to adopt this technology early, are likely to experience
greater development at a faster pace.
3. Data protection
Antoine Bechara says,” Data protection is a big deal these days, as more consumers part with their personal information in order to engage with brands online. Resultantly, people are getting increasingly wary of which businesses they dole out their details
to. Data protection has become a major consideration in business development.”
Around half of all consumers say they’re more likely to trust a company that only asks for information that is directly related
to the products being sold. A similar proportion also put more trust in businesses that are transparent about breaches and react quickly to them.
4. Data processing
Elsewhere in the world of online data, more companies have been working with what is termed “big data” as a way of offering improved products and services to their consumers. However, as the name suggests, big data is too immense to be handled by standard
data processors. Recent innovations in
blockchain are changing how data processing is being handled, but even so, new and specialised platforms are required by those looking to capitalise on more complex sets of data.
5. Contactless services
Last year, when physical contact became a health hazard, contactless services, in turn, became a priority for consumers. As a case in point, while contactless card payments were already in the mainstream,
79% of respondents to a recent Mastercard survey reported using it regularly as a means of staying safe during the pandemic. 74% also said they would continue to do so moving forwards.
Whether it’s payments, deliveries, or appointments, it’s worth investing in contactless technology as part of your business development.
6. Customer communication
What consumers want is changing, particularly in the wake of a pandemic that completely upended everyday life. For instance, many say they will continue shopping online post-pandemic. But, with so much choice out there, consumers are also looking for more
personalised shopping experiences.
So, find new ways to reach out to your customers and ask them what it is they want from you. Do so as a means of improving personalisation, and you could see an improvement of between
50% and 400% in your success rate.
7. Conversation intelligence
Another way of achieving total customer satisfaction is by using conversation intelligence software to improve how you build relationships with your customers. Basically, by using software to analyse conversations that your employees have with consumers,
you can generate detailed data.
Such data can offer businesses valuable insights into how different segments of a team deliver their services, presenting opportunities for development that otherwise might have gone unnoticed.