Four futuristic technologies to rule the roost in financial markets
An omni-channel communication helps marketing leaders to channelize their brand message more productively and efficiently. The support of emerging technologies in multi-channel communication has been instrumental in helping out financial marketers to communicate their business messages to prospects and their existing clients tactfully. Quite understandably, these emerging technologies have fascinated financial companies, most of them already leveraging their potential to their business favor, say for example providing an integrated customer experience.
There is no doubt as to how important innovation stands in the context of boosting the market size in financial services. Innovative omnichannel communication, in this context, bear a meaningful connotation of how financial marketers can leverage these technologies for a lucrative upshot of their business in the future. According to the report, the projected growth of$28.5 Trillion would be a milestone for the financial services industry in revenue generation based on $22.5 Trillion growth pace it achieved in 2021.
The financial service industry focuses on perfect utilization of emerging technologies. It would fulfill their activities, such as retaining the right message, upselling, acquiring prospective clients, increasing new leads, and indulging in cross-sell with existing clients. Besides, it would help cultivate business engagements in both B2B and B2C segments.
These objectives of the financial services industry are bound to be achievable by leveraging technologies, namely - artificial intelligence, blockchain, data analytics, and RPA. The fusion of these ground-breaking technologies with the industry’s commercial goals can be deemed efficacious for market players to generate better customer experience in the long run.
In this blog, we are discussing four futuristic technologies which will rule the roost in financial markets. We will shed some light on how financial companies or marketers can maximize the latent potentiality of such technologies into their business advantage.
The value of artificial intelligence is uncontested as FinTech companies harness its latent power in processing client requests and transactions.
You see, multiple retail banks make use of Chatbots to address customers’ grievances and process them in real-time. No doubt, the role of AI in the automation of processes is quite significant. However, the involvement in AI can perfect the communication channels as the technology will be used to detect segments accurately validated and make predictions supported through analyzed data of client’s preferences and behavioral patterns like interactions and activities.
AI-based segmentation results in conclusions derived from multiple factors transactions, firmographics, demographics, geography, and others. The analyzed data helps predict the possibility of a specific group of clients making a beeline for future financial decisions, apart from predicting their investment choices. Another value of artificial intelligence technology in the financial services industry is that it mitigates information irregularity and uncertainty related to transactions.
A host of elements constituting AI, such as machine learning, computer vision, natural language processing, and self-monitored learning can expedite the flow of real-time financial data in customer segmentation. As a result, the upshot will also accelerate the process of calculating accurately the decision tree and propensity modeling. A supervised ML algorithm called Support Vector Machine helps accurately target and draw on personalization for client groups.
The most popular cryptocurrency, Blockchain enjoys a widespread application in multi-sectors like digital currency, cross-border payment, hybrid collaborative innovation, cross-chain protocols, and trade financing.
The role of blockchain technology is valuable in the context of figuring out your target audiences by using a set of automated rules that help your omnichannel campaigns in identifying prospects, without having to leverage inflated metrics.
Blockchain also contributes to data management by using accurate KPI leading to a better understanding of decision-making for clients. With blockchain, you can also control and customize dynamic ads, banner placements, and content personalization easily.
Since blockchain is a decentralized cryptocurrency, it, therefore, will help the marketers collect entire campaign metrics accurately. As a result, it will help them visualize buyers’ personal.
Robotic Process Automation (RPA)
Robotic Process Automation (RPA), a form of business automation technology, is popular among financial institutions for its ability to terminate manual errors in expediting the compliance process.
The technology is also used to improve procedural efficiency or streamline account reconciliations. The idea of RPA being leveraged to optimize digital marketing processes holds water, considering it can effectively handle repetitive tasks such as running marketing campaigns.
This noninvasive technology involves processes leveraging unassisted autonomous bots which answer to keyword inputs of clients. For example, Chatbots, which engages in compelling discussion with your clients, helps them with solutions resonating with their quest.
The upshot of such a robotic conversation leads to quick resolution of the query raised by clients, thus enhancing better customer engagement with your business. The alternative lending industry makes better use of such robotic bots, to fetch customer’s data and make a better decision in provisioning affordable business loans to eligible applicants.
Workflows get streamlined by robotic process automation, thereby helping companies with results, such as more profits, flexibility, and responsiveness, apart from reducing employee dissatisfaction, and boosting workforce productivity by weeding out mundane tasks from their workdays.
One of the features of Robotic Process Automation is being noninvasive so that it can be implemented rapidly. As a result, the process of digital transformation picks up speed prompting automation of workflows comprising legacy systems in want of APIs, database access, and virtual desktop infrastructure.
The reason why RAP is a transformative technology stems from the fact that software robots can execute repetitive, mundane, and lower-value works tirelessly. Unlike people, they are code-wired to multitasking and absorbed amid distractions.
By incorporating the power of machine learning with RAP, an upshot of developing better learning insights and thoughtful decisions happens. As a result, the technology significantly reduces time dependency on repeat analysis on digital ad placement campaigns.
Cloud Computing and Big data
Structured and unstructured data in large quantities pile pressure on organizations in the context of storing and managing massive amounts of data systematically for concentrated use cases. Data of such large amounts, oftentimes, are found scattered across diverse business units causing to pose a herculean task for organizations in unifying customers’ profiles.
Cloud computing is a centralized system offering database marketers benefits, such as scalability, functionalities, computations power and better insights into the ocean of complex data in real time. This consequently benefits the marketers in prompt decision making for their marketing purpose.
Say, for example, alternative lenders can boost their services to loan applicants by using the cloud computing feature in deploying solutions or protecting against higher security risks.
In addition, cloud computing allows infrastructure as a service called (IaaS) in terms of storage and services from the popular brands like AWS, Azure, Rackspace, and Google. They empower an organization to control their marketing activities, apart from helping them avoid expensive alternatives like infrastructure, etc.
The financial markets become growth-driven due to advancement in technology that affords advent of cutting-edge tools and techniques. They are effectual for financial companies/firms or alternative lenders to minimize dependency on legacy systems for processing customers’ data and expedite the same by using smart technologies. Not only they enable marketers gain deeper insights into customers’ pain points, but can speed up processing of requests from customers thereby saving their time and providing timely assistance.