Customer Experience in Financial Services and the Influence of Technology

Artificial Intelligence, Finance
Image Source: Shutterstock

By Priyan DC | Entrepreneur India Guest Writer
Opinions expressed by Entrepreneur contributors are their own.

Gradually yet steadily, technology has taken over all aspects of our life. And the financial services sector is no exception. Financial Services spanning investments, lending and management of assets are a fundamental part of fund management for individuals as well as corporations. One of the nuances of this sector is the volatility associated with it owing to factors such as prevailing market conditions, political scenario, performance of stocks, taxation norms, etc. Since this condition is a given, companies dealing with such financial instruments need to glean reams of data before counselling clients on the right investment choice or the right kind of loan to opt, for instance.

With the advent of technologies like Machine Learning and AI, it has made it easier for financial consultants to make sense and configure the mammoth amounts of data that is available. While in all of this, the customer has also become smarter in the bargain with easy access to ready information and real-time updates. There are online tools available these days that assist investors to make the right choice. Financial Institutions therefore have no choice in this scenario but to embrace technology and to integrate it into every core offering and communication.

The customer armed with all this information has become more demanding as a result and expects better service and a secure and comforting experience while making such decisions. Financial Institutions and fund managers need to therefore adopt superior customer experience strategies that are in synch with the evolving customer.

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