Trending Technologies for Banking and Finance Services

Trending Technologies for Banking and Finance Services

May 17, 2021 | Bitscape Team, Banking & Finance, MS Dynamics 365

The need for technological evolution in the banking and finance sector has become more of a need and less of a desire. As the covid cases kept rising, The complete serviceability of every business world started relying on the IT industry to stay active in the market. So, The adoption of technology in this sector is taking place in the digital era. Whether it’s a transaction, Loan disbursement, repayment, savings, investment, or another banking service, the incorporation of IT services has become a mandatory investment for banking and finance people. Even if we see the retail market around us, The volume of UPI transactions is comparatively more than the direct cash flow.

These days the cashier of a small firm to the accounts team of a huge enterprise is eagerly looking forward to digital services like UPI, Net banking, and IMPS. The more digitalized the services are, the Safer, More Secure and easier the transaction will be.

Why do you need to intrude on the IT technical services in the banking and financial sector?

Increased use of mobile applications:

The availability of cell phones in every hand has been the reason for the forced involvement of digital technology in banking and financial services. Today you will preferably choose to get instant service from a mobile banking app rather than waiting in a long queue for a simple transaction.

The same goes for to finance segment. With the advancement of IT automation services, The clarity to opt for and use the service has been constricted to your mobile.

Few finance applications of tech giant Microsoft are:

  • Money tracker pro
  • MarketWatch
  • Realarm
  • Money graph
  • Markets and me
  • Splittr

These finance wings of Microsoft allow you to seamlessly track down your budget and finance and gauge your market portfolio. No other tech enterprise would give this much assistance to streamline your accounts.

Digitalization of workforce:

Before Covid 19, no financial consultancy or firm could think of working remotely, but it’s only the IT financial services that made it possible. The virtualization of the workforce with the integration of technology tools leverages the process.

Technology like Microsoft teams kept the finance industry collaborated during this tough time. Other tools like Power BI and platforms like SharePoint 365 enabled you to draw significant insight and build your quick app according to real-time business requirements.

Evolution of market structure:

The market structure has gone for a complete toss after the digital penetration. Every banking or financial service is somehow correlated to the framework of the market. Now when the complete market is getting digitalised, There is no point left for the banking services to stay within the manual or traditional boundaries.

Global integration:

Today, any services are not a limited performer. For instance, A single financial institution is sanctioning load, Distributing virtual post-paid cards, selling heal packages, giving offers to E-commerce users, and a lot more. All these capabilities need robust IT automation, and eventually, a Custom banking Software solution provider agency has to get things sorted out.

Few disruptive technologies of the banking and financial sector are:

Blockchain:

Blockchain is a major technical implementation in the banking and finance domain. It is a method of recording the information in which data manipulation is completely impossible. It allows multiple parties to get access to the set of information while also ensuring the data’s privacy.

As per the survey made by Accenture, The banking sector is supposed to save $ 10 billion by adopting blockchain technology in their work culture., This proves that when data security is concerned, Blockchain technical service should be the first and foremost thing that banks and financial consulting houses shall focus on.

Artificial Intelligence:

It is the technology by virtue of which we can make machines work as intellectual human beings. It gives a personalized experience and automates customer interaction. The technology has not completely been implemented globally but it tends to catch up very fast in the market.

IT Support for The Financial Services Industry is heaving in the marketplace and Microsoft is one among them. It has performed way better than other service providers to mobilize your vision with artificial intelligence.

Machine learning:

ML is the process in which machines learn from past data and perform faster than before without being externally programmed. Technology has a colossal contribution in the field of banking and financial services.

There are many Banking & Financial Software Development companies in the USA that give you excellent solutions in Machine learning. Bitscape, A Microsoft gold partner, is known for the integration of valuable automation in your work environment.