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How Technology Is Transforming Finance

The financial sector in earlier days used to follow the same old business model and was never welcoming new changes. But today, the financial sectors have been accepting technological revolution and have been integrating new models in their operations so that the customers can be served better. Below mentioned are a few ways the technology has been able to transform the financial sector.

Online video identity verification – Fully-Verified online video ident verification technology has revolutionized the finance sector.  By using this technology, the customers get verified through their smartphones, tablets or computer. The only thing needed is an internet connection and a camera.  All the verification process is recorded and can be used for future reference.  It helps in keeping a check on identity fraud.

Automating processes- The financial sector is using different technical know-how to automate the intensive processes. It helps in cutting costs and gives them an opportunity to offer service to people who were earlier out of reach. The financial services are now widely available through the online portal so that the reach of the business has increased manifold and comes cheap too for the customers.

More focus on products– The financial sector companies are now concentrating more on their products and how it can add value to the customer. The products have been designed specifically for each category of customers and keeping their needs in mind. Customers now have a wide variety of products to choose from. They can opt for the services or products according to their preference.

Strategic use of the data- The banks now before issuing the loan checks the credit score of the prospective customers to test their creditworthiness. Insurers check the health records of the customers before a policy is issued. However, only these records are not going to be enough for taking decisions. The companies use various streams of data to get a more accurate picture.