4.6 C
Manchester
Saturday, March 15, 2025
FinanceA guide to digital services for the finance industry

A guide to digital services for the finance industry

The financial industry is undergoing a profound transformation driven by digital technologies. This wave of innovation, often referred to as FinTech, is reshaping how financial services are delivered and consumed, impacting everything from online banking to investing and insurance.

The growth of the FinTech industry 

With the ability to transform the traditional financial industry we, as customers, have grown accustomed to, the innovation and developments of the FinTech industry are rapidly growing. Helping to benefit both employees and customers, there’s much to gain from this growth, including the ability to make financial services far more accessible and convenient. 

What is FinTech?

FinTech literally means financial technology. Referring to the development of new technologies used specifically within the financial services sector. Offering a competitive and advantageous alternative to the traditions of the finance industry and its dated methods for providing financial services to customers. 

Examples of financial technologies include the introduction of online banking or AI chatbots to speak with advisors, the ability to create a “digital wallet” in your phone and other types of payment apps that make bank transfers to people you know easier than ever before.

FinTech doesn’t just apply to banking though, in fact, the growth of this and the increasing number of FinTech companies means the digital transformation of financial services includes areas of investment, loans, credit management and more. 

The development of FinTech companies

With emerging technologies and the demand for modern services from the financial sector, tech companies across the globe have seen an opportunity to fill gaps in the market. From banking FinTechs to insurance tech providers, the FinTech industry is now vast and competitive. In order for these companies to continue to meet the demands of customers but to also maintain a competitive advantage, technologies must continue to evolve, offering new and unique features and benefits to continue the digital transformation of the financial sector. 

How does the digital transformation of the financial industry benefit customers? 

The digital transformation of the financial industry, spurred by the growth of FinTech, offers a multitude of benefits for customers. Here are some key advantages:

Increased convenience and accessibility:

24/7 access: Digital platforms allow customers to manage their finances anytime, anywhere, from smartphones to computers. No more queuing in physical branches!

Simplified services: Many tasks, like payments, transfers, and account management, are now easily performed online or through mobile apps, with intuitive interfaces and user-friendly workflows.

Wider service range: Digital platforms enable financial institutions to offer a broader range of products and services, catering to diverse needs and preferences.

Enhanced personalisation and financial control:

Personalised products and recommendations: AI and data analysis help tailor financial products and services to individual needs and goals, like recommending suitable investment options or loan terms.

Budgeting and tracking tools: Digital platforms often provide budgeting tools and expense trackers, facilitating financial control and informed decision-making.

Financial education resources: Many platforms offer educational resources and gamified tools to help customers make informed financial decisions and improve their financial literacy.

Greater efficiency and speed:

Faster transactions: Digital payments and transfers are swift and efficient, often completed instantly compared to traditional methods.

Automated processes: Repetitive tasks like bill payments or payroll deposits can be automated, saving time and reducing errors.

Improved customer service: Chatbots and AI-powered assistance provide immediate support and answers to basic queries, while human agents can focus on complex issues.

Security and transparency:

Advanced security measures: Digital platforms often employ robust security measures like multi-factor authentication and encryption to protect customer data and prevent fraud.

Increased transparency: Customers have easier access to their financial information and transaction history, promoting transparency and understanding of their finances.

Improved risk management: Financial institutions can leverage data analytics to better assess and manage financial risks, potentially leading to more favourable loan terms or insurance rates for customers.

Overall, the digital transformation of the financial industry empowers customers with greater control, convenience, and personalised financial experiences. As FinTech continues to evolve, customers can expect even more innovative and beneficial solutions in the future.

 

Helen Greaney
Helen Greaney
I'm a journalist with more than 18 years' experience on local, regional and national newspapers, as well as PR and digital marketing. Crime and the courts is my specialist area but I'm also keen to hear your stories concerning Manchester and the greater North West region.
Latest

Why hiring a web design agency is the smart choice for your business

In today’s digital-first world, having a well-designed website is essential for any business. Whether you’re a start-up or an established brand, your website serves...

Restoration of Grade I listed Rochdale project completes

A stunning space within Rochdale Town Hall, which has been closed for almost half a decade, will open its doors once again following an...

Tom Crowther KC to chair Oldham child sexual exploitation inquiry

One of the most respected figures in the field of effectively tackling child sexual exploitation (CSE) has agreed to chair an independent local inquiry...

Co-op Live hailed winner of ‘2024 Building of the Year Award’

Despite a host of technical errors and postponed shows following its opening, Co-op Live has been crowned winner of Greater Manchester Chamber of Commerce's...
Subscribe to our newsletter
Business Manchester will use the information you provide on this form to be in touch with you and to provide updates and marketing.
Don't miss

Why saving a parking space could land you a hefty fine

Manchester homeowners have been warned that putting a traffic cone or wheelie bin outside their home to save a parking space could land them...

Oxygen Activeplay – Manchester’s newest entertainment park opens

Oxygen Activeplay at Salford's MediaCity has finally opened, offering a whole host of exhilarating activities. We took a trip down to Quayside - a great...

Manchester businesses unite to raise £12,000 for charity

Manchester's highest restaurant and European law firm came together for a charity dining event. 20 Stories and Fieldfisher, both located in Spinningfields, raised £12,000 for...

The 5 Most Common Late Payment Excuses Costing UK Businesses Millions

New Report Highlights the Growing Problem of Unpaid Invoices Late payments remain a persistent threat to UK businesses, tying up billions of pounds in overdue...

More News

Using EquitiesFirst financing to adjust to a potentially volatile Japanese Yen in 2025

The Japanese yen stands at 152.34 against the US dollar as of early February 2025, following a peak of 158.33 in early January. The drop...

FoxTech Announces £150,000 Cybersecurity Investment to Safeguard Businesses

A Limited-Time Opportunity to Detect and Address Security Weaknesses This February To address the growing risks of cyber threats across industries, FoxTech is launching a...

Bank of England cuts interest rates from 4.75% to 4.5%

The Bank of England has cut interest rates from 4.75% to 4.5%, their lowest level since June 2023. Bank of England governor Andrew Bailey held...