7 E-finance trends: the future of Finance
A large number of technical developments characterize the financial sector. ISAAC closely follows these trends and knows exactly how to guide organizations in this very fast changing environment. No integration is too complex for us and every solution meets the latest security and designs standards. These are the 7 major financial trends which are going on the world of financials.
#1 Blockchain Technology
Blockchain technology is just as revolutionary as the development of the internet itself. Blockchain technology can be used to set up platforms that offer the ability to handle transactions without requiring a central party as manager. Management and security are ensured via cryptography. Within one year, blockchain technology will form the backbone of all possible transactions. What does this mean for you as a financial service provider, and how do you make optimal use of it?
#2 Mobile Payments
In Europe, with its high penetration of smartphone users, the market for payments via telephone (and tablet) is enormous. Payment has become an essential part of the customer journey. The payment experience, therefore, says something about the reliability of your brand. Traditionally, the last step in payment is a killer for conversion. Current developments can, however, ensure a seamless collaboration among various platforms and devices, and enable your customers to make their purchases easily as well as globally, without coming at the expense of conversion.
#3 Disruption in the valuechain
The internet makes everything transparent and easily does away with unnecessary links in the value chain. That which adds no value disappears due to a smarter, faster or cheaper version. Innovative online concepts play a clever role here and take advantage of the opportunities. Think of Booking.com or Uber. A good online presence and transparency of offerings is essential. Do you see only the risks or will you take advantage of these opportunities?
#4 Power to the People
Through the power of the internet, consumers are able to search and compare products and services online very quickly and easily. They demand transparency of product and service offerings. This way, they know precisely where they stand and which product fits best. Think here of the visualisation of a repayment term for a financial product or the consequences of switching. Your customer is king!
#5 Personalized content
Responding immediately to the interests and needs of your customers in every phase of the customer journey is essential. Data can realise this form of individual approach. With the increase in data, there are many valuable insights at your disposal that you can use to accurately segment your target group, strengthen your customer relationship and eventually increase the conversion rate.
Fintech companies work on innovative technologies to make financial services more transparent, economical and efficient. For example, payment via WhatsApp or the use of Bitcoins. The rate of innovation within Fintech is high. The demanding consumer wants to arrange his or her money issues quickly and easily – at any time, on any device and in any place. This requires revised and streamlined processes. Is your organisation able to adopt these technologies?
#7 Artificial Intelligence
Where computers previously could perform only one task given by the user, nowadays they are more able to think independently. Through the development of algorithms, intelligent mechanisms are created that can imitate or even surpass human choices. By linking critical parameters, they can advise which product or service best suits the request. Computer technology meets brainpower!