The Benefits of Technology for the Finance Industry
Why financial services organisations that leverage technology can stay ahead of the competition
Today, a business is only as good as its technology. From team productivity to client experience, you shouldn’t underestimate the importance of ensuring your technology is set up for success.
In the fast-paced and competitive world of financial services, companies that invest in digital solutions stand a greater chance at growing their business and standing out from their competitors. By embracing and investing in digital solutions, businesses will be in the best position to exceed client expectations, maximise team productivity and achieve ambitious business goals.
In this article, Jersey Managing Director, Dane Bryans, explores the key advantages that technology could offer your organisation.
Increased Productivity for Your Team
When technology solutions aren’t updated and systems aren’t monitored consistently for threats, you can experience downtime. If your employees are unable to work, even for small periods of time, your business is essentially losing money. Ensuring you’re utilising the latest and greatest technology will keep your technology infrastructure robust, resilient, and secure, so you and your team can remain productive.
The Microsoft 365 suite has been designed with productivity in mind. With the proper training on how to use these tools, you can increase efficiency and make jobs easier. From knowing all the shortcuts and tricks on Excel to organise data faster, to keeping an easy to access action list on Microsoft To Do, Microsoft 365 can significantly increase workplace productivity.
Having appropriate cloud solutions in place can also have a significant impact on productivity, because it allows your employees to work from anywhere. Working from home, from a café or from abroad are all possible if you utilise the cloud. It also mitigates the risk of downtime caused by server failure.
Automation
Automation is key to the productivity of your people. Where possible, automating those time consuming, repetitive tasks that bog down your team, affect morale and waste your valuable labour budget, will free up the time of your employees to focus on more strategic tasks.
From payroll processes and invoicing to client reporting and data entry, investing in digital transformation not only improves the efficiency and experience of your team, but it can also increase accuracy and consistency by removing the risk of human error.
Additionally, for financial services organisations in particular, automating tasks like KYC screening, due diligence, and client onboarding and offboarding, is a great way to increase productivity.
Data Analytics
Companies that possess the ability to analyse data and extract valuable insights are poised to outperform their competitors who either lack the capability or choose not to leverage it. By employing advanced data analytics technology to track the profitability of your business, clients and employees, against your products and services, will help you establish a sustainable competitive advantage over rivals who are left fumbling in the dark.
Enhanced Customer Experience
Most finance companies understand the importance of client experience, but many disregard the crucial part technology can play in providing a seamless and personalised customer experience. This includes user-friendly mobile applications for managing finances, implementing virtual assistants for customer support and utilising data analytics to better understand client behavior and processes.
Today, everyone wants data at their fingertips. Providing custom portals, dashboards and reports with real-time information, accessible whenever the user needs it, is a sure way to gain a competitive advantage.
Another element that may be overlooked is the general impression clients receive from the technology of the organisation they’re working with. Robust digital solutions improve an organisation’s reputation because it displays a willingness to invest in excellence. Not to mention, if an employee cites failed, slow or malfunctioning technology as an excuse for poor client service or delayed project delivery, that’s a bad look for your company.
Robust Security Measures
As the second most targeted industry for cyber crime behind healthcare, implementing advanced security measures for financial services is crucial. Businesses can leverage technologies such as biometric authentication, encryption, and multi-factor authentication to safeguard customer data and transactions, thereby enhancing trust and confidence with its clients and providing a competitive edge. Within the finance industry, it’s essential that a client feels its sensitive data and information is being kept securely.
Fintech Partnerships
Collaboration with fintech companies can provide financial services businesses with access to innovative technologies and solutions. Partnerships can help in offering new services, improving efficiency, and staying ahead of market trends.
Regulatory Compliance
Technology can assist financial services businesses in ensuring compliance with regulatory requirements. Automated systems can monitor transactions for suspicious activities, generate reports, and simplify compliance processes. Many cyber security certifications account for GDPR compliance and industry regulations, so in attaining that certification, your business will have a higher chance of remaining compliant.
Furthermore, a good customer success team should provide you with continued guidance on risks and technology trends to ensure your business stays ahead of the competition.
