Technology has taken over every aspect of our lives. Technological applications and innovations are now being used in entertainment, music, learning, and even to perform tasks. One area that technology is set to have a huge impact in the near future in finance.
Ms. Julia DePinto-Perez has been a financial administrator for more than two decades. She has had the opportunity to see how technology has affected this area of the economy. Here is how she believes technology will impact finance in the next decade.
In finance, customer service representatives are required to ensure that the customer’s problems are sorted in a timely manner. Any institution that deals with finance needs an effective customer service department.
Technology is proving useful in the enhancement of customer service. Chatbots run by Artificial Intelligence applications are now responding to common queries from clients of banks and businesses. The challenge for these businesses is to develop an AI system that is as authentic as a human at answering queries. Even though this is yet to be fully realized, progress in AI suggests we are getting closer to it.
Credit and Big Data
Another area Ms. Julia DePinto-Perez believes will change dramatically in the next few years is your credit score. This is the score that determines whether you are going to have a mortgage, lend from an institution, or get a job or apartment.
With advancements in the processing of big data, this is bound to change. Already, there are institutions that are using complex algorithms to calculate your credit score. These new algorithms will change how credit is calculated. It is possible that many organizations will start incorporating small purchasing decisions into the score. It is important for consumers and customers of lending institutions to pay attention to these changes in technology and big data.
Online and Digital Systems
According to Julia DePinto-Perez, another area that technology will impact is the mode and payment systems. New technologies that include mobile banking, Blockchain technology, and other fintech systems will change how we transact money.
It is becoming more convenient to transfer money online and through blockchain technologies. Businesses will have to adopt as their clients change their preferred mode of transferring money. Providers will also have to adapt or compete with other players in the industry offering more secure technologies such as Blockchain.
It is always important for businesses to stay up to date with these changes in the industry. “Keep reviewing your business and business plan. Stay fluid and relevant” advises Julia DePinto Perez.