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4 Ways Technology Helps The Financial Industry

It’s undeniable that the financial industry has seen a number of pretty impressive upgrades thanks to technology. Not only does money management become a simpler task, but it also becomes much easier to connect and communicate with your clients. Keep reading to take a look at just four of the many ways that new and improved technology has helped, and continues to help, the financial industry.

An Abundance Of Resources

Long gone are the days of struggling to scrape together industry knowledge. These days, valuable resources are just a simple Google search and a mouse click away. The breadth of information that’s available these days is amazing on its own, but the ease of accessibility is what truly makes this point shine. When you don’t have to spend a ton of time scouring for and gathering up resources, you can channel that time and energy into other things, instead. This shaves unnecessary hours from plenty of financial ventures, and as we all know, time is money and time saved is money saved. That’s a pretty attractive bottom line for a lot of clients and workers in the financial industry alike.

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Getting Help From Experts

There are a lot of financial topics that contain complexities that the average client may struggle with, like preparing for retirement. In the past, finding specific experts to help out could have taken just as much time and effort as hunting down information, resources, and so on. These days, hopping online will almost immediately give you a path to connect to any expert of your choosing. Need some help with retirement preparation? The Street is there for you. Have questions about mortgages? There are tons of mortgage-specific attorneys or companies chock-full of information to give.

Of course, the flip side of this is that clients will need to approach experts with a more discerning eye than before. It’s important to do one’s research before trusting anything that you see online as a golden rule, or an absolutely true and factual piece of information.

Using Social Media As A Bridge

When working in financial services, one struggle that comes up time and again is communication with customers. How are you going to connect with your user base? How will you get important information out to your clients? In what ways can you continue to grow your pool of clients? Social media exists as a possible answer for all of those questions. Sites like Facebook make it beyond easy to keep up with your clients. It gives you a large polling sample, and acts as a platform for clients to make their concerns or needs known. This will allow you to monitor things efficiently, and thus make more effective decisions for your company.

Beyond that, the reach of popular social media platforms is also quite large. Being able to post instructional or introductory videos on YouTube can draw your business plenty of attention. It’s a valuable marketing tool, and on top of everything else, the cost is also much lower than traditional means of marketing. It’s a veritable win-win situation.

Increased Financial Security

It’s no secret that the digital age has brought along its share of problems with technological security. However, the security solutions to these problems are also rapidly evolving. As financial business shifts more and more to digital and electronic formats rather than paper and in-person, there’s an increasingly loud need for strong security – and that need is being filled. From security apps to entire classes dedicated to teaching investors how to maximize their technology to be as impenetrable as possible, there are plenty of ways these days to beef up your digital safe house and make sure that your investments and finances are well outside of the reach of virtual bandits. For example, new behavioral biometrics security is being implemented as an extra layer of banking security. What this technology does is analyze the particular way that you type, scroll, and otherwise interact with your phone or tablet. That way, if someone else comes along and tries to access your information, their behavioral interaction with the device won’t match up with what’s stored and they won’t be able to access the important things.

Technology is growing every day right alongside the financial industry. In order to maximize your business, expand your clientele, and keep your users happy with your services, it might be beneficial to look into what this new tech can provide for you.

 

Jesse Fin
 

Jesse worked as a journalist for a large tv station in Korea in her past life. She now works full time at home as a blogger and loves to help her friends manage their personal budgets.

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Robert Ortiz - November 6, 2017

At the same time technology also put those in risk who are not aware and not informed.

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