The financial firms are clearly split in two major ways: those who are stuck with traditional analytics approach versus those who are adapting artificial intelligence approach to ease their customers long-drawn struggle of acquiring loans and other financial assistance in a lengthy process.
To name a few, here are the lending companies which are making the cut with a technology-driven approach.
In the age of digital disruption, customer expectations from financial services have fairly soared to several things:
- Mobile technology with great ease of use and accessibility
- Good riddance from lengthy paperwork by reduced screening processes
- Personalized consumer banking and wealth management systems
- All-time accessible customer support
- Increased security
To facilitate such experience financial firms need to ensure measures which can result in:
- Accurate decision-making
- Automated customer support
- Fraud detection and claims management
- Use of machine learning to manage the sophisticated influx of data
- Applying predictive analytics to find patterns, predict insights to help customers with wealth management
- Opening more profitable accounts
In 2018, most financial firms are beginning to be shrouded by other functionalities and concerns like security compliance, mergers and acquisitions, corporate governance and the culture of compliance, capital planning, compliance with consumer laws, so on and so forth. Under such circumstances, the least they should be rattled with is the inability to adopt the right technology.
An interesting report by “The Journal of Alternative Investments Winter 2018” write “how the traditional world of FinTech can be turned into a small subset of the overall world of the IoT. FinTech is the funding end of this new digital world that is created from the sensor revolution … Big data can increase productivity in logistics and reduce the need for working capital, which frees up balance sheets and allows companies to be more profitable.”
Today, Lending companies need insights, keener intelligence, and hands-on technology to skyrocket their dream platforms. Zuci understands the dire need to have great partners not just for implementations but also for consulting and dropping ideas to transform your services.
Join us at the Lend360 conference in Chicago, as we talk about the disruptive technologies rocking the financial services.
Trust us to speak from our enormous amount of experience in financial services!
Zuci is revolutionizing the way software platforms are engineered with the help of patented AI and deep learning models. Learn more about Zuci at www.zucisystems.com
About the author
Romita is the Digital Marketing Manager at Zuci. She is extremely passionate about reading, writing, and networking. Find her talking and interacting at Romita Verma