The financial sector employs about 150,000 people and more than 7,150 in enterprises. The industry alone accounts for more than 6% of GDP. All spheres of finance are represented in the world: banks and other financial intermediaries, insurance, securities, pension funds, financial advisors and fund managers. In recent years, the region has been particularly distinguished by its ability to create a range of financial-related technology services. Large financial institutions were able to take advantage of technological advances in their sector and integrate them into their realities. Indeed, these new technologies offer significant opportunities. Let’s see together what is financial intelligence.
For example, organizations can use big data and advanced data analysis to increase customer loyalty, trust and customer service, thereby creating new sources of revenue. We are witnessing the development of new business models between FinTechs and large institutions. Real collaboration takes place within the financial ecosystem. For example, it is important to welcome the initiatives of large financial institutions such as the creation of business incubators, innovation contests, collaboration platforms, creative laboratories and corporate foundations.
Now let’s answer the question why people need financial intelligence. The financial industry is not in its first transformation. Throughout his history, he knew how to adapt and pursue important innovations. Among other things, we can think of credit cards, ATMs and online banks that have made life easier for consumers. However, the world of business and finance is becoming increasingly complex. It is difficult to predict the future with accuracy. In the long run, companies have some uncertainty. Several factors point to changes that will have an even more significant impact on the financial sector. Before delving into identifying the skills of the future that are specific to the field of finance, we identified the main factors that will influence its transformation. This synthesis will allow the informed reader to establish a connection between his situation and the situation in his organization. The importance of these factors was confirmed by our experts during our interviews.
Customer habits and expectations regarding financial products and services are changing, in particular, due to the new dynamics of consumption that has already developed in other industries. Clients are constantly connected to the network. They are increasingly demanding in terms of the quality of the services offered. They require greater accessibility of the services offered, greater transparency and greater profitability for their money. Financial institutions must move from physical interactions to digital interactions with their customers. They should offer real-time solutions based on a deep understanding of the financial and personal environment of customers. For banks and credit unions that digitize customer travel, revenue, cost reduction, and customer satisfaction can bring significant benefits. However, “the basic financial needs of people will not change, they will always want to save for the future, take loans to finance their purchases, transfer money and protect their families.”
Another important factor is that the time between a technological breakthrough and its deployment for the general public is now significantly reduced compared to what it was a few years ago. For example, it took 76 years for the phone to be adapted for half the population, and for a smartphone in less than 10 years. For comparison: the time that has passed since the appearance of the main sketch of the blockchain before its adoption on the Internet as a standard tool took only a small part of the time. Customers love technology.
It is becoming inexpensive and easy to use for a large part of the population. In financial organizations, not a day goes by that a client does not ask a consultant if he can get access to new technologies to accelerate a certain process or transaction. Therefore, in addition to the fact that he wants to be always in touch, he wants to find the best solution that will simplify his life. The customer of tomorrow is the technology customer.
Therefore, it becomes important for companies to fully understand the expectations of their customers and be able to provide them with financial help. Technological advances have allowed exponentially collect data on user habits and their needs. This is an incredible opportunity for companies wishing to use this information to offer real customer satisfaction.