Every industry can register at least a few innovations introduced into their systems to make things less cumbersome and complicated for both the customers and the staff members. These are new ideas implemented to bring in changes to the way things are done for better performance. Technological innovations have made things easy, safe and faster hence making work easier than ever before. For an organization to know what departments to focus on and what kind of innovations to work on, all they have to do is simply pay attention to problems and difficulties faced during the normal operations then work on how to get them solved. There are a few financial innovations that seem to stand out most in the year 2019.
1. Digital Trade Chain
These are platforms that help manage ledgers for both domestic and international trades. It basically creates an open platform where all involved parties can follow up on every transaction done. These include the buyers, the sellers and also the bankers if involved. Others might decide to get cash loans from financing institutions like the Strategic Financial Solutions. All these transactions are recorded in the DTC for any follow-ups including the installments payable each time for the loan.
2. The Capital One Skill
For some people that do not plan their shopping or impulse buying is uncontrollable with them, the Capital One Skill is a good option because it can record almost every spending on many outlets. You only need to open the feature called how much did I spend, and it shows them all stated down to the very last one. Customers that have enabled the Capital One Skill can even ask for their last six months spending as well as getting into specific details like time, which outlets, what was bought and how much was paid. This is a good feature that helps you keep tabs with your spending on the go.
3. Dronn Agent
People are used to speaking to employees or agents whenever they go to the banks. Some banks have introduced intelligent virtue agents called dronns and are designed to communicate with customers verbally. They are fast and straight to the point; they are better than human because they never tire, go hungry, slow down or make errors as much as humans would. For the obvious services, some banks prefer to use dronns then only use human beings in dealing with unusual circumstances. As long as the dronn’s are well programmed and maintained, you would not expect any kinds of trouble with their work.
4. Introduction Of Mobile Banking Applications
These have lately taken the banking business to another level. Banks no longer look forward to expanding physical branches into new areas as they previously used to. All the customers want is efficiency and real-time help with whatever issues they might be having with the least human contact as possible. Get everyone enabled to help themselves in as many services as they can with their banking without having to visit a branch and that would be what they consider good service. These mobile banking applications have made things very easy when it comes to paying bills, checking for your bank account status, authorizing payments and even asking for loans. Invest much on such technological innovations unlike physical structures, and you might be making good returns as compared to previous times.
As you focus much energy on introducing new products that would attract more customers, you might want to try focusing on solving all problems the customers face when getting services from you. Start from there, and you might maintain a significant number of your clients as you also attract some more from other financial institutions when they hear about the convenience you offer.