Blog AI & ML

The Most Common Themes in the Financial Services Industry

Cammy Perry Content Marketing Specialist Published 17 Jan 2023

The financial services industry is facing a shift in the way their businesses operate. The digital revolution has brought about many advancements, but it also has created new challenges that require companies to adapt. Here are some of the most common themes affecting financial services companies today:

Digital Banking

Digital banking refers to the use of online and mobile technologies to manage finances. This can include everything from paying bills, transferring money between accounts, and making deposits with your smartphone, laptop, or tablet. Banks are increasingly providing their customers with sophisticated and easy-to-use digital tools that allow them to perform various banking activities from anywhere at any time.

Digital banking provides customers with greater control over their finances than ever before. Customers see technology as an important differentiator among banks, and they expect companies to use their digital products—such as mobile apps or online banking services—as a way of demonstrating that the company understands what consumers want.

Modernization to Enhance Customer Journey & Business Operations

Modernization is the process of making something new and improved, like updating legacy systems and replacing outdated technology. When you modernize your IT technology, you can enable your team to work efficiently with minimal disruption or downtime.

As your organization is focused on addressing customers’ needs, modernization brings the ability to focus on what your customers want most. For example, if they need access to their accounts at any time and from any place, then you can provide it with online or mobile banking services through a reliable and secure network.

Cybersecurity

Cybersecurity is a top priority for financial services firms and their customers. Cybercrime is extremely common and can have significant consequences on banks and customers impacted. To avoid becoming the next target, it’s important to understand what makes these attacks so dangerous—and how you can protect yourself from them.

Financial service organizations must be proactive when it comes to cybersecurity by adopting strong cybersecurity practices in order to protect customer data. It is important to be vigilant when it comes to cybersecurity by ensuring that employees are trained on cybersecurity best practices, as well as monitoring system activity for suspicious activity or anomalies that could indicate an attack against their systems or networks (e.g., unusual spikes in web traffic).

AIOps to Improve Operations

AIOps can help your IT team with managing your IT infrastructure more effectively. It can help you reduce downtime, increase uptime, improve performance—and save money! In the financial services industry, a lot of IT teams are looking into tools that use ML algorithms and AI in order to simplify network management and keep operations running efficiently.

Work Reimagined

It’s no secret that the way we work is changing. With advancements in technology, communication methods and social structures, traditional models of working are becoming less relevant every day.

Work is becoming more mobile: You only need to look at how much time we spend staring at our phones or tablets on any given day to see that this is true! Work no longer ends when we leave our desks for home or elsewhere—it follows us wherever we go, and it’s not going anywhere anytime soon!

Work also has become more remote: Some people are lucky enough not even have an office anymore; they work from home (or wherever), communicating with their team via email or video conferences rather than face-to-face meetings and phone calls.

For hybrid and on-the-go workers, a network that supports their unique demands is crucial. Your business’s network should be fast, reliable and secure—so your employees can complete their tasks without worrying that they may lose connectivity.

Financial Services Resources

Technology is revolutionizing the financial services industry, and it can be hard to keep up with all the latest innovations. From digital banking to cybersecurity, companies can stay ahead of their competition by using various methods, and it’s important for businesses to be aware of these trends so they don’t fall behind.

Learn how Extreme Networks can help you enhance your customer’s digital experience and support your hybrid workforce with some of our related resources:

Get the latest stories sent straight to your inbox!

Related Financial Services Stories