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Many of the reasons that still prevent the acceleration of financial technologies from being widespread are related to the fear of data security, such as where it is stored and why the data collected is increasing.
It was precisely to combat this fear and the risks of transactions made without security that technologies such as blockchain, cryptocurrencies, and Open Banking were developed. This has made the main role of technology in modernizing the financial market now to also provide data security.
Examples of financial technology
To better understand the application of financial technologies to a company in practice, there are examples that were so successful that they had a high growth of adhesions between organizations and services in recent years. Are they:
Mobile payments: This technology made it possible for payments to be made on virtual platforms, which facilitated the emergence of PIX, for example.
Crowdfunding Platforms: As a result of the development of financial technologies, online kitties are digital platforms aimed at collectively raising funds and resources.
Loans: Many small to large loan services are now being offered in a less bureaucratic way and with lower rates, due to finance technologies.
Insurance: Technologies aimed at providing insurance services in an uncomplicated way have also become a trend, thanks to research in the field of payments.
Robo-advisors or robot-advisors: These are platforms for investment management and financial advice through algorithms.
Benefits of fintech
There are several reasons that emphasize the importance of financial technology, but they revolve around greater assertiveness in decision-making, a better experience for both the customer and the employee, and greater fluidity of processes.
Next, learn more about the benefits of fintech.
Greater profitability
As mentioned, the use of financial technology can bring profitable returns to a company, and with automated processes, there is a significant reduction in errors and improved solutions to problems that may arise.
Knowledge-based on data
Among the technologies available in the market, there are tools that help in data analysis, which leads the company to know its customers and prospects even more. With this software, managers can perform an in-depth analysis of the customer profile, creating agile and optimized compliance.
Better customer relationship
The use of financial technologies provides greater organization and data security to any virtual procedures that the customer performs on the company's platforms, which makes it possible to increase customer trust and strengthen ties with their audience.
Cost organization
The software can organize costs and help with profit adequacy, in order to deliver an interesting sales value, based on the market average. Financial technology, in this case, contributes to the adequacy of prices, so that the company becomes much more competitive in the face of competition.
Strategic planning
A company's strategic planning should not be a one-off action, which only needs to be carried out when they are creating a sales campaign. It is one of the most important tools for businesses that want to stand out in the market.
When a well-defined plan is in place, financial technology tools can support the development of the plan. Some software is able to provide a basis for planning, helping to understand which points can be better managed.
Assertiveness in decision making
Regardless of the size of the business, when there are technologies that help in the work routine, it is easier to base decision-making. That's because automated data analysis poses minimal risk as errors are far fewer incidents.
In addition, these tools help to delimit strategies, and business process management can become less challenging. For those who want to evolve and grow in a consolidated way, relying on the support of these systems can be the differential that will make the company even more competitive.
What are the most common mistakes in the application of financial technologies and how to avoid them?
In order for your organization to prepare in advance and not suffer from its “rebound effect”, check out the most common mistakes in adopting financial technologies below.
1. Advanced technologies that do not improve service
It is clear that advanced and innovative technologies are highly important to have mapped into the company's investments.
However, there is no point in investing in cutting-edge technologies if they do not complement or increase the quality of customer service. It is necessary to align technology investments with the company's value proposition or its goals.
2. Invest only in conventional technologies
Another mistake that can have repercussions as an impediment to business development is not considering innovative and disruptive technologies for a change in the execution of processes and investing only in the conventional available on the market.
Sometimes, the best-known tools on the market no longer bring innovations and impacts enough for companies, and resources with great potential are left out because they are not the most traditional ones. To achieve unprecedented improvements, you have to chase the new.
3. Focus only on increasing productivity
Many companies focus their efforts on technology adoption only aiming at increasing operational productivity - which, without a doubt, is one of the main benefits of its implementation, but should come as a consequence of modernization. During the upgrade process, the ultimate goal of improving the service, which comes through offering greater value to the customer, cannot be overlooked.
4. Make processes dependent on technologies
Undoubtedly, it is a great differentiator to have the latest technologies on the market. But betting solely on acquiring technology to achieve business success makes internal processes and employee knowledge dependent on that resource. Instead, the idea is to harness this advantage into a robust competitive strategy, which is understood by all teams involved.
