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The technology is fast changing and it will perhaps bring a significant change in the financial services. We all know that technological breakthroughs promise great innovative solutions alongside certain products and industries disappearance from the scene while some others are coming up at a brisk pace.
The world is in a phase of changes. But the fact that financial sector was the least influenced with technology so far is seeing great changes. Now, by doing so, the changed system seems to raise a hope of its potential and working for a rapid investment, regulation and more public understanding which will bring progress at a rapid rate.
There is no doubt about the fact that these changes in financial sector will bring many welcome changes from the old-fashioned ways of working. For instance, see at the current payment methods like demand draft or cheque system even when it could be replaced by online methods immediately.
Technology gets cheaper as much as it spreads and becomes available to more people besides it generates a large amount of data that enables experts to understand the situation at a wider canvas which is another way of achieving greater success in different fields and financial filed is certainly one of them.
Technology has made it possible for companies to reach to a wider customer network at a lower cost which is a warning bell for existing financial institutes still sticking with older working style or not ready to change their working style and the best example are the private sector banks, insurance companies which are giving a tough competition to public sector financial companies.
However, the public sector financial institutes are still finding themselves in a fix as how to deal with complicacies of online privacy matters related with use of technology and keeping their data safe when the private sector is ready to turn the ATM as tool of investment or a single window for all financial needs.
In very near future the ATM kiosks will be the only place that a person would probably use for all his financial needs like all bill payments, insurance and all other money transactions etc. To compile this list, there is so much more to the fact that coming generation of consumer would be able to complete all his transaction with a click of his mobile phone. Internet will convert a mobile phone into a hand held machine that will complete every transaction within no time without any paperwork.
will enable consumer to change his service easily. A service which is not bringing a proper or desired result for the consumer would hardly survive as the consumer will have the option to switch over the service just like he is able to change his mobile service provider without changing his number and if he gets the same facility for changing over to another financial institute without having to close down his account or losing his benefits.
Now that insurance sector has the new regulation that allows medical insurance policyholder to change over to another health insurance company in case the consumer is not satisfied without losing his benefits the chances are financial sector companies would be more careful and provide their customers with best facilities.
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Technology helps in so many areas. With the forever changing world more and more financial companies as well as other companies rely heavily on technology. Technology is so advanced that one can carry devices for business transactions and upload on data on to that device or within their computers. We rely on technology so heavily and could imagine how much financial institutions rely on technology. The days of putting data onto paper are long gone. Everything seems to be computerized.
It is such a blessing that doing anything online saves a lot of time and it is safe as well. My mobile alerts me anytime I receive money in my bank or I have made a transaction.
Life is so easy.
technology is indeed improving our financial life day after day. I am getting more and more used to paying my bills online instead of wasting time by standing in queues at different institutions and offices as it happened a few years ago. From this point of view, technology has definitely improved my life.
Insurance companies must be updated in terms of benefits and if benefits are truly delivered to the policy holders. Technology also hastens works and saves asks that require lots of effort in case something is missing.Technology can help trace what was lost and found, what do we need and and the answers of our needs.
For people outside the changes in Techno world that enable better digitisation look great, but for people like I who are in the Tech profession, it is a very tough world, where changes come very fast.