Oct 10

Improving Access to Financial Services through Technology

The financial services sector is one of the areas that has been greatly impacted by the recent advances in technology. Quite a number of innovators have developed technological products aimed at facilitating easy access to better financial services, both in developed and developing countries.

New inventions have been pivotal in the improvement of access to financial services through technology. The advent of technologies that streamline financial services such as managing financial records, financial transfers and various other crucial services has been a major milestone towards the improvement of access to better financial services.

Enhancement of Cross-Border Money Transfers

One of the ways through which technology is improving access to financial services is via enhancement of cross-border money transfers. For several years now, international money transfers were not only costly but also took longer periods of time to process to completion. The transactions were pretty inconveniencing as you had to pay more and wait longer for a transaction to be completed. Technology has however stepped in to provide an ideal solution to those that wish to make cross-border money transfers.

There are a number of efficient bank account networks that allow you to access your money from any corner of the planet. Online money transfers are also available and they offer an easy to use web interface that allow you to receive and send payments globally. The technology boasts of faster speeds, relatively affordable cost of transfers and ease of use. This has particularly been a great breakthrough in the improvement of access to financial services through technology.

Automating Manual Financial Processes

Automating manual processes is another effective way of improving access to financial services. Besides being of great benefit to clients, automation is also of considerable benefit to the financial service providers. For the service providers, automation helps in reducing costs as delivering manual services is resource intensive and requires more manpower.

With financial instruments processing near real time transactions, it’s imperative to have a KYC and compliance engine capable of detecting suspicious transactions in real time with high accuracy. This is a huge opportunity for Financial Services firms to innovate and build a powerful system to limit fraudulent transactions while keeping a low cost of compliance. Technologies that support real time data access are emerging and through them, accessing client data needed for decision making will be relatively easy. Given the fact that financial institutions will have an easy time getting client data, it will be easier for clients to access financial services.

Using Social Media to Improve Access

Social media is one of the greatest technological achievements over the recent past. Through these platforms, people from various corners of the world are brought together into a “Global Village”. The enhanced interaction and communication can be used to better access to financial services in a number of ways. Customer service is one way through which social media can be of benefit to access to financial services. A majority of clients often expect real-time responses to their queries and concerns.

Social media can be used as a platform to cater to the needs of clients in real time. Financial institutions can set up social media accounts through which they interact directly with customers and offer them real time assistance and solutions. Client awareness can also be achieved through the social media. You can use the platform to enlighten clients on new products, services and policies.

Smartphones are another piece of technology that can be used to effectively boost access to financial services. Through development of banking apps and financial management apps, users can have access to their financial resources and related services whenever they want and wherever they are. Besides the convenience the mobility offers, the speed is also noteworthy.

Technological advances are made as days go by and with time, access to financial services are bound to be fast, easy and flawless.