What are the latest technology trends in the Financial Services industry and why do they matter to your business?

Staying in the loop is important in the financial services industry. Every week some new financial issue is dominating the news cycle. But what about the developments in financial technology? In the past few years there have been incredible technological advancements that also deserved the limelight.  

In this blog we’ll highlight some of the latest technology trends in the financial services industry and explain why they matter to you and your business. 

1. The Rise of Big Data

The rise of big data has transformed the way many in the financial service industry are now operating. Data is easier to access, there’s more of it, and the data sets are more complex and more specific to your needs. 

In particular, when third party market data sources are integrated with a platform like Salesforce, bankers and financial employees can save so much time on data entry and are capable of identifying new deals with greater ease. Big Data is definitely one of the most important technology trends in the financial service industry in recent years. 

2. The Power of AI

AI has been around for a while but new developments are occurring all the time that are helping financial services firms improve their processes. For example, Salesforce Einstein is an AI solution that is empowering a number of financial institutions with built-in intelligence to engage with empathy, increase productivity, and scale customer experiences. 

AI and predictive analytics is helping to make sense of the mountains of data that businesses in the financial services industry now collect. Without AI, the volume of tasks would be overwhelming. AI won’t replace managing directors or executives anytime soon, but it can eliminate human error during high-pressure deals, complex contracts and reporting. 

The rise of Salesforce Einstein and other AI technologies geared towards the financial sector should encourage you to familiarise yourself with AI and understand how it can enhance your business processes. 

3. Firms are investing in MarTech

Many of the companies Consleague work with had to change the way they approached marketing during the pandemic and the subsequent lockdowns across the globe. More firms started experimenting with their digital marketing strategies and holding events online. 

One of the keys to gaining an edge and avoiding disruption was to leverage intelligent marketing automation tools to connect with customers, clients and partners. 

Firms wanted to know more about who was actively engaging with their brand during webinars, events, analyst calls, and on social media. A CRM like Salesforce ensures that event engagement data from systems like Zoom and Meetmax is accessible and ready to inform relationship insights. 

All of these trends are worth delving into further. Depending on your area of expertise or the objectives of your business, remaining informed about these trends will help you to succeed and stay at the forefront of innovations within the financial services industry. 

Find out more about Salesforce for Financial Services or schedule a call with us today to learn more about the latest technology developments and how digital transformation can work for you.