AI and machine learning
Tech giants, such as Apple, Amazon or Google, get their customers to sign up for services that have traditionally been reserved for them, and therefore they are now facing strong competition on more fronts than ever before. In order for the traditional companies to remain competitive they must embrace AI and smart data-based technologies. In other words, financial managers and financial teams will have to master the art of integrating these technologies into backend operations and thus automate repetitive tasks such as reporting.
Another area where we expect growth is the use of AI in ensuring fair and equal treatment of loan applicants. In order to ensure that all segments of population have equal access to credit and business funding options, algorithms will identify with an increased accuracy where bias occurs in these processes.
Blockchain
Blockchain is usually associated with crypto currencies, but its true potential lies elsewhere. Blockchain is essentially a secured system facilitating transactions, financial and other. Banks can use this technology for processing money transfers in order to decrease costs and increase productivity, which will enhance transaction efficiency without compromising security.
An example is the associations of Mastercard and PayPal who allow they customers to use blockchain currencies, i.e. cryptocurrencies, to pay in their networks. This revolutionary technology will without any doubt be used in many other innovative ways. Even though originally it was limited to cryptocurrencies and digital money, its potential in financial services goes far beyond.
Improving customer experience thanks to cloud technology
Banks, insurance companies and other financial institutions have made a significant progress in this area when they automated and increased the efficiency of process such as reporting, cash-flow management, transaction processing or cyberattack prevention. The more companies use these advanced technologies to solve problems, the more they will understand each other, improve and combine. This will help designing creative and efficient solutions which will improve customer experience.
Software service provides are now racing to create innovative solutions using the most recent trends. Applications containing inbuilt AI assistants that help users manage their finances by analysing spending patterns and suggesting more efficient management are just one example. Radio interfaces and chatbots that are becoming irreplaceable and sometimes mandatory assistants are also booming.
Cyberattack prevention
The digitalisation of internal and external interactions brought about new security risks for companies that are unfortunately often underestimated. Companies are less vigilant when it comes to the security of their system and often ignore the need to update the systems until they are victims of a cyber attack and lose valuable data. Rather than reacting to cybersecurity risks it is important that financial companies improve and secure their accounting systems.
Regulators are also aware of the increasing security risk and will implement more stringent controls of financial companies and their security systems and put in place regulation to force companies to enhance their security. Financial companies are an attractive target for hackers as they store very valuable data. Company managers should not underestimate security measures.
What can we help you with?
- We will supply you with qualified IT professionals who will increase your competitiveness.
- We’ll move your business forward with the finance talent you need.
Get ready for future
In order to thrive in the current business context financial executives and managers have to have a mindset that goes beyond usual indicators and integrate new technology into their strategies.
One of the essential steps in this transformation is to abandon the traditional on-premise systems. By adopting modern technology solutions, you can free your activity from rigid data structures and out-dated processes. Thus, you will solve the underperformance issues and increase productivity and achieve better results for your organisation.
It is important to realise that customers’ and stakeholders’ expectations constantly evolve in response to the market dynamics, competitors’ innovations, legislative changes and technology breakthroughs. Therefore, your strategy in terms of technology should not aim at merely addressing immediate needs but also to anticipate future needs. It is more and more difficult for companies to hire experts who are able keep up with the speed of technological progress and the diversity of available technologies.
At Manpower IT we have a vast portfolio of candidates who not only have the right technology background but also the level of learning ability and innovative thinking that will help your company to grow and increase its competitiveness.
Get in touch with Manpower IT
Manpower IT will provide you with a contact person for all advice and contact details for qualified finance staff Martina Pavlíková.
