Digant R. Patel

Avatar of Digant R. Patel.
Avatar of Digant R. Patel.

Digant R. Patel

Warren, NJ 07059, USA

Digant R. Patel

To know more about Digant R. Patel click the links below : 



Digant R. Patel

To learn more about Digant R. Patel, click the link below.



To know more about Digant R. Patel click the links below : 



To know more about Digant R. Patel click the links below : 



5 Disruptive Finance and Technology Trends

Finance teams must adopt new technologies if they want to remain competitive. These include robotic process automation, IoT, and blockchain. These tools will improve productivity, transparency, and customer understanding for the financial staff. Additionally, these tools will increase collaboration and accessibility to finance. Learn more about these tendencies by reading on.

In the financial services sector, artificial intelligence is more crucial than ever. It can aid businesses in managing risks, boosting productivity, and enhancing data analytics. Tools for automating operations like loan application processing, data entry, and compliance are also provided by artificial intelligence. In addition, AI can enhance the whole customer experience by removing human error.

Technology and finance could both be revolutionized by blockchain. Financial institutions may more easily share financial information and cut costs because of their distributed ledger technology. Even global marketplaces can be opened by it. However, despite all of the advantages of blockchain, it may not be simple to convince the whole finance sector to adopt the technology. Regulators, financial institutions, and consumers must invest significantly in this new technology.

Currently, third-party companies are used by financial institutions to conduct transactions. With blockchain technology, these intermediaries can be avoided, saving money. This might lower the number of transactions and boost industrial profitability. Additionally, because data is held decentralized and is not accessible by a single entity, blockchain is more secure than conventional financial institutions.

A technological advancement called the Internet of Things (IoT) is already upending numerous businesses. For example, developments like bright beacons have already touched the financial services sector. These beacons can be used to find fraud and other criminal activity. In addition, banks may analyze client behavior using the IoT to enhance their services and customer experience.

The IoT is already being tapped into by banks, who have reorganized their front offices to provide a better client experience. Additionally, banks spend more of their IT money on improving customers' online experiences. Younger consumers' demands for mobile information access and convenience are being met. They continue to provide senior customers with traditional services at the same time.

IoT will improve transparency in the financial services sector and assist financial institutions in customizing services to meet the demands of individual clients. For example, IoT will enable financial companies to track assets and respond to client requests more efficiently. Another illustration is the automatic management of utilities and supplier switching that can occur in connected houses based on the best price. Additionally, the IoT will support banks in automating tasks like inventory management.

This technology aids businesses in carrying out routine, rule-based processes. Robotic software is used to simulate human behavior. This technology aims to lessen human error and increase productivity. As a result of the exponential growth in data and the complexity of audit regulations, the quantity of work that businesses must do has increased dramatically over the last five or six years. In contrast to traditional outsourcing, robotic automation is intended to increase productivity, not decrease expenses.

The advantages of this technology are beginning to be understood by the finance industry, and many of them are now utilizing it. For instance, they reduce labor expenses, remove keying mistakes, and expedite procedures. Additionally, enterprises use technology to resurrect outdated applications and integrate data without using APIs.

The use of gaming in technology and finance is on the rise. It introduces more challenging ideas while rewarding specific actions with gaming components. It also raises consumer awareness of fresh goods and services. For instance, an Emirates NBD app rewards users who reach specific fitness targets. Levels, obstacles, and progress meters are included.

Gamification can increase customer engagement and draw in new ones. Additionally, it can assist businesses in gathering vital consumer data. Additionally, it may aid in the promotion and sale of their goods. Financial services companies can give customers a more exciting experience using this strategy. The likelihood that the customer will purchase from them will increase if they find it interesting.

Originally from India, Digant R Patel now lives in Warren, New Jersey. This industrious product owner and project manager first came to the United States in 1999. After obtaining his Masters in Computer Engineering, he accumulated 16 years of experience in the financial industry. Dynamic, adaptable, self-motivated, top-performing, and knowledgeable are just some of the attributes used to describe him. Patel also loves to give back to the community by volunteering and advocating for various nonprofits in his free time, showcasing his balance between work and personal life.

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Published: Aug 26th 2022