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4 Ways to Use Technology in Finance for Superior Customer Experiences


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June 17, 2024

Providing a great customer experience in finance can be tough. From long waits to confusing processes, it's not always smooth - But using technology such as smart tools and apps can change that for the better and make banking simpler and faster.

Let's go over the four ways technology can give customers a better experience.

What is Technology in the Finance Sector?

Technology in the finance sector refers to the use of advanced tools, systems, and software to enhance and streamline financial services. It encompasses a wide range of innovations aimed at improving efficiency, security, and customer experience in banking, investing, and other financial activities.

Examples include online banking platforms, mobile payment apps, artificial intelligence for fraud detection, blockchain for secure transactions, and robo-advisors for automated investment management.

4 Challenges of the Finance Sector

Here are four struggles that the finance sector faces without technology:

  1. Manual Processes: Without technology, many financial tasks rely on manual processes, leading to inefficiencies and errors in tasks like data entry and calculations.
  1. Long Wait Times: Customers often face long wait times for simple transactions and services due to manual processing and paperwork.
  1. Limited Accessibility: Access to financial services may be limited, especially in remote or underserved areas, without the reach of online and mobile banking.
  1. Complex Paperwork: Paper-based documentation and forms can be confusing and time-consuming for customers, hindering their understanding and ability to manage their finances effectively.

4 Ways to Use Technology in Finance for Superior Customer Experiences

1. Online Banking Platforms

Online banking platforms allow customers to perform various banking activities remotely, such as checking account balances, transferring funds, paying bills, and accessing account statements.

Here are the benefits of online banking platforms:

Convenience: Enjoy the flexibility to manage your finances anytime, anywhere, without the need to visit a physical branch.

Time Savings: Conduct transactions quickly and efficiently online, saving time that would otherwise be spent waiting in line at a bank.

Enhanced Security: Benefit from robust security measures like encryption and multi-factor authentication to protect your financial information and transactions.

Accessibility: Access banking services 24/7, allowing you to handle financial matters outside of regular banking hours, ensuring greater convenience and flexibility in your busy schedule.

2. Mobile Banking Apps

Mobile banking apps are smartphone applications provided by banks and financial institutions that offer customers a convenient way to access banking services and manage their finances on-the-go directly from their mobile devices.

Some features of these financial software development include:

Account management

Fund transfers

Bill payments

Mobile check deposits

Digital wallet integration

Transaction alerts and notifications

ATM and Branch locator

Personal finance management tools

Customer support

Security features

Here are the top three best mobile banking apps as of June 2024, according to Forbes:

1. Citi Mobile

Citi Bank, a major global bank, offers comprehensive financial services, including personal and commercial banking, investment banking, and wealth management. The Citi Mobile® App provides customers with a convenient way to manage their accounts and finances on-the-go.

Key Features

Citi Mobile Snapshot: Provides instant access to account summaries without needing to log in every time.

Citi Quick Lock: Allows users to temporarily lock their Citi credit or debit cards directly through the app, offering enhanced security if the card is misplaced​.

Mobile Check Deposit: Enables users to deposit checks quickly and easily from anywhere using their mobile device.

2. Bank of America Mobile Banking

Bank of America is one of the largest financial institutions in the world, providing a wide range of banking, investment, and financial risk management services. Their mobile app is designed to offer a seamless banking experience for both personal and business accounts.

Key Features

Mobile Check Deposit: Similar to Citi, this feature allows users to deposit checks directly through the app without visiting a branch.

Zelle Integration: Facilitates easy and quick money transfers to friends, family, or others using just an email address or phone number.

Erica Virtual Assistant: A built-in AI assistant that helps users manage their finances, find transactions, and get important notifications​.

3. Chase Mobile

Chase, a prominent U.S. bank, offers extensive financial services including personal banking, credit cards, mortgages, auto financing, investment advice, and more. The mobile app manages various financial activities from your smartphone.

Key Features

QuickPay with Zelle: Allows users to send and receive money quickly with just an email address or mobile number​.

Credit Journey: Offers free credit score monitoring and educational resources to help users manage their credit health.

Account Alerts: Users can set up customized alerts to monitor account activity, helping to stay on top of their finances and security​.

3. Chatbots and AI-Powered Customer Support

Chatbots and AI-powered customer support systems are automated tools financial institutions use to interact with customers in real-time. They use artificial intelligence (AI) algorithms to understand customer inquiries and provide relevant responses or assistance.

Chatbots can handle a wide range of queries, from account inquiries and transaction history requests to troubleshooting and basic financial advice.

Here are our top three picks for the best finance chatbots:

1. Kasisto

Kasisto is a leading provider of conversational AI solutions specifically designed for the banking and financial services industry. Their flagship platform, KAI, combines advanced AI with deep financial knowledge to deliver personalized, human-like interactions between financial institutions and their customers.

Key Features

KAI-GPT: A large language model purpose-built for banking, KAI-GPT leverages generative AI to deliver precise and secure financial interactions tailored to individual banking needs.

Intelligent Digital Assistants: These assistants handle a wide range of banking tasks, from customer inquiries to financial advice, ensuring consistent and accurate responses.

Data & Analytics: The platform provides valuable insights and performance metrics, helping banks optimize their AI and human teams for better customer service and operational efficiency

2. Hybrid Chat

Hybrid Chat is a versatile chatbot platform designed to streamline customer interactions across various industries, including finance. It integrates seamlessly with existing systems to enhance customer service and operational workflows through intelligent automation.

Key Features

Multi-Channel Support: Hybrid Chat operates across multiple channels such as web, mobile, and social media, providing consistent customer service experiences everywhere.

Human-AI Collaboration: The platform enables seamless transitions between AI and human agents, ensuring complex queries are handled efficiently without disrupting the customer experience.

Customizable Workflows: Users can design and implement custom workflows tailored to specific business processes, enhancing the flexibility and effectiveness of the chatbot​

3. Haptik

Haptik is a conversational AI company that specializes in building chatbots and virtual assistants for a wide range of industries, including finance. Their solutions are designed to automate customer interactions, improve engagement, and enhance overall customer satisfaction.

Key Features

Conversational Commerce: Haptik's AI can handle end-to-end customer transactions, from product discovery to payment processing, making it ideal for financial transactions and services.

AI-driven Insights: The platform offers robust analytics and insights, allowing businesses to understand customer behavior and improve their services continuously.

Integration Capabilities: Haptik easily integrates with various CRM systems, payment gateways, and other business tools, ensuring a seamless addition to existing workflows​

4. Blockchain Technology

Blockchain technology is a decentralized and distributed ledger system that records transactions across multiple computers in a secure and transparent manner.

Each transaction, or block, is linked to the previous one, creating a chain of blocks (hence the name blockchain) that cannot be altered retroactively without altering all subsequent blocks.

Here are some of the benefits of blockchain technology:

Enhanced Security: Blockchain offers enhanced security through its cryptographic protocols and decentralized nature, reducing the risk of fraud and unauthorized transactions.

Transparency and Traceability: Transactions recorded on blockchain are transparent and traceable, providing a clear audit trail and improving accountability within financial transactions.

Efficiency in Settlements: Blockchain enables faster and more efficient settlement of transactions, reducing the time and costs associated with cross-border payments and clearing processes.

Smart Contracts: Blockchain supports smart contracts, which are self-executing contracts with predefined rules and conditions. These contracts automate and enforce the terms of agreements, reducing the need for intermediaries and streamlining processes.


So, in summary, using technology in finance makes things easier for you. It helps keep your money safe, makes transactions faster, and gives you more choices.

Overall, it improves how you do banking, making it simpler and more convenient for you.


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About the author

Erika Jain

Erika Jain has been writing SEO content for seven years, covering various blog topics. Outside writing, I am a HUGE bookworm, and I also like to spend my weekends playing football or video games with friends.

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