Information technology has completely transformed the way financial functions work and has become an essential factor in the financial sector. Integrating IT solutions brought about a breakthrough shift to the operations of companies and brings numerous benefits that lead to increased efficiency, safety and client satisfaction.
What is financial technology?
Financial technology or Fintech refers to the use technologies to transform and improve financial processes. It covers a wide range of digital products and platforms which use cutting edge technologies such as blockchain, big data analysis and AI. These innovations enhance the efficiency of financial teams.
The development of new services, such as internet banking, mobile payments, peer-to-peer landing, robot advisors or crypto currency have profoundly changed the financial sector. Their aim is to improve customer experience, make processes more efficient and improve financial inclusion. Fintech companies represent a challenge for established financial institutions by offering state-of-the art services in line with the changing client needs.
Why is technology in finance important?
1. Increased operation efficiency
Thanks to IT services financial institutions become more efficient and more automated which is beneficial to all aspects of their activity. IT solutions can optimise working method, reduce manual errors and increase productivity – from onboarding customers to transaction processing. Thanks to advanced software applications and systems routine tasks can be automated thus enabling employees to dedicate their time to more strategic activities.
2. Enhanced security and data protection
Financial service providers deal with sensitive and confidential data on a daily basis. IT services provide robust security measures to protect these data from unauthorised access, data breaches and cyber threats. IT experts use a wide range of protective measures, including encryption, firewall and intrusion detection systems, to boost the security of important financial data. Regular security audits and updates ensure that the systems stay up-to-date and protected against new threats.
3. Smooth customer experience
IT services provide companies with a smooth and personalised customer experience. Thanks to customer relationship management systems (CRM) companies can monitor interactions, preferences and transactions of their customers which allows for targeted and customised marketing campaigns. Online banking platforms and mobile applications provide a comfortable access to financial services and allow customers to manage their accounts and make transactions anytime and anywhere.
4. Advanced data analysis
Data represent a valuable asset for financial service providers. Thanks to sophisticated IT tools and methods for data analysis they can obtain useful information from large data sets and thus monitor customer behaviour, market trends and risk patterns based on which companies make strategic decisions. Data analytics is of paramount importance in detecting and preventing fraud and helps financial institutions to protect their interest and interest of their customer against misuse.
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.
Becoming technology giants
Are tech giants a threat for banks and insurance companies, or are they transforming into tech giants themselves? Recently, tech companies have become dominant and gained a firm place in our everyday life. More than ever, tech giants possess assets that allow them to outcompete traditions banks, but also fintechs, including digital acceleration, huge databases, efficient personalised customer paths, unlimited budgets for research and development and non-banking business model.
Banks are aware that these new players in the sector can have a huge impact and cannot afford to lose time. Many of them have adopted measures and invested billions to improve their IT systems and analytical tools. Banking groups rather than cutting their costs invest more and more into digital transformation. They have understood that data are not only a technical asset but if they are well managed, they offer an opportunity to transform their business, and also to secure their activity. It is probable that “uberization” will soon arrive to banking services – digital wallet, mobile payments, current account. Thanks to these recent innovations, banks, insurance companies and other similar players have been transforming into tech giants.
These changes mean that right talents need to be hired to help financial companies with this technological development. However, hiring these experts is difficult, not only due to the speed of technological development that IT experts need to adapt to, but also due to the general shortage of talents on the market.
At Manpower IT we are able to satisfy the demand for IT specialists in all key areas from development, process automation and digitalisation using AI, cybersecurity, cloud-based solutions and UX. Thanks to our longstanding experiences on the market and our outsourcing strategies, we always have hundreds of vetted and available candidates and thus we are able to immediately meet the needs of our clients.
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.
