The digital transformation of the financial industry continues unabated, as machine learning, mobile development, and other emerging technologies change how finance operates. That doesn’t mean the human element in this business sector is waning. In fact, many forward-looking financial companies leverage emerging technology to make their workers more effective.
Here’s a closer look at why humans remain important in the financial world, despite the growing influence of a variety of technical innovations. Leverage these concepts to ensure your organization understands the true impact of tech within finance. It’s the best way to thrive in a growing FinTech world!
Person-to-Person Interaction Still Matters When Money is Involved
Human interaction still plays a critical role when it comes to money management. Sure, a customer might use a CSR chatbot for simple tasks like checking a balance. However, when it comes to more complex activities, like estate planning, working with a human CFP is still the preferred route.
A talented financial planner creates partnerships with their clients; forging a personal relationship that helps inform their advice on managing money. Even if a company creates an AI-powered chatbot with the high-end skills of CFP, some clients will always prefer the human touch. Either way, the smart financial planner already takes advantage of machine learning algorithms to suggest ideas for securities trading and other related topics.
A recent survey of mortgage applications reveals this mix of both digital and human elements. 72 percent of applicants prefer filling out a digital mortgage applications. At the same time, nearly two-thirds also want a human representative available to answer questions.
Trust is Still an Important Factor in the Financial World
Another survey highlights why trust is a main reason financial customers want to deal with actual humans. Only three percent of those surveyed trust big tech companies, while 69 percent still trust their bank. Because of these widely-varying trust levels, companies implementing new FinTech initiatives need to put information security at the top of their project requirements.
Experience and trust still matters in the financial world, so companies must take care to ensure their clients still feel the same way over the next few years. All it takes is a few publicized incidents of hackers gaining access to financial data to cause the public goodwill towards banks to trend downwards.
Building Your Team?
If you need advice on building a great FinTech team at your financial company, speak with the experts at The CERES Group. As one of the top technical staffing agencies in Boston, we provide great candidates to able to meet your needs. Schedule some time with us soon.