Utilizing Innovative Technologies in the Financial Industry: Which Solutions Are You Implementing

Have you had enough of the inefficiency and red tape that characterizes your company's financial processes? Is it a priority for you to find ways to cut back on expenses without sacrificing quality?

Since many financial institutions now outsource their software programming to take advantage of cutting-edge tools, this practice has spread throughout the industry. This also proves the strategic option of developing software in general, and software outsourcing services in specific, financial businesses.

Highlights of Fintech Technologies for 2023

Digital Banking

One of the most prominent technologies predicted to continue to grow even more in 2023 is digital banking. This comes as a result of the pandemic worldwide, more people are switching to using online financial services, and this shift is predicted to continue improving and enhancing cybersecurity and services experiences. 

AI-powered Chatbots

Virtual aides, or chatbots, are becoming an essential component of modern applications due to their efficiency and usefulness. AI-powered technologies, which are programmed for deep learning and application when addressing customer queries, have significantly improved customer service by replying to a wide range of inquiries and concerns in a prompt way.

Blockchain

In the year 2023, widespread implementation of blockchain technology may occur in a variety of contexts, including but not limited to the following: transactions, trade finance, and personal authentication. The transparency, high applicability, and good information security have helped fintech apps improve thanks to blockchain.

Customized Financial Guidance

Outsourcing fintech software development can help companies overcome the unique challenges they face by utilizing the most cutting-edge technologies. By 2023, there could be widespread adoption of automated financial tools and other similar technologies that offer personalized investment advice and financial budgeting solutions.

Advantages of AI & Cloud Computing in Outsourcing Software Development for the Financial Sector

Frankly, as one of the most prominent innovative solutions today, Cloud computing & AI technologies have brought many benefits to the financial sector.  

Efficiency enhanced

Many duties can be automated and simplified with the aid of cloud computing and artificial intelligence, leading to greater effectiveness and output. For example, one of the primary functions of chatbots powered by AI is to answer basic customer support queries, allowing customers to receive fast and prompt responses. 

Risk management increased

The risk, if detected and corrected immediately, will also reduce errors later on. Spotting possible issues beforehand and giving initial alarm signs, besides reducing costs, can also be used to detect and avoid scams.

Accuracy improved

Algorithms have greatly enhanced the precision of financial services tactics and transactions. When dealing with money, accuracy is paramount, financial institutions can greatly benefit from AI or cloud computing technologies.

Time-to-market reduced

AI development services enable businesses to leverage innovative AI technologies, resulting in faster introduction of new products and services to customers. This is particularly crucial in the banking industry, where speed and adaptability are essential for keeping up with the pace of activities.

Potential Downsides of the Innovative Technologies

Issues with keeping private information private

The topic of data protection is highly delicate, even forbidden, in the financial services sector. If adequate precautions are not taken, the cloud storage of information can make it more vulnerable to hacking or other forms of illegal access.

Probability of harm from using artificial intelligence programs

Algorithms used in artificial intelligence can be useful. However, these types of advanced algorithms can also be extremely complicated and hard to grasp. Therefore, when artificial intelligence (AI) is trained on incorrect or insufficient data, it can result in erroneous predictions.

Insufficient openness

Cloud computer technologies are, on the one hand, very convenient because of their high accessibility; on the other hand, they can make it difficult for businesses to monitor their service suppliers' servers and networks. This can obscure the true nature of data processing and storage.

Limited control due to reliance on external resources

Entrusting third parties with too many technical activities will lead to the enterprise gradually losing control over work items. This can make it harder to exercise stewardship over information and guarantee conformity with legal standards.

Dedicated work or not

Unlike proactive human assistance by acceptance, if not carefully planned and executed, AI technologies may produce unfair or improperly prejudiced results. As a result, financial institutions' reputations may suffer, or the execution process may be disrupted.

Prominent AI & Cloud Computing Technologies 

The financial sector can benefit greatly from the application of both AI and cloud computing technologies. Also, the company proprietors in the finance sector are well aware of how important it is to have smooth and precise financial processes. As a result, the following new technologies will be familiar to you:

Prominent AI Technologies

#1 AI Technology: Natural Language Processing (a branch of artificial intelligence concerned with how machines and humans communicate).

#2 AI Technology: Machine Learning (entailing teaching computers to learn from information and make forecasts or judgments).

#3 AI Technology: Robotic Process Automation (perform routine, regulated activities).

#4 AI Technology: Computer Vision (teaching computers how to detect and make sense of images).

#5 AI Technology: Deep Learning (a subclass of ML that makes use of neural networks to handle and evaluate complicated data).

Prominent Cloud Computing Technologies 

#1 Cloud Computing Technology: Serverless Computing (Fast and massive application deployment are made possible).

#2 Cloud Computing Technology: Kubernetes (A free and open-source software framework for managing and coordinating multiple containers).

#3 Cloud Computing Technology: Hybrid Cloud (A combination of public and private cloud technology). 

#4 Cloud Computing Technology: Multi-Cloud (Businesses can reap the benefits offered by multiple vendors).

#5 Cloud Computing Technology: Containers (Being put to use in the process of creating and distributing cross-platform software).

• As a leading Vietnam software development outsourcing company, at Saigon Technology, we dedicate ourselves to your success by following our philosophy: Your success is our mission.