How can FinTech facilitate the digital transformation of enterprises?

There are many aspects of this issue to consider, first of all, digitalization can meet the diversified and personalized needs of financial business, with higher flexibility, real-time, security and sustainability. For example, digital technology can enable more comprehensive, in-depth, real-time data analysis and risk management, providing financial institutions with stronger support for business decision-making and risk prevention. In addition, digitization can support financial innovation and business model transformation, bringing more opportunities and value.

01. Digitization can improve the quality and efficiency of financial services

Traditional financial services usually require customers to go to the bank counter to do business, or communicate over the phone, which is not only costly in terms of time, but also has problems with the quality of service due to human factors.

After the digital transformation, financial institutions can provide smarter, more convenient and personalized services through intelligent customer service systems and mobile APPs. Customers no longer need to physically go to the bank, but only need to conduct transactions, inquiries and other operations through the mobile terminal or website, which greatly shortens the processing time and improves service efficiency. In addition, the digital services can also make precise recommendations based on customers' needs and preferences, enhancing the personalization of services and user experience.

02. Digitalization enables financial risk control and data security

Digital transformation can also bring more advanced risk control and data security technologies to financial institutions. Through digital technology, financial institutions can more accurately assess customer risk and prevent fraud and breaches. At the same time, digital technology can also improve the anti-fraud capabilities of financial institutions by means of data analytics and artificial intelligence, reducing the impact of fraud on the financial industry. In addition, digital transformation can help financial institutions achieve more secure data storage and exchange to protect customer privacy and information security.

Overall, digital transformation brings a lot of business value and benefits to the financial industry, which can improve the quality and efficiency of financial services and optimize the customer experience, as well as enhance the risk control and data security capabilities of financial institutions. Therefore, the digital transformation of the financial industry has become an irreversible trend, and traditional automation can no longer meet the growing needs of the financial industry.

Today many financial institutions are still in the automation technology state, by the market environment and the influence of peers, many companies are also speeding up the step into the digitalization of the specific should be implemented from what aspects?

03. Financial firms need the following steps to realize the transformation from automation to digitalization:

Determine the digitalization strategy: Financial firms should first formulate a digitalization strategy to clarify the goals and direction of digitalization. This takes into account a number of factors, such as customer needs, market trends, and technological developments, in order to determine the firm's digitalization priorities and investment plans.

Integration of data assets: Data is a core asset for digitization, and financial firms should integrate and manage data assets to ensure data quality and data security so as to provide a solid foundation for digitization. At the same time, financial firms need to consider how to access more data sources, such as collecting data from social media, IoT, mobile devices and other channels.

Applying new technologies: Financial firms need to apply new technologies, such as blockchain, artificial intelligence, cloud computing, and big data, to improve efficiency, reduce costs, and enhance customer experience. This requires enterprises to strengthen investment and support in technology research and development, technology application, and talent training.

Optimizing Processes and Organizational Structure: Digital transformation requires redesigning processes and organizational structure to adapt to the new digital environment. Financial firms should optimize processes and organizational structures to improve efficiency and responsiveness, for example, by adopting agile development, iterative development, and other methods.

Each aspect is important for financial firms to achieve digital transformation, and they all require increased investment and effort from financial firms. But if I were to pick the most important aspect from them, I would say it is the application of new technologies.

Applying new technologies is the key to realizing digital transformation, which can help financial firms increase efficiency, reduce costs and improve customer experience.

Intelligent customer service system is a solution that utilizes artificial intelligence customer service, which is able to provide smarter and more efficient customer service by interacting naturally with customers through technologies such as voice recognition, natural language processing and machine learning.

In the financial industry, AI intelligent customer service system is widely used in banking, securities, insurance and other fields. It can provide customers with a variety of financial services, such as collections, account inquiries, loan applications, investment counseling, claims services and so on. Through the intelligent customer service system, customers can interact with financial institutions through voice or text to get timely and accurate services, avoiding the tedious manual service process and waiting time.

Note: There are a wide variety of AI intelligent customer service systems that we have seen on the market, and enterprises should look at the choice based on the scope of business they cover, their needs, and their size and volume.

Example:Financial loan companies commonly used AI intelligent system, you can set up the speech and then simulate the human voice, the customer consultation. With intelligent response function, it can answer the questions asked by customers. AI intelligent robot system can control the dialing time and frequency to avoid being blocked.

Categorizes customer intent and generates text from call records, providing financial institutions with more comprehensive and accurate customer profiles and insights, helping them better understand customer needs and improve customer satisfaction and retention, Bulk importing dialing lists, reducing the number of employee calls, and reducing the number of calls. Batch import of dialing lists reduces the tedious work of staff entering customer information and improves office efficiency.

Intelligent customer service systems can help financial institutions improve customer service quality, reduce service costs, improve customer experience and enhance customer stickiness, and are therefore widely used in the financial industry.

If financial firms fail to adopt new technologies and apply them to their business in a timely manner, they will miss out on development opportunities and face threats from competitors. Therefore, financial firms need to actively invest in R&D and apply new technologies to maintain competitive advantage and increase market share.