Nowadays technological interventions are growing significantly in every business sector and financial sector is not different from them. Financial industry has seen a huge innovation as well as implementation of technological interventions, which is evolving and co-operating with other day by day. Technological interventions in financial sector improved user-experiences in every aspect of this sector. As per various reports and articles, 77% of financial institutions are looking for innovative Fintech implementations in their organization for user-friendly usages of systems. Fin has a disruptive nature for which most of the financial business embraces it.
This study is really interesting because of its importance in financial sector as well as for human society. Because technological interventions in financial departments various new facilities added which helps human life easier and also it provides better securities which is needed in this sector. For technological interventions in financial department, online banking made human life accommodating. It also improved fraud detection in financial sector in a significant way which helps the sector very much. For the implementation of this technology in financial sector customer service become more approachable and detailed which helps an organization in making more loyal customers and also in sustaining market.
Implementation of fintech is new in the industries which gain a massive amount of popularity in really small periods. Fintech or financial technology had been implemented in 21 century in the back-end systems of financial institutions. After that, for its multitudes of usages, it had been shifted over consumer-oriented services. Nowadays in every aspect of financial sectors fintech can be found which is reforming this industry and making it is every working procedure easier and more reliable.
This particular study works to define a significant understanding of how technology has impacted the financial sector in UK. This study encompasses a world of technology which has been affecting the working of different financial institutes. This study will be working with significant data pertaining to this aspect and bring an in better understanding to the readers about how this aspect of technology can bring in favorable change into this new sector. Technology has been changing how different business operations are being performed and have been beneficial to deliver better products to different customers. As opined by Zhang et al. (2017), in financial sector different sources of media and global market provide ever growing unstructured and structured data as numeric insight. Thus technology is a crucial inclusion in every sector and financial sectors know the best use of it. There are alarms which have been constructed which help in detecting poisonous material in the atmosphere and different medical types of equipment which have helped to mitigate different medical conditions.
It is quite easy to recognize triumph and different sets of failure tend to speak for themselves. In between these two aspects of triumph and failure, there is an area which is grey working with intellectual termites who cohesively eat into the structural reality. As opined by Chiu (2016), technological intervention is the introduction of different technologies into process of an organization which makes it more feasible a process with better outcomes generated. The industry of finance has seen a lot of innovation which has helped it come in bright light making things much more achievable in this particular sector. However, Gabor and Brooks (2017) argued that in relation to a report which has been generated by PWC, 77% of financial has will be incorporating technological innovation into their operations. The journey which is made by the customers is made much more soothing with the incorporation of technology into this particular sector. Yi (2019) suggested that banking sector can get facilitate by the use of big data for establishing reliable and dynamic credit system. This can help them to identify their several potential customers and clients with high risks. A good team of customer service was a vital inclusion in every financial institute. It required trained staff to answer any question which is related to the financial institutes. In today's world, it can be witnessed that chat-box is introduced which has helped to reach out to different customers much more feasible. On the other hand, as stated by Zuo and Guo (2019), financial enterprises can identify their customers in more efficient way by selecting vital information with the help of big data. This introduces an AI which keeps on evolving and gets smarter with each day coming.
This particular model works to align the aspect of technology with that of behavior which is introduced by different customers towards the financial organization. As opined by Kish and Leroy (2015), there are several aspects which need to be underpinned in relation to how behavior can be taped down with the introduction of different techniques by the financial sector to underpin what a particular customer is looking forward to. However, Laeven et al. (2015) contradicted that working with different sets of technology is quite significant towards bringing out the best possible customer service towards different customer base. Banking was done in a traditional mannerism in the past and with time the intervention of online banking has brought in changed behavior in relation to different customers and has shown a positive behavior towards this particular aspect. Thus, this model is quite pivotal as it highlights different behavioral aspects which are being posted by the customers of this particular industry.
Behavior Change Theory: In relation to behavior which is posted by different clients it is quite significant to run down and understand the behavior which is incorporated by a particular client of the financial institute. As suggested by Rolffs et al. (2015), this helps to underpin when there is a change which is introduced by a particular client there needs to be efforts which are to be put by the institution to make that change much more feasible for the client. The change can be best fostered with different technology being incorporated into different processes which are being carried out by financial institutes. Moreover, Chiu (2016) commented that this theory helps to understand why this change is required and what different is going to be introduced after this change is implemented. This theory helps to understand what tools can be implemented to make the change much more flexible for extracting big data pattern and meaningful representation (Hasan et al. 2017). The effect which will be introduced by this change into the organization and client is also significant to be underlined.
Technology is a ubiquitous aspect of different organizations and even a crucial part of an individual's personal life. This aspect of technology is quite transparent and it has been taken as the holy Holy Grail on a desktop of different financial advisors and it has been significantly increasing efficiency. This has been beneficial to maintain a high level of service which has helped different clients gain an easier solution. This concept has been introduced into use in the late 1980s and has been a great inclusion towards each sector in the world (Gabor and Brooks 2017). Schooling and banking have gained substantial effect with the introduction of technological interventions. This concept has made different processes much smarter and different equipment have been made easier to operate. Moreover, this has seen that there are several antecedents of the big data quality which are related to people, technology, process and several external aspects (Haryadi et al. 2016). In relation to the banking sector, there is increased efficacy and satisfaction among customers which have been received after the concept of technological interventions has been incorporated.
Methodologies: One significant methodology which is incorporated into banking sector is termed to be the transfer of technologies which helps the flow of know-how, different sets of equipment and experience which helps in mitigating change. Another significant technological intervention tool incorporated by sector of finance is termed to be working with capacity building which is a crucial aspect of transfer of technology. This is a slow and complex operation which helps in incorporating best possible resources into the organization (Kish and Leroy 2015).
Hardware: Different hardware peripherals are used in this sector with the help of technological interventions which include account management. Hardware in banks has been incorporated in the late 1960s which consisted of a framework and punch card machine. Different client-server hardware is incorporated which has been crucial to run a whole bank. In today's world different passbook printing machines, latest computer technologies and security hardware make an important part of banking.
Software: In relation to technological interventions there are software inclusions which include blockchain technology which has been fundamental in transforming this sector significantly. ATMs have been upgraded with latest technology which has made it much easier to work with cash withdrawal and deposits. Digital banking is another concept which has been a boon of technological intervention which every financial institute has incorporated.
Tools: tools like voice-first banking, open banking, digital-only banking and forms of cyber-security have been introduced into baking sector with the help of technological interventions which are beneficial towards growth of different financial institutions.
The aspect of technological intervention has been quite crucial towards financial institutions as they have to work their way out to underpin what technologies they need to introduce towards attaining best customer service. This research thus will bring out the best possible understanding of how impactful is a technological intervention in relation to the sector of finance and how it churns out the best results pertaining to this particular sector.
The technology is implemented in financial sector through various intervention sectors such as in fraud detection, safety and online banking procedures firstly. Online banking was the first implementation of technology usages in the banks before that people needs to go from place to place to get their money or usually needed to wait a lot. However, the Big Data technology improves the risk model and their predictive powers. This has seen that this technology develop the time of the responses of the systems and increase effectiveness as well. After the intranet and internet facility came to the open world banks are started to get their intranet system and through that technology was implemented in the financial sectors (Gabor and Brooks, 2016). Later, in the ATM machines via internet, technology was implemented in the financial sectors.
Big data helps in capturing, management, distribution and analysis of information. It helps in building better quality service delivery as well as outcomes of works. As opined by Haryadi et al. (2016), big data helps in maintaining financial records of several risks and working process. With the help of big data availability of financial data is exponentially growing in advanced devices, maintain and in taking electronic records and many more. Bog data helps to provide risk coverage in well manner. This generates the cost saving in significant way with the help of several automated process. With the help of security in various sectors improves a lot.
Bigdata helps the financial sector a lot and also has a greater impact in technological assessment in various sectors. As stated by Yi (2019), implementation of BIG data in financial sectors added more values to the system, as for the implementation of BIGdata in financial personalizing is possible nowadays. Nowadays as big data helps in improvement of personalizing it increases the security factors as well. For that in financial sector big data is used for maximum security. Also it helps analysis of information in a greater scale which is really great for various sectors. In hypothesis testing nowadays big data provides better structures. Moreover, this improves the predictive system in more precise and this reduces the risk in their system as well.
In every aspect of technology interventions 1st and foremost problem, it faced in providing credibility to the organization and its customers. As Fintech is relatively new for the customers and employees, most of the people still do not trust fintech as much as traditional way of financial business. As opined by Chiu (2016), that is because as fintech is more complex and relatively tougher than other systems that is why people still cannot develop the trust component in these interventions. That is because people still not that familiar with this technology so in order to make those people believe in the system it will take efforts and times. Different information and data breaching reports made the situation more challenging and tough for the financial sector. But, for each and every passing day this technology is becoming more reliable and secure also people are becoming more familiar with it which helps the problems from a natural angle.
In implementing technological interventions in financial department there are various serious problems can be found which is diminishing industries' potential for the intervention. Here some of those problems will be discussed to provide better knowledge on the subject:
Financial Ecosystem: By implementing technological interventions in financial sector financial ecosystem changed from competitions to collaborations in between start-ups and traditional institutes of finance. As opined by Kish and Leroy (2015), which does not help those organizations in faster development, for that financial ecosystem and synergies breaks. In order to respond to a pace of technology, various innovations need to implement and change which is very difficult and time-consuming.
Question: What traditional finance institute and start-up need to do to implement a better financial ecosystem?
Privacy risk and Data security: In nowadays data and information are really important which the oil for every financial organization is also. In the past from the fintech systems various data breaching incidents observed which shows the potential threats and their outcomes. In order to provide a better system to the consumers’ financial sectors needs to have better technological interventions which will improve the data security as well as risk management tactics for private information also. As suggested by Rolffs et al. (2015), for these problems consumers mostly lose their confidence in the technological interventions in finance sectors, by implementing a better system organization also needs to boost their customers’ confidence to help them in making better financial decisions.
Lack of awareness: As per various reports more than 45% of people of UK still not completely aware of the functionality of technologies in the financial sector. In order to increase numbers of technological interventions in the financial department financial organization needs to increase awareness of their customers in a better and more informative way so that they show positive responses in the interventions. Most of those people do not use digital payment platforms which helps the human society to have a better and easier way of funding (Gabor and Brooks 2017). In order to increase awareness in this sector, organization needs to provide better customer service and more informative solutions to them so they can trust the system and understand the importance of technological interventions in the financial sector.
Question: What kinds of steps can be taken to raise awareness of the customers in technological interventions?
From the literature review, it can be said that technological interventions are increasing in various financial fields such as AI implementation, automated service providing which helps the human society although there are various problems of those interventions also. People are getting attracted to those interventions but not presenting themselves for complex procedures (Kish and Leroy 2015). In order to increase various aspects of technological interventions in the financial sectors, various steps can be followed such as financial organizations can create better customer relationships to provide them a better knowledge of the subject. Also, financial organizations can place various employees to help customers with technological interventions to increase awareness of the customers. Financial organizations also need to consult with various experts of technological interventions for more reliable systems.
This research will include a detailed explanation of the credibility problem that is often found in financial sectors due to technological interventions. Due to technology intervention, implementations and innovations of various new facilities such as online payments happened in financial sector with which most of the common people of UK are unknown which is making the problems worse. In the past, due to weak security systems in the fin-tech sector, various information and data breaching incidents happened which plays the most essential role in this system. As suggested by Rolffs et al. (2015), for complex functionality of fintech sector people are not that much interested in gaining reliable and general knowledge which is concerning factor for financial sector because using technological interventions they can gain a better level of resources management power as well as wider market reaching potential. But, customers are not convinced about the technology that is not happening easily.
In order to analyze the problem of credibility related to technology intervention in detail, evidence is gathered from various reports and articles. These secondary sources of information will be chosen as it provides a strong base for this particular research. Moreover, several past researches are considered to gather information. Apart from that, a major insight focus is given on collecting data from primary sources utilizing interviews as well as a survey. This research gathers information quality, authentic as well as relevant information by opting for these two primary research methods. As opined by Laeven et al. (2015), a survey of employees of several financial sectors of UK is conducted along with managers of those financial sectors to analyze in detail the research topic.
This research included a hybrid research strategy. This strategy of research includes both qualitative and quantitative research methods. because both qualitative and quantitative as hybrid research methods is chosen because the data that are gathered by means of survey and interview can be analyzed effectively. Information generated by means of a survey of employees is being analyzed by means of a quantitative method. On the other hand, the qualitative method is chosen to analyze the data gathered by means of interviews.
In order to gather information about technological interventions and a related credibility problem, surveys of employees are conducted for which various close-ended questions are framed. Those questionnaires are formed based on a Likert scale rating from 1(strongly agree) to 5(strongly disagree) to gain pivotal information on technological interventions (Kish and Leroy 2015). Also, in the interview of managers, various open-ended questions are framed for gaining details about the credibility problem of technology interventions in the financial sector.
This research provides significant knowledge on the technological interventions on financial sectors about various futilities and procedures as well as security questions. From this research proposal, a financial organization can acknowledge what needs to be done for better technological interventions that will attract and improve customer awareness for the system. From the proposal, it can be known how technological interventions help human society to improve the systems and procedures in financial department. From the research how various enterprises such as traditional financial sectors and startup can develop their future strategy can be overviewed which will help them in determining their future target in a better way. From the research, it can also be known how fast the financial sector is changing according to technology advancement.
This research is different from other researchers because this research focuses on the deployment of technological interventions in financial sectors which helps the common people to know about the functionality of various technologies that make people aware of the technology. Various recommendations have also been provided which highlight various aspects of this technology and also provide a guideline on how to improve it. It provides a basic understanding of the fin-tech which most other researches do not follow. It also implicates various benefits and drawbacks of technological intervention in the financial sector which is missing from most other researches. Various usages of fintech have been shown clear implications of this technology which provides a clear understanding of how this technology works which is missing from other researchers. Various models and frameworks of technology interventions have given a clear overview of how this technology can be implemented in the financial sector which is missing in other research. How to improve customer services with the help of fintech also implicated in the research and most of the time other research miss these points.
From the above study, it can be concluded that technological interventions play an essential role in the financial sector with the help of those interventions growth of financial sector can be increased at a significant rate which will be really beneficial for human society. From the literature review, part's framework and theory analysis of how technological interventions can be implemented for the benefit of the society can be cleared easily. Various challenges such as lack of awareness of customers, data breaching risks are also presented in the implications of intervention which needs to be improved in a significant manner to provide better services and gain more customer loyalty to the organization. Financial organizations can introduce various adverts to increase awareness of technological interventions. They also can conduct meeting with experts and create their network system to increase security risk management to gain support from the consumers.
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