85% of banks making a digital transformation, is just one major way in which IT has impacted the financial sector. The FinTech revolution is here! And although the Finance Sector is old school and has been around for ages, everyday clients are loving the digital transformation that has taken place. FinTech software development is surely becoming a business essential in the industry. 

Here are a few ways that IT has impacted the Financial Services Sector:

  • The Customer Experience

Tech has allowed banks to shake up the traditional channel of customer experience, bringing innovative ways to complete tasks from the comfort of your own home or office. In just a short few years, we have gone from using USSD to check your bank balance, to now being able to apply for loans at home and to engage with nifty bots, who help you complete those dreaded bank errands online.

  • The Loved and Hated Cryptocurrency 

The FinTech revolution has brought us a New Kid, Cryptocurrency. And while speculation around Cryptocurrency is Cryptic, Blockchain Technology brings security and transparency. The impact? Even Portfolio and Fund Managers are advocating for 5% of your portfolio to include cryptocurrency.

  • Automation 

Automation – a word that makes every client and employee beam with excitement. Automation in the Financial Sector has taken a turn to bring life into the Robo-Advisor. With products like Sanlam Smart Invest and Outvest, the Robo Advisor is fast becoming a sought-after solution for advisors who need an extra hand in starting off their processes. It is also a helpful solution for clients who may be afraid to take the leap into investing.

In conclusion, Customer Experience, Cryptocurrency, and Service Automatisation are just the tip of the major impact tech is bringing to the Financial world. Simply put, digital transactions are the go-to choice for many people. With FinTechs shaking up the game, digital transformation solutions can only get better, faster, and easier for end-users. 

About SovTech

SovTech is a leading custom software development company that designs, builds, deploys, and maintains innovative custom software. SovTech has built custom software developments for various FinTech clients around the globe. 

To get started with a free consultation or quotation on software services, contact SovTech today!

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