4 Challenges Financial Service Companies Should Overcome

Most financial service companies are facing various technological challenges. Although a few firms are trying to overcome them, many remain in the dark. From eliminating data breaches to managing big data, companies need to ensure that they are keeping up with the latest trends to stay competitive. 

1. Eliminate data breaches

Cybercriminals usually target financial service companies because they carry sensitive data on their servers. A report says that these types of firms were attacked 819 times in 2018. 

Capital One, a leading financial corporation, was attacked last year, and hackers managed to get the social security numbers of 140,000 customers. They also got access to the 80,000 bank accounts linked to these social security numbers. With data breaches on the rise, financial service companies need to pull up their socks and develop innovative solutions that can keep these cybercriminals away.

2. Introduce cryptocurrency payments

According to experts, cryptocurrency payments are safer because of the security afforded by blockchain technology. There are more levels of protection for these payments than direct bank transfers. Moreover, with more countries accepting cryptocurrency payments, financial service companies need to keep up with the technology.

Fortunately, many cryptocurrency mining operators provide the latest news on the crypto industry. Pega Mining, for one, is on a mission to become the largest cryptocurrency mining operator in the world. It offers live Bitcoin mining stats, such as the number of online miners, state of renewable energy, and hash rate. Financial service firms can update themselves with these latest stats once they introduce cryptocurrency as payment methods.

3. Incorporate artificial intelligence

A research study completed by Deloitte suggests that financial service firms that incorporated AI into their businesses achieved approximately 19% growth in revenue. Deloitte also pointed out that more companies rely on AI because it is the future of financial services. 

Implementing AI will eventually put less pressure on employees when there are repetitive jobs involved. It will give them enough time to focus on customer trends, thus developing innovative ways to promote their businesses. As a result, financial service companies would flourish much more than they are today.

4. Organize big data

Financial service firms have to deal with various types of data every day. For example, EMC’s recent study suggests that there will be as much as 44 zettabytes or 44 trillion gigabytes of data by the end of 2022. Imagine how difficult it must be for companies to manage so much data efficiently. 

The best way to deal with this challenge is to hire experts who know how to handle big data. Big data is both structured and unstructured, making it difficult to segregate. Professionals who know how to manage big data can develop legacy data systems that efficiently handle the massive volume of data they receive every day.

Embracing technology would make transactions safer and improve the customer experience for financial service companies. Moreover, it would allow owners to focus on various digital marketing strategies to generate more customers instead of worrying about cybercriminals hacking into their servers and extracting customer data.

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