There is no questioning that modern technology plays a major role in the advancement of nearly every industry. Manufacturing, transportation, telecommunications, entertainment, and financial services are just a few of the many industries actively using advanced automated solutions to increase efficiency and improve operations. But has the rush to adopt these newer technologies created more convenience for businesses and their consumers? Or has it simply become a distraction?
Some would argue that the fintech industry has completely reshaped how companies approach their customer service and sales processes — many times for the better. However, others view the conveniences of AI technology, chatbots, and automated banking services as more trouble than they’re worth, diminishing the importance of human interaction and negatively impacting the customer experience. Which viewpoint is correct?
Below we’ll discuss how the fintech industry has developed over time, along with the benefits and concerns associated with it so that you can decide for yourself.
The Rise of Fintech and Automation
Fintech, or financial technology, has been around since the beginning of the 21st century, cutting across multiple business segments and driving new efficiencies in the financial sector — though some of these efficiencies may not have been overly apparent to consumers until recently. …