What are the impacts of digital transformation on the financial sector?

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There are many impacts that digital transformation can generate for the financial sector. Let's look at the main ones below.

More productivity
In the past, most procedures were done manually, and one employee was almost always responsible for several activities. With the increasing influence of technology on services, this has changed. Now, many functions can be automated.

This generates several benefits, including the fact that employees can japan phone number list activities that require more reasoning, leaving the operational part to technology. This results in fewer errors in operations, since they are automated.

More analysis
Over time, companies in the financial sector tend to produce a series of data — raw information that needs to be analyzed and filtered. When this service is performed by employees, it tends to be neither as fast nor as efficient as necessary.

For this reason, many companies are increasingly investing in technological tools capable of capturing, analyzing and filtering data. Solutions based on Big Data are a good example of this.

Better quality service
New technologies linked to the mobile universe have brought new ways of communication between customers and institutions. Now, with an app, it is possible to communicate with your manager and solve problems, for example. All of this happens quickly and much more efficiently, avoiding the need for the consumer to go to the institution.

Less bureaucracy
There are now many fintechs that provide a range of services with virtually no bureaucracy. This is the case of digital banks — where it is possible to open an account without having to send documents or proof of payment — and companies that offer credit through their apps.

This is a movement that uses digital technology for everything and that tends to democratize access to current accounts.