Advancements in technology have had far reaching effects in all areas of business. Traditional approaches have given way innovative practices and methods highlighting the ‘modern’ view. With this technological advantage, industries have become competitive when it comes to thinking up new and innovative ideas to capitalize on in the digital market. Here, we will have a look at some of these major trends that have improved the accuracy of investment banking CRM products.
1. Financial Technology – Fintech
Fintech companies have revolutionized the field of banking services. Fintech companies provide customers with innovative ways to manage payments and other finances. This has made several old school practices redundant and no longer necessary. With a more product-specific approach and service, these companies have attracted customers who once relied on large investment banking. But this trend has tremendously benefited the banking sector as well. With more banks seeking partnership with fintech companies, there have been greater advancements in software for investment bank services.
2. Research Management and Data Integration Software
Advancements in technology have also given rise to software solutions that go hand in hand with fintech services. Such software helps in identifying potential investors accurately and efficiently. This is done through a variety of qualitative and quantitative data management techniques put forward by these solutions. This facilitates accurate collection, arrangement and analysis of information in each and every aspect ofinvestment banking CRM, ranging from lead generation to post-deal marketing.
3. Interdependence of Fintech and Investment Banks
Fintech services also manage to get general access to large customer databases by partnering with database management firms and large investment banks. Such partnerships help fintech firms grow their geographical markets and information sources. By partnering with fintech firms, investment banks are adopting processes that allow them to smoothly organize their operations using software for investment banking. Blockchain technology is the perfect example for the effect of this phenomenon.
4. Blockchain Technology
Blockchain technology has recently become an important adoptive measure in the field of investment banking. It enables smooth fund processing and transfers, thus leading to the elimination of intermediaries. Blockchain also ensures security, and this has helped banks and other firms prevent all forms of cyber-attack. With bitcoin emerging as a feasible currency for investors, blockchain is getting more and more prominence in the banking industry.
5. Artificial Intelligence
Irrespective of its level of development, artificial intelligence (AI) has been a big help to many firms in the banking industry. More and more financial services are investing in innovative AI techniques and its far-reaching effects in improving customer service while reducing costs and fraud. Customer service has been made very easy for both ends, with AI tools managing most of the queries and concerns of the customer. Such tools also assist with security measures by warning the customers of fraudulent transactions or possible breaches to their accounts. Technology has become a game changer in the field of banking and financial services. With the tech world changing on a daily basis, we are sure to see more and more forms of technology coming up in the banking industry, increasing its level of sophistication and upgrading its vast array of services.