How Technology Has Impacted the Financial Sector

Technology has impacted all sectors of the economy, especially in how businesses operate and deliver products to consumers. Companies have come many solutions on how they deal and how to maximize profits. Some of these solutions include detection of poisonous substances in the air, computer software which controls vital equipment among others. The financial sector has no been left behind, and here are some ways technology has impacted this field.

Customer Service

Customer service is arguably the most transformed department ha technology has disrupted. In the past, customer service was vital for the success of any entity in the financial sector. Anything that involved handling of money required trained staff who would be able to help customers in case of any issues. Thanks to technology, we now have chatboxes that can handle any customer’s query without having to interact with a human being.

Online Banking

Banking was traditionally done physically with people having to visit their local bank branches for withdrawals and money transfers. Nowadays, banking applications have made it easy for people to withdraw money fast and in a secure manner without having to visit their local bank branches.