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Technology Is Changing These Areas of Financial Services | The Business Debate
What's the biggest issue confronting financial services today? Technology. And not just old-school back-office automation (although that's still important), there's also the way that emerging and disruptive technology is forcing financial institutions to reimagine almost every area of the business. Let's look at some examples. Customer preferences. Thanks to advances in the digital economy, customers are demanding more choices, more convenience, and a friction-free experience. Financial institutions are responding with online and mobile solutions that give customers greater control in the delivery of the products and services they need. Product distribution. Increasingly, third-party retailers are assuming the distribution of financial products such as insurance and lending. The result is a customer base that identifies more with the retailer than with the provider. Incumbent institutions are responding by investing in front-end technologies that reestablish customer connectivity