# SETTING THE FINANCE COGS IN MOTION Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-11-04 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: 3 Critical Ways to Improve Financial Services Meta Description: Gain insights on critical industry shifts affecting financial services. Mobile, AI, loyalty, and blockchain - stay ahead at board meetings. URL: https://financedigest.com/setting-the-finance-cogs-in-motionhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/setting-the-finance-cogs-in-motion-1736814912815-compressed.jpg) _The global financial services industry is shifting in at least three critical ways. So, if you’re sitting on the board of a company where opinions are not evolving in the desired direction, here’s what you need to share at the very next roundtable discussion._ _By_ **_Vanessa Rogers_** _on behalf of Executive Placements_ If [your firm’s banking website is pesky when accessed on a mobile](https://www.financedigest.com/why-you-should-use-a-mobile-banking-app-and-how-to-make-the-most-of-it.html "Why You Should Use a Mobile Banking App – and How to Make the Most of It") device, a plan – nay, a major investment – needs to be made without delay. The reason: there are more than six [billion mobile devices](https://www.financedigest.com/dental-hygiene-devices-market-is-projected-to-reach-usd-5-9-billion-growing-at-a-cagr-of-4-8-during-the-forecast-period-2022-2028.html "Dental Hygiene Devices Market is projected to reach USD 5.9 billion, growing at a CAGR of 4.8% during the forecast period 2022-2028") in use, globally, and even the unbanked, amounting to approximately 1.7 billion, have mobile phones at their disposal. This brings us to the very first of the board-essential discussions that need to be taking place within banking institutions, and those offering [fin-tech products and services](https://www.financedigest.com/productivity-and-the-four-day-working-week-in-financial-services.html "Productivity and the four-day working week in financial services"). [**Mobile’s winning ticket**](https://www.financedigest.com/las-vegas-monorail-unveils-mobile-ticketing-with-google-pay.html "Las Vegas Monorail Unveils Mobile Ticketing With Google Pay") The thing is, as time marches on, an increasing [number of the purchases consumers make will happen on a smart phone](https://www.financedigest.com/your-phone-number-on-google-search-giant-now-takes-removal-demands.html "Your phone number on Google? Search giant now takes removal demands"), laptop or other device that can link into Wi-Fi, at a coffee shop, the workplace, or just about anywhere else. Importantly, don’t drown out the protests of your colleague who is astutely studying [the way in which fintech](https://www.financedigest.com/3-key-ways-you-can-transition-from-finance-to-fintech.html "3 key ways you can transition from finance to fintech") start-ups operate – without a head office or any capital-heavy infrastructure. These guys are fully switched on to the digital and connected nature of the future, whereby getting a client to [download and use an app](https://www.financedigest.com/40000-downloads-of-e-money-app-devere-vault-by-end-of-2017.html "40,000+ downloads of e-money app deVere Vault by end of 2017"), via whatever promotion a company has going at the time, could be more vital than any other type of service that its executives are hung-up on offering. **Customers remain right as rain** Know how board meetings, these hyper-virtual days, seem to [revolve around](https://www.financedigest.com/the-soft-skeletal-implants-market-revolve-around-digitally-driven-innovation.html "The Soft Skeletal Implants Market revolve around digitally driven innovation") concepts rather than concrete items that can be actioned? Yes, they should rather involve encouraging board members to keep their ears to the ground about start-ups in your market – many of whom are keen to improve on the [experiences of your customers, by means of the technology](https://www.financedigest.com/how-is-modern-technology-shaping-our-in-store-experience.html "How Is Modern Technology Shaping Our In Store Experience?") they are currently tinkering with. Here, we’re talking over and above the automation and [fraud detection](https://www.financedigest.com/the-clues-to-detecting-fraud-are-hidden-in-relationships.html "THE CLUES TO DETECTING FRAUD ARE HIDDEN IN RELATIONSHIPS") that have become essential back-end offerings. Moving on, companies [worth their weight in … loyalty points](https://www.financedigest.com/service-the-cfo-why-context-is-worth-80-iq-points.html "Service & The CFO: Why Context Is Worth 80 IQ Points") … will be ready to invest additional time, manpower, automated energy and moolah in the asset that counts the most – their customers; and their customers’ loyalty to the brand. Here’s a point to consider: at board meetings, do you ask the question – “What does our best customer really want?” Yes, the likes of [Forbes.com](https://www.forbes.com/sites/bernardmarr/2022/01/14/the-5-biggest-financial-services-tech-trends-in-2022/?sh=19f75e5c33bf) envision that this is the very echelon in which “AI, cloud service, blockchain, and mobile” will collaborate to bring about products and services that blow their customers minds – in the most service-orientated way. Move over banking and [financial services apps alone – customers are currently seeking built-in AI assistance and personalisation, where they are notified about the products](https://www.financedigest.com/50-of-consumers-wont-spend-more-than-20-minutes-applying-for-financial-products-online.html "50% of consumers won’t spend more than 20 minutes applying for financial products online") and services they need most, rather than those your firm has decided it should be selling. **Blockchain, no chisel** The last, but certainly not least, trend you need to bring up at your firm’s board meeting is the way in which blockchain’s distribution, encryption and consensus is creating a hugely disruptive – yet humanitarian – aspect to an industry that has traditionally been centrally controlled by [banking regulators and government departments](https://www.financedigest.com/swiss-regulator-monitoring-banks-and-insurers-after-svb-collapse.html "Swiss regulator monitoring banks and insurers after SVB collapse") The thinking is that investing in blockchain technology, and [finance jobs in South Africa](https://www.executiveplacements.com/Jobs/finance-jobs.asp), will benefit your institution by providing the opportunity to utilise the existing infrastructure while eliminating most forms of fraud; and where transparency will allow transactions to be paid across, to the correct recipients, with maximum speed and better security than any other type of transaction. In conclusion, those of us who do [our industry reading and have a finger on the pulse of technological transformation](https://www.financedigest.com/how-solvency-ii-transformed-itself-the-fund-industry-and-regulation.html "How Solvency II transformed itself, the fund industry and regulation") in our niche, have a duty to speak up and share – without belittling the systems that have worked for humanity, to some extent or another, all of this time. So here’s to welcoming the chatbots, personalised offerings, cardless options and tailor-made products and [services whose biometric security](https://www.financedigest.com/how-financial-services-are-overhauling-security-to-defend-against-spoofing-scams.html "How financial services are overhauling security to defend against spoofing scams") measures and thoughtful touches we’ll all welcome wholeheartedly, once we’re ready – as a collective – to embrace them to the max. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---