There is a huge increase in the number of people who are adopting the financial services and the number of financial services that are being provided to the clients as well. There is an amalgamation of technology with financial services which has to a great extent increased the level and value of the financial services being provided but there are a lot of issues that accompany this level of advancement as well. Where the introduction of technology was supposed to solve a lot of problems and save from a number of them, it has been able to create many different ones in the process.
The most common one is the problem of cybercrime. After this famous amalgamation, the percentage of breaches has increased widely costing millions to individuals alone. It is understood that technology is a must but so is the protection of the private and confidential data that an individual or a company relies its future on. Innovative solutions are required to combat this problem.
The use of Big Data
Similarly, big data is providing opportunities for growth along with different kinds of obstacles for financial services providers. Going through different databases and news feed along with the social media sites helps to better serve the customers but also leave them vulnerable as well. But going through unstructured data to gain useful information is not a minor job.
Customer retention in the financial services industry
Since the number of companies providing financial services is increasing it is becoming a problem to get new customers or retain the old ones. At times, the clients of one country are impressed by the testimonials of another company a chose to switch. This reduces the number of clients already present let alone increases it. Brand loyalty and retention is a major issue now.
Employee retention in the industry
It is already a challenge to attract customers to the company but it has also become more difficult to attract the employees as well to this same industry. Whenever companies are looking for professionals to join their companies for this job post there is a lack of experience and the right amount of knowledge that is required for this role. Also, the companies have unrealistic expectations form their employees which they want to be fulfilled. At one point or the other both, the employee and the employer have to compromise and meet halfway to keeping the field running and ensure the smooth flow of the business.