What is Technology

                 TECHNOLOGY

 Technology is often used to refer to the application of tools used in industries or processes that help automate activities that were previously carried out by humans, especially for repetitive tasks in which speed and accuracy are vital to the success of such activities. The field of technology can seem daunting and intimidating at first because it’s a very broad topic and many different types of technologies have been developed over the past few decades to help simplify human operations and help automate repetitive tasks.

Technologies that use automation mostly take place outside of our daily lives, but there are several examples of organizations employing these technologies, some being as simple as automated driving on public roads or automated voice assistants on smartphones. In this post we will examine some of the more common technologies that organizations around the world are using on a regular basis for their work. These types of technologies can also be used to help with decision-making and control process management within organizations.

Banking

Banking is an example of technology that helps automate more mundane process while still making banking services much easier to access than they would have otherwise been. Automation can be performed in a number of ways, whether it’s through machine learning or simply computer programming (such as Microsoft Excel). Banks have become increasingly dependent on data from big data sources to make sense of how money is spent, and banks now collect and store all of that information in one database so that analysts can analyze and predict future patterns or trends through a multitude of indicators. This means that banks can automatically create reports to help monitor spending, account balances, bank transfers, loans, loan interest rates and payment amounts.

With regards to customer service, banks have started to incorporate new features into computers to help customers troubleshoot issues or complain without any manual intervention. There is even research showing that about 40% of interactions between a bank customer and a banker occurs online and less than half of those interactions, or nearly 1% in total, are actually physical. Customers who experience problems with their financial accounts are encouraged to visit a nearby branch and complete a request online before calling a lender. Some banks such as Barclays, Deutsche Bank and Credit Suisse have even created chatbots that help answer questions and provide basic answers to customers’ queries.

In addition to providing automated tools to aid customers and make their process much easier, banks also actively promote products like loan applications, check processing, mortgage lending, mortgages purchase apps and other types of consumer products to improve customer satisfaction. With all of this technology integrated into customer service, companies are not only keeping customers occupied and loyal to their brand; they’re becoming more efficient too, and many banks are investing in predictive analytics, customer-centricity and automation of routine tasks. One company that has embraced automation of their business processes is Capital One. Due to the fact that banks are constantly growing in complexity with increased levels of fraud and risk, firms must implement new systems that ensure security and prevent fraud. Companies like IBM have done just that, with the goal of streamlining processes and increasing efficiencies. They’ve added intelligent robots to staff across multiple branches, and they have introduced self-service kiosks to better deliver information to customers when they come in. These are merely a small fraction of the various automatable systems that have now taken hold in the banking industry.

Another example of banking technology that allows companies to better manage the flow of information and increase efficiency is in the credit scoring of customers and prospective borrowers (such as determining if someone’s ability to pay credit card bills is stable and not due to defaulting). After approving a loan, banks usually want to know if the customer is financially able to repay the amount borrowed, and this information is available via a variety of information systems. As such, many banks rely on a collection of methods that gather, review and present the customer’s previous transactions, from loan applications to credit history checks. If a borrower lacks sufficient collateral or does not meet specific criteria, then the bank has no way of knowing that they are unable to pay their bills via a given program. Banks also require their investors to produce quarterly reports detailing their assets and investments, which creates additional burden with respect to managing funds, monitoring loans and making investment decisions. Automated systems allow for these same information to be processed on a per-program basis, allowing companies to save time, reduce costs and increase profit margins.

Telephone/Call Center

One of the most prevalent in-person and remote workers around the globe is the telephone call center, especially in times when the majority of people live in densely populated cities, such as large metropolitan areas or smaller towns located throughout the United States. A vast array of different call centers are currently known to exist, giving organizations the opportunity to choose from a multitude of Services.

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