Financial services technology 2020 and Beyond: Embracing Disruption
It is becoming increasingly evident that businesses around the world have been striving towards riding the wave of digital disruption. This comes as no surprise as globalization and the Internet of things (IoT) has become the norm in a world where change occurs rapidly. The financial world is no stranger to such a shift in business models, with several elements located in the worldwide spotlight such as blockchain technology, artificial intelligence, and cloud-based computing. These trends are mainly shaping and re-shaping the financial ecosystem of today’s world.
Blockchain Tech Shaking the Industry
Initially devised for the digital currency Bitcoin, Blockchain is defined as a growing list of blocks linked through cryptography, which has been disrupting several industries with its design that is resistant to data modification in any way. Such blocks can hold data ranging from timestamps, transaction details, and other information relevant to the users. It is expected that in the upcoming years blockchain will increasingly shake things up in the different industries which it will probe with the use of the blockchain “public ledger” becoming an integral part of financial institutions’ technology and operational infrastructure.
Integration of Robotics and AI
With people’s attention turned towards self-driving cars and other technological advances that might replace ordinary tasks and jobs, financial services have been following such trends carefully; and it’s not only about replacing your day to day bank teller’s job. Advances have made mechanisms more aware of their surroundings while combining abilities such as logical reasoning, language processing, social, and emotional intelligence. As a result, alliances between companies that offer such advancements and leading financial service providers have increasingly grown. In the upcoming years, new models are increasingly expected to be powerful with growing levels of machine learning.
Augmented and Virtual Reality Providing Better Clarity
With people’s attention turned towards self-driving cars and other technological advances that might replace ordinary tasks and jobs, financial services have been following such trends carefully; and it’s not only about replacing your day to day bank teller’s job. Advances have made mechanisms more aware of their surroundings while combining abilities such as logical reasoning, language processing, social, and emotional intelligence. As a result, alliances between companies that offer such advancements and leading financial service providers have increasingly grown. In the upcoming years, new models are increasingly expected to be powerful with growing levels of machine learning.
Advantages of Cloud Computing
As cloud-based computing increasingly becomes the norm in businesses around the globe, financial service providers have also experienced significant evolution in such regards. In simple terms, cloud computing means storing and accessing data over the internet rather than saving it on a computer. By embracing this technology, banks won’t have to spend so much money on hardware and other emerging technologies as cloud computing can always be updated and upgraded. Apart from reducing costs, cloud computing benefits companies with a plethora of advantages by helping serving clients faster, increasing flexibility and scalability, and reaching global compliance levels.
With companies increasingly adopting the wave of technological advances in the world of finance and with tech firms racing to provide such services; the ultimate question to be asked is how fast can companies scale such technologies and adopt them into their business models and how far off would it be to witness mass implementation of such tech.
