The financial services industry has so much potential for innovation and creativity. More so with the growth in technology and computers. With just a few resources such as a laptop, a wireless connection and a credit card, anyone can get their business up and run with very less capital.
This low barrier entry has demanded a transformation from large companies already in the industry to work within them effectively. This has created so much disruptive innovations in the sector in the past few year. It is an exciting time for companies to take advantage and use it to maximum potential.
A lot of companies are trying to find ways to inject innovative technology and frameworks into their services to have a competitive edge and advantage.
In this article, we will discuss a few most intriguing areas of focus in the financial sector that are disrupting the field for good and the level of their impact on the larger society.
Cloud computing has enabled new generations of entrepreneurs and companies. They have facilitated the creation of the software as a service business model that has helped a lot of small and medium businesses to scale effectively. Cloud-based frameworks have improved security and reliability in the field tremendously.
Blockchain has been making waves recently mainly due to Bitcoin and other cryptocurrencies. These have the potential to significantly change how trust works within a society. They can improve transparency and reduce costs of transactions over time. There are so many startups working in this space trying to figure out the next big idea that is based on the blockchain.
Big data and deep analytics
Big data is especially useful when they can be processed to reveal valuable non-intuitive insight. Artificial intelligence systems, when combined with the power of big data analytics, can provide huge swathes of valuable information that can be used to create better and efficient products that serves everyone better.
Paradigm shifts in personal computing
New tools such as the Apple Watch and Oculus Rift are changing the way we use and interact with our computers, They are a lot more integral to the way we function and create new customer behaviour models and ways in which consumers actively interact with and manage their financial resources. They have the potential to change the larger computing industry as well.
Cryptocurrencies are based on the blockchain. Bitcoin is one such cryptocurrency. These are digital currencies that can completely bypass the need for a centralized bank and other middlemen in the process. They have the maximum potential to revolutionise how we perceive banking. However, they are very volatile at the moment owing to widespread acceptance in large volumes and are mostly considered for speculative trading on an online options trading platform.
Modern technologies are creating an unprecedented growth of wealth and opportunities for the financial services industry and the general public alike and this trend of increased innovation is on the rise. Companies seeking to capitalize should keep a close eye on the above trends.
I hope this article was useful for you to learn more about how the latest developments in technology can improve the financial services sector, and ultimately the general public at large. If you have any doubts with regards to this, let us know through the comments and we will be glad to help you out. If you have any suggestions regarding how we can improve the article, let us know them through the comments as well for us to improve.
Do you have any other reservations about technology and the fintech industry? Are you invested in any of these technologies? Let us know through the comments.