Tech advances changing the Finance Industry
If you think about the technologies that you use every single day. How many of these didn’t exist just 10 years ago. Among this group you will find companies and solutions like most every social media platform, Uber and Lyft, IPads, Slack, Stripe and so much more. We are advancing quickly, and these advancements are integrating themselves into our daily lives quickly. The above solutions are mostly consumer facing solutions which get a lot of attention but there have been equally important solutions made from a B2B standpoint. In the financial industry in particular there are many changes that have made a major difference and are still coming out frequently. Here are a few of these examples that are disrupting the industry.
One of the core problems that client facing banking has faced is their processing and data analysis. New data that is relevant and important is coming up every single second. Even on small scale operation all the way up to national uses. There is unmeasurable amounts of data coming in and out all the time and technology is providing superior core processing solutions for institution both large and small. They are making them more and more intuitive and fast with every day and the market still has room to get better.
Artificial intelligence is making advancements that were not thought of before. With impressive pattern recognition we are now increasingly able to get more and more in-depth information on our customer and what it is they really want. We have also become able to address pressure points in an organization, reduce costs, mitigate risks. They are even developing predictive technology to account for when people are spending or when problems are most likely to arise factoring in emotional intelligence, logical reasoning, language processing physical sensors and more.
One of the biggest problems that the financial industry is inevitably tied to is the issues of cyber security. There will always be a burning need for the very best in security when it comes to finances, you literally cannot pay enough attention to cyber security. As the methods of protection advance, unfortunately do the methods of infiltration. An ever advancing cyber security world is not “nice to have” it is absolutely imperative.