Five Technological Trends Booming the Future of Financial Services: Study Highlights Banking, Insurance, Payments and Wealth Management Industries
Robo-advisors are a new category of financial service product that can offer some unique benefits to those interested in wealth management services.
Albany, NY -- (SBWire) -- 10/10/2017 --In recent years, technology is overturning workflow and processes in the financial services industry. Tasks once handled with paper money, computers and human interaction are now being finished totally on digital interfaces. Almost every type of financial activity from banking to payments to wealth management and more; has been evolving rapidly and are embracing changing technological trends and offering every service at lightning fast speed. Looking to the rapid change in overall financial services, Market Research Hub (MRH) has freshly added a new study to its wide repository, which is titled as "Future of Financial Services - Five technological trends changing the banking, insurance, payments and wealth management industries". This detailed study will provide leaders, employees and investors in the financial service industry with five unique and timely trends to keep in the forefront of their growth strategies for the coming years.
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The overall study encapsulates vital details about the banking, insurance, payments and wealth management industry. The major aim is to examine the changing implications of new Fintech coming into the financial services market. Financial technology has been around virtually as long as the financial services industry itself. It has been analyzed that the recent introduction of FinTech innovations is beginning to shake up the market and improve and streamline financial services and disrupt the order of things. It affects almost every financial activity, from banking to payments to wealth management. Apart from that, FinTech has in recent years come to be known as the basis for end-to-end processing of transactions over the Internet via cloud services.
Moreover, the study takes a close look at the disruptive forces in the payments, cryptocurrency, blockchain, cybercrime and insurance world. As per the findings, insurance market set for rapid change after embracing technology. Today, the insurance market has been using new technologies to break the mold. Block Chain technology has shown itself to have a great number of potential uses and banks want it for their own. Cybercrime is now big business and protecting customers from attack is now expensive and difficult.
Further, the study points out major trends in the financial industry along with its major impact; such as
- The cashless economy has been a longstanding ambition of the financial services industry. Now changes in culture towards the use of digital money for everyday purposes, tiny purchases, and innovative technology have allowed countries such as Sweden to move towards a cashless society.
- The financial services industry has woken up to the potential of the Block Chain technology. In 2017 financial organizations that understand how to apply blockchain technology to customer-focused business processes will seek to gain competitive and cost advantages. Presently, IBM is building a Block Chain network for European banks.
- Big data is changing how insurers do business, allowing better fraud detection and modifying policies to individual consumers.
- Robo-advisors are a new category of financial service product that can offer some unique benefits to those interested in wealth management services. Robo-advisor is a tool or solution that uses various methods and algorithms to mechanize the asset allocation of investments for an individual's unique persona.
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Moving further, the report also finds that Incumbent players in the industry are listening however and many have implemented significant changes to their business models in order to adapt for the future.
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