Introduction
Technology is the most important tool for increasing operational efficiency and productivity in any industry. There are hundreds of emerging technologies that will transform corporate functions such as finance, business, and HR. The competitive advantage gained by early adopters of new technology outweighs the risk associated with implementing cutting-edge solutions.
What is a Financial Service?
A financial service is an activity that facilitates the planning, raising, investing, and distributing of capital. For example, this includes insurance companies, banks, investment funds, government bodies that regulate certain aspects of the market (such as central banks), credit rating agencies, or stock exchanges that facilitate trading in securities or commodities.
Technology has disrupted most industries like retail, music, publishing, etc. Financial Services is the latest industry to face new challenges with disruption of technology. The evolution of technology at an exponential rate is affecting how traditional financial services operate.
The financial services industry has been known to constantly evolve over the years with increasing demands from evolving consumer needs. Financial institutions have had to adapt to changing times by implementing emerging technologies.
Emerging Technologies in the Financial Services Industry 2021
The financial services industry is changing rapidly from the traditional way of living to a technology-dominated now. Emerging technologies play an important role in transforming this sector as they offer new means of achieving efficiency and greater productivity.
What do we mean by emerging technologies? In general, it refers to any existing or developing technology that has the potential for significant impact on the organization through its ability to increase competitive advantage, create new market opportunities and achieve better results with less effort.
