When it comes to expressing innovation, and encouraging growth, there is perhaps no better way to do precisely that, than encouraging and procuring technological advancement and rapid digitalisation, in all their forms. The world we live in today is the product of consistent and unrelenting feats of technological proficiency, and it is this way because we have designed it to be so. Practically every industry in this modern world has been through its own revitalisation in the wake of technological advancement becoming a global phenomenon, but in the financial industry, the impact is overpowering and ongoing. The financial industry is going digital on a global scale, and it is a long-winded evolution that is taking time to fully unfold, in all its glory. As modern consumers began to be more fully engrossed in their digital lifestyles and approaches, it became abundantly clear that the financial industry would need to modernise to meet the newfound demands of consumers. So, it did.
Taking an entire industry digital often proves to be a challenge, and it is no different in the case of the financial industry. While the financial sector has always been data-driven, there is an all-new realisation breaking ground that technological proficiency is the next step, and the future, for finance (as it is for most, if not all, industries in this modern world). From the seemingly simple everyday interactions with one’s finances, to the big-dollar handlings, technological advancement is switching things up and making them easier to carry out from all angles. Everything from the way we withdraw or deposit money to and between our personal bank accounts, to the rewards credit card that is available to so many loyal users (and everything in between), has been propelled up a notch (or five), with technology at the helm of the changes, driving them ever-forward.
The changes to the financial world that are currently taking the whole world by storm, are driven largely (if not completely) by technology and digitalisation. We know that much. But why has it taken so long, and why is it such a drawn-out process? Well, the answers are relatively simple, and it just so happens that the answer to both questions lies in the same core foundation: data. Finance is one of the world’s most data-driven industries, and as such it has taken an especially long time for mainstream and widespread technological advancement to begin to take full effect in the financial industry. This is also (conveniently) the reason that it is such a drawn-out process. With so much data to sift through, transfer, and update, a slight delay in the technological advancements was to be expected. We are now reaching the point of no return, and this is a good thing. We all want to have the best of what is available, and the innovations made possible by tech in finance embody that ideal.
What is so interesting about the technological advancements in the financial industry as of late, is that they have been met with nearly no bad press – an unusual feat. Of course, there has been the occasional snide comment or outspoken opinion regarding the topic of finance meeting technological advancement, but for the most part the response has been overwhelmingly positive. Organising their own personal finances is something that ignites a sense of apprehension, even anxiety, in many people. It has so often been a historically stressful for individuals. Until now. Now, technology has made every single process in finance handling easier, more convenient, more efficient, and even faster than ever before. This ongoing series of technological advancements has spurred on a new era in the financial industry, and it is one that has everyone absolutely jumping for joy and eagerly waiting in anticipation for the next big move, the next great iteration in finance technology. Until then, we can all enjoy an easier, more efficient financial experience. It is only set to get better from here on out.
We live in a world that is entirely engrossed in technological prowess, and it shows. Consumers today are driven more and more by technology, and their expectations are shifting. Because of these shifting expectations, industries the world over have had to re-evaluate their standing, and realign to fall into step with the technological innovation that the world is embracing so fully. The financial industry has undergone – and is in fact still undergoing – one of the most globally transformative evolutions in the wake of widespread technological disruption and further digitalisation. Banking and the general handling of finances has never been as easy and efficient as it is now, and consumers are loving it. Financial powerhouse banks are realising this, too, and using it to their full advantage. This is not the peak for technological advancement in finance, but rather the humble beginnings.