In the world of Finance and Banking, Finance executives have few choices, the choice to be industry leaders, fast followers, or just react. Which might remind us of that now old but timeless quote…
“There are two types of company, the quick and the dead.”
– Michael Dell
The tech giant Apple is currently the richest company in the world and generally agreed upon as one of the most forward-thinking in technological terms, they are on the leading cusp of advancements in tech. Yet one of its most influential members, Johnny Ives recently left to set up his own company, reportedly in the wearable technology industry.
What might Mr. Ives know about the future that we do not? In this article we are looking to offer a potential glimpse at the future in finance and banking, in an attempt to warn you of impending change – in case you did not already know!
Anticipating the future is getting harder, no sooner can you see what is coming around the technology corner than it’s already overtaken you and is on to the next global change. So, with technology moving so fast, what is happening in the digital world that we can keep up with?
Finance and banking industry executives need to ensure they have a clear understanding of what is coming down the technology pipeline to put in place a strategy for embracing the (seemingly imminent) convergence in technology, science, and the digital world. Here we are going to paint a picture of what you might expect from a banking industry of the future.
Our Glimpse at The Future of Banking and Finance…
As a bank executive competing in a global, low cost, digital, multi-level, multi-service industry, you have customers accessing bank accounts and tapping on billions of transactions, on a multitude of different apps via mobile phones, watches, and other wearable technology. Using AI and analytical based engines to access their online portfolios, considering their current trends, their goals, and appetite for risk, enabling them to make informed, information led changes.
Jean Chalopin of Deltec International Group said, “These transactions are instant, across national and international borders, low fees, with omnipresent banks and finance houses, that have low carbon footprints, operating with the latest virtual systems, big data access, and constantly updated algorithms, serving millions of customers all at once. And we have not even mentioned bitcoin and blockchain yet! “
Customers are now becoming more demanding; they want better services and a seamless experience across every channel and technology platform. The regulators are demanding more too and can connect to more of the data available. This phenomenal pace of change shows no sign of stopping any time soon
As an executive, you may look to your in-house IT department to lead the way, but with the constant need to reduce costs and maintain legalities, defend against cybercrime, and also stay within regulatory bodies they have plenty to do already.
There’s no quick, one size fits all solution, not one single person or organization has all the answers, but without information you have no idea, we’ve started the ball rolling for you, let this article be a potential snapshot of the future you need to prepare for, and a warning to get the advice from future technologists to help you understand and meet this global change. Be ‘the quick’ and not ‘the dead’.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.