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The Digital Effect on the Finance World: Top 4 Technologies

An evolving workforce, emerging technologies and a change in client's demands are amongst the top trends redefining finance this year. As two new generations enter the world of finance, they bring with them the influence of technology, and thus demand a new and improved way of interacting with their financial institutions. Influential as they are, this will force institutions to evolve in a more high-tech way.

A change in client's demands and the influence of technology go hand in hand. Those working within the financial field are evolving too in terms of demand, as a new emphasis on work/life balance is becoming increasingly popular.  According to TechFunnel, financial companies are expected to alter their attitudes to handle their workforce.

Speaking of the digital influence on the world of Finance, in 2019, we can expect tech and economics to work in conjunction with each other in unique ways to develop new advancements in the financial world. The top 4 trends in finance for 2019 according to Forbes are:

1. Mobile Banking. With its increasing popularity, physical banks will be less frequented this year and more features will be added to mobile banking apps. Are you interested in working in the banking sector? View our current job openings.

2. Mobile Pay. More smart technologies feature easy ways to pay without a physical credit card or wallet, and the demand for retailers to accommodate these new ways to pay has increased. The expectation is that mobile pay will be more widely accepted by retailers this year.

3. Mobile Apps; think budgeting apps or other third party providers which can offer aid for financial issues. With an increase in popularity of conducting financial matters via mobile device, the rise of other finance apps can mean providing even more services with ease - but also run the risk of privacy issues.

4. Blockchain: it is changing the way the world of finance will operate. What will be affected? Infrastructure for cross-border transactions may change due to the technology of blockchain, which can allow for different institutions to create links between each other - thus creating the ability to seal secure, digital relationships. This can have implications on the ease and security of cross-border banking.  As blockchain serves as an accessible system which can be coded in such a way that it will comply with regulatory reporting, this can have an impact on how regulatory reporting and compliance is currently carried out. Growing from that point, blockchain exists as a database with its own self-contained history as it is constantly built upon, and therefore can alter the way traditional databases work in terms of accounting and auditing.

Clearly, there will be changes in the world of finance for 2019.  Follow along with the latest trends here on our blog and on our James Woodman LinkedIn page for bite-sized information and browse our job openings for financial profiles here.