Financial services are turning into financial technologies.

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I was listening to a podcast here for college with David Roche who is the Director of FinTech Services, and Head of Corporate Social Responsibility with Pramerica Services Ireland.

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Blockchain podcast.



He has a good understanding of the subject and a passion to drive forward the adoption of new and emerging technologies.

Financial services have turned into financial technologies where a lot of the onus with managing your personal finances is now much more on the individual rather than a bank or corporation. We have more tools than ever at our fingertips to manage our wealth and our assets.

Now it seems that the large corporations are focused on building tools and services that enable us to manage our activities rather than provide those services themselves.

There was very little change in the financial sector for a long time until we hit this technological age where it has expanded exponentially.
Fintech is the marriage of financial services and technological services to provide a better customer experience and more control over our online and financial operations.

What stood out was how fast this change can occur under the right factors. In this case the financial crash of the 2000’s shook up the entire financial industry and made companies look at their operations and how they could be improved going forward using all of the new technology that is out there.

In this modern world, if you are standing still then you are being left behind, as the rate of development in technology sectors is exponential and you need to be constantly adapting and ready to pivot with the next wave of changes.

Covid has just done the exact same thing again and driven whole new industries forward as companies again had to change their business model and strategic planning to adapt to the current situation.
Technology drives business and this needs to be a huge part of planning and strategy going forward. The diffusion of this technology is key to future developments.

Blockchain can play a huge part of future digital developments but it will need to be done hand in hand with complementary technologies. Blockchain technology provides a lot of benefits in this sector due to its transparent and immutable records.

Using it for financial technology is not just a theory but a must as our lives keep moving towards a more digital entity. Digital entities will include faster, more flexible tools for its customers as the pace of life is speeding up as well. Digital means fast and blockchain enables fast, traceable transactions which is ideal for financial technology.

Once these blockchain enabled tools and services adapt to current business and corporations they will filter out across the population as they have a unique selling point and a strategic advantage over legacy systems.
One final takeaway form the podcast was David’s emphasis on how the people will be the future every bit as much as the technology. Without the right knowledge, skills, leadership, cultures and CSR then the technology won’t be as successful.

Technology can do a lot of things but it is leaders that create and drive its use and technological diffusion into society. Technology can’t replace people but it can complement their vision and skill sets.

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3 comments
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That's some great progressive mainstream insight right there!

Early adopters and innovators will push through the usability/technical barriers but the early majority won't. That early majority is what will propel this thing solidly from the fringe of global finance and I LOVE the evangelism and front end development to make that happen.

So glad to have gotten in.....not too late. ;)

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Well Fintech is eating up the banks. The banks give low interest and it's annoying to deal with most of the time. In a way, nobody likes to wait anymore now that there are better alternatives.

I believe technology will replace people slowly over time. There is just a lot of the work that can be automated and when it does people will get removed from the job. It may complement the few that do keep their job though. Corporations and businesses will settle for robots if it means better profit margins and less burdensome things to deal with (talking and working things around aren't always the easiest when it comes to wages, benefits and etc.)

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Yes, I agree that automation and virtualisation are coming for lots of jobs across almost every industry. It's already happened and is happening in retail, research, education, telecoms, IT to name a few.

To @niallon11 point though, humans will always be needed for certain roles to manage the overall operation.

Also, we've constantly had to change and adapt over the years, this is just more of the same. With automation though, they need to look at taxing it somehow, so that all that income tax income is not lost to help with a progressive society.

One thing is for sure though, kids today should be getting into coding, programming etc as young as possible if they show any interest, as that's where the jobs of the future will be in the main in my opinion in the new digital and virtualised age.

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