Is tech revolutionising the world of finance?

Technology is moving at a rapid pace and digital innovations have changed our lives in many ways. Industries such as the finance sector have also benefited a great deal from new technology. It has changed the way that we interact with our banks and financial institutions have been able to take advantage of new technologies to attract new customers.

Technology in finance

Just a few decades ago, if you wanted to take money out of your bank you had to go into the branch during working hours to withdraw it. Banking was revolutionised in the 1980s with the widespread installation of cash machines so that you could get money out at any time. Then there was the introduction of telephone banking so you could issue instructions for transactions over the phone. The internet brought yet more possibilities, and online banking is standard for most people now.

Recent technologies have developed these concepts even further. The increase in smartphone usage has led to Apps that people use to make payments in shops. Cardless systems such as these are rapidly becoming very popular and many retailers are now accepting them as a method of payment.

Future potential

The government has plans to pass legislation for “cheque imaging” whereby a cheque can be scanned on a smartphone and thus paid into an account. There is a great deal of potential here for investors and App developers.

The development of financial technology is seen as essential for the future of finance. The FCA is planning to subject financial technology companies to regulatory monitoring and will welcome companies that are developing innovative technology. Companies developing new technologies can request help from the FCA to ensure that they are compliant with regulations, and the government is also planning to find ways to ensure fair competition among companies that offer financial technology services. Finance is no longer just the domain of the large banks and many companies are now able to get a foothold into this market.

Employment opportunities

As there is a strong focus on new technologies and innovation, there are plenty of opportunities for creating work in this area. If you have the skills then App development and software development are both sectors where recruitment is set to be high. In addition, companies will not just be focusing on their home market. There is expected to be increasing demand for this type of technology from African and Asian countries, and this will lead to even more opportunities for developing new Apps and technologies.

Keeping up with the developments in the world of financial engineering and technology is essential for those who want to break into this market or simply find an entry level job. Social media is a good place for the latest news and information, such as the account of Jezhri Mohideen on Twitter. The industry changes so quickly that it would be too easy to be left behind – do not let this happen to you!




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