Welcome 2020! What technological advancements will this decade bring?

And what new developments will change the way we live, work, drive, consume, and think? We work with a number of organizations in the financial industry and I thought a deep dive into some advancements in finance would make for some interesting reading…

FinTech startups are making waves

The financial services industry is no stranger to tech-based growth and disruption. But its biggest players have been insulated from major disruption for quite some time. You could attribute this to their size, their grip on commercial markets, their cross-continental reach and infrastructure or even their long-established compliance systems.

As the barrier to entry lowers, FinTech startups continue to pour into the field, as they seek to transform various elements of the value chain. And they’re gaining a foothold by emphasizing customer service and convenience – at lower prices.

The adaptation of digital banking has also granted new entrants the ability to make a splash. Take robo-advisory services as an example. Both traditional and new players can provide this cost-effective online service. It’s a win-win for companies and consumers. Companies benefit from lower operational costs, while the customer experience is improved via user-friendly designs and instantaneous service.

Integration, simplification and automation (sound familiar??!) are expected to remain priorities in the financial services sphere.

Blockchain is building trust

The cryptocurrency craze introduced blockchain technology to the world. It’s a technology that’s rising in popularity, as companies explore its viability in business environments. This is exactly why we built our proprietary technology, CompliChain, to be Blockchain enabled.

Blockchain implements cryptography and immutable ledgers, which, as you’d expect, is appealing to banks and financial institutions. It offers solutions to longstanding problems, such reduced infrastructural costs and (practically) instantaneous, secure transactions.

As more and more practical use cases come to light, more and more companies will adopt Blockchain technology and incorporate it into their day-to-day operations.

In fact, our CRO Steve Mahr has spoken about blockchain at several events, with more to come this year. Check out his page (and his videos!)

Data’s tenuous position

Last, but not least, data. Data can be an invaluable resource and tool when it comes to recognizing and acting on trends. Effective data analysis can be leveraged to increase reach, provide hyper-personalized products/services, and, ultimately, drive customer loyalty. This competitive advantage comes with its fair share of risks, though.

As we’ve seen (and maybe even personally experienced) over the past decade, data security can be a fragile thing. Monumental breaches to the tune of hundreds of millions of dollars have rocked the digital world.

Consider Equifax’s massive data breach in 2017 – which impacted nearly 150 million people. That eventually cost the consumer credit company $671 million (via settlement) – and the trust of millions of consumers.

Data efficacy and security will remain prominent points of emphasis for the foreseeable future.

If you’re curious about the technology that Sepire uses to secure customer data – and prevent any breach of data – send me a note. I would love to talk to you!