How is finance evolving in the digital age?
Posted at 03/03/2020
Are you curious and want to learn more about the impact of technology in the finance sector? In this article, we explore developments in finance in the digital age.
Financial technology in the digital age
Financial technology, also known as fintech, is a new financial industry that uses technology to improve processes.
The main advantage of fintech is improved operational efficiency. In providing mobile payment services, online banking and community financing such as crowdfunding, fintech automates several processes that originally required human intervention, which could cast a dark cloud over finance job opportunities.
This term also encompasses start-ups focused on digital, mobile applications or artificial intelligence. Fintech offers the general public and professionals simple, efficient, user-friendly and more affordable financial services, shaking up existing banking systems which, in turn, have no choice but to reinvent themselves.
Digital banking: the new norm
In the digital age, it is hard to imagine a bank that doesn’t have a mobile application where customers could track their spending, make transfers, pay their bills, etc.
With the growing interest in mobile banking and cryptocurrency, some traditional banks are even questioning the need for a physical branch. Although traditional banks aren't going to disappear any time soon, some exclusively digital banking institutions could enter the market. And since customers increasingly want to obtain information quickly via their mobile phones, these digital businesses could attract many people.
New technologies disrupting the workforce
New technologies mean new specializations. In the digital age, the staff of financial institutions will undoubtedly evolve.
With advances in technology, such as artificial intelligence, some current positions may become obsolete. Employers and recruiters will increasingly be looking for candidates who specialize in digital and artificial intelligence to meet the challenges that lie ahead for the financial sector.
As the digital age transforms the finance industry
In short, there is no doubt that technology changes the way we act and how we think. And the financial sector is one of the areas most impacted by the digital age.
If you are excited about the new challenges facing the finance industry, we invite you to contact Fed Finance. Our consultants specialize in temporary and permanent recruitment and can help you find a job that fits your career objectives.