How The Finance Industry Is Changing
Like every other industry out there, the rules have changed for the finance industry. Big data and technology have transformed how we live, work, and do business, and finance is no exception.
For upcoming or recent graduates looking to break into finance, there’s a lot to be optimistic about. Finance still has low unemployment compared to other fields, and recruiters are looking for finance hires.
But it pays to be on the leading edge of the changes coming to the finance industry.
Finance Industry Trends
Big Data
Big data means that every business is now a technology business. Companies in every field are using big data to inform and leverage their business decisions, especially in the finance sector.
While this means more opportunities for growth and opportunity for businesses, it also means increased responsibility to use that data securely and in compliance with industry standards.
Privacy and Security
Last year was a year of considerable uncertainty, and the upcoming years are likely to be no different. From Brexit to cybersecurity to ongoing disruptions of existing industries, the future promises to bring ongoing change, and the finance industry must continue to evolve.
This is good news for younger finance graduates, who tend to be more adaptable and tech-savvy than their predecessors.
Artificial Intelligence and Automation
AI grows more sophisticated and ubiquitous daily.
Artificial intelligence is already automating financial services that used to be performed by humans, and that trend shows no sign of slowing.
AI is being used in risk assessment, fraud detection and protection, trading, and even financial advice. The future belongs to financial experts who can embrace and leverage AI to make maximum use of its potential.
Changes in Banking
Banking has undergone rapid change in the last decade, especially in the area of mobile banking. In 2019, most people will bank through their smartphones instead of going to a bank branch.
By 2023, it’s estimated that dedicated AI chips will become standard in most smartphones.
Why is this important to the finance industry? Because mobile technology is likely to have an even bigger role in how people bank than it already does.
Financial institutions that understand this, and move to adapt and integrate mobile technology into their strategy, stand to reap major benefits moving forward.
App Development
With the rapid adoption of mobile technology comes an increased interest in app development, as finance companies seek to fill demand for applications both for consumers and experts.
Mobile payment platforms and other financial apps were lucrative areas of development in 2018, and will only increase with consumer demand.
Changes in the Workforce
The emergence of a more modern workforce also means changes for how the finance industry deals with employees.
Candidates will desire more flexibility, opportunity for work-life balance, and perks like the ability to work from home or participate in wellness programs.
Younger candidates also tend to be restless, especially in the finance industry, making for higher turnover among employers.
On the other hand, many younger workers tend to be more skilled in information technology, giving them an advantage over their predecessors.
About the Author Jess Nielsen
Jess has spent years travelling the world full-time. Nothing else comes close to the reaches of this emotive activity...