Financial technology is an increasingly important sector, which has enjoyed a lot of growth over the past decade – and is expected to continue growing, possible at an exponential rate.
With that said, there are still a lot of financial institutions that seem reluctant to adopt new technologies. We spoke with an IT support company London based financial institutions have been working with for many years now. As a company with experience in technology with direct relation to finance, they discussed the types of tech trends they have seen influence their clients in the finance sector over the years.
- Cloud Computing
The first big tech trend to talk about is Cloud Computing. This is by no means an emerging trend, as the cloud has been shaping modern business processes for well over a decade now. In fact, the IT support services London based providers like TechQuarters rely heavily on cloud-based technologies nowadays – and in the financial services sector, the cloud can be used to optimize, streamline, and reinforce processes and practices.
Cloud computing can enable a business to scale their services in response to real-time market trends, and customer demand, much more quickly than they ever used to be able to. The cloud can also be leveraged to streamline processes – such as by centralising the collection data, or by automating repetitive or predictable tasks within a cloud-based network.
- Big Data Analytics
Nowadays, Big Data is considered by some to be more valuable than actual money. With modern technology, businesses can collect positively massive amounts of data – so much data, in fact, that it would be nigh impossible for an individual to go through it all and make any sense of it (which is why we called it Big Data).
Big Data covers many different incredibly minute and nuanced metrics, pertaining to markets, customers, and many other trends. When you have that much highly specific data, you are able to make highly educated predictions – which is why financial institutions are so interested in leveraging Big Data.
The Cloud has made the collection and analysis of Big Data much easier. But Big Data Analysis is not just a sub-sect of the Cloud Computing trend – it is it’s own industry within the tech sector, which financial institutions should definitely be looking into.
- Cybersecurity
The larger the financial services sector grows, the more there is for institutions to lose. It is accurate to say that financial institutions are perhaps the biggest target when it comes to cyberattacks, and cybercrime in general. This is why cybersecurity always has, and always will be, a massive tech trend for this sector.
Institutions are always looking for the best ways to protect their data, and their customers data. This is why the IT support financial services companies favour always includes cybersecurity services as a high priority. From robust cloud data storage, backup and disaster recovery, advanced threat protection, hunting, and analysis, there are many security solutions that are available for financial institutions to implement.
- Automation & Low-Code DevOps
The ability to provide the most efficient services, or the most unique services, is very valuable for financial institutions. This is why automation and low-code DevOps are a valuable tech trend nowadays.
Automation enables a business to ensure that repetitive and/or predictable tasks are completed automatically, and as quickly as possible. Nowadays, though, automation isn’t only suitable for basic tasks; for example, process automation enables a series of related tasks to be automated in response to triggers; AI-powered automation is also becoming more and more possible, which could lead to large-scale automation within a company becoming the norm. In this way, automation can ensure that the services a financial institution offers are as efficient as possible.
DevOps is the practice of optimising the cycle of developing software from initial concept, all the way through to implementation and deployment. Financial institutions that are able to develop their own software and solutions in response to customer demand will have a great deal of success.
The traditional barrier with development has been that it requires highly specialised experience. Low-code development, on the other hand, enables businesses to turn their hand to developing apps without having to know all about coding and conventional development. This means that more and more finance companies will be able to develop their own custom services and solutions for customers.
