Many of us are unaware of the various technological trends in the financial services industry. As technology evolves, people need to keep up with changes to stay relevant. To help you better understand these technologies, we’ve compiled a list of the top 5 trends that will likely affect you or your business.
Mobile Payments
Mobile payments facilitate electronic transfers via mobile devices like smartphones and tablets. Data breaches – Over 50%of data breaches can be traced back to third-party providers that were not adequately secured. Due to the increasing amount of mobile activity, businesses need to be aware of the risks and challenges inherent in technology. As mobile payment adoption grows, many businesses will suffer from increased cybercrime and fraud.
Augmented Reality
Augmented Reality (AR) is on the rise and is one of the most popular trends in technology today. Apple’s recent introduction of their ARKit – a platform that helps developers bring augmented reality to iOS apps – has catalyzed many companies to adopt this technology. This year, we expect to see different industries use AR to improve their business operations.
RFID and Wearables
Radio-frequency identification (RFID) is emerging as a protocol for mission-critical applications. These technologies allow users to access stored data without physically interacting with a device. One way RFID technology is being implemented is through wearables – small, wearable computing devices. As companies look for ways to implement RFID technology, wearables effectively transfer data from the real world into the digital world.
Blockchain
Blockchain is a new technology gaining popularity because of the various ways it can be applied. In simple terms, blockchain is effectively a distributed ledger where multiple parties can share information in real-time. Blockchain is most commonly associated with the cryptocurrency bitcoin but is also being used to improve the efficiency of data management and security.
Cloud-Based Systems
Cloud-based systems are software components that are stored for use on networked computers. They allow people to access multiple computers from a single server and make it possible to share information with other users—many cloud-based systems, including identity management, storage, and instant messaging. Today, cloud technology represents the foundation of virtually all businesses’ IT infrastructures.
Conclusion
The list of trends above is all essential. However, several of them also pose risks. Knowing about these risks is essential for any business that wants to remain competitive and relevant in the current financial services technological landscape.
Dil Bole Oberoi
