In the past decade, the financial industry has evolved rapidly – and…
7 Technologies Disrupting the Finance Industry [Infographic]
In the past decade, the financial industry has evolved rapidly – and it’s continuing to change. Transactions that were once only possible through personal visits to financial institutions can now be completed with just a few taps on a mobile phone. If, in the past, you had to personally hand over a cash or a check to pay your bills, now, you can transfer funds online, whether to a friend or to a company.
But, these changes were not brought about by the industry’s determined effort. Thanks to technological advancements that have changed the way the world works, the finance sector was compelled to respond and adapt to today’s digital era. Unfortunately, until now, only 12 percent of financial services companies are mature in their digital transformation.
Take cryptocurrency, for instance. Cryptocurrency came into fruition with the development of blockchain, a decentralized, peer-to-peer financial ledger technology. Blockchain was developed to eliminate the need for a middleman during a value exchange and make transactions faster. Then, sometime in 2010, when Bitcoin became popular and other cryptocurrencies emerged, the financial industry scrambled to understand what blockchain and digital coins are, and started to regulate the cryptocurrency market.
This development also prompted financial institutions to offer consumers more convenient ways to transact with each other and lead to a surge in mobile and online banking solutions. Consumer demand changes as the internet becomes faster and more technologies emerge,. Ultimately, the finance sector must adapt, or else consumers will choose more convenient alternatives and FinTech companies will continue to eat market share of an industry that was protected and untouchable for decades.
The finance industry as we know it is changing and here are the significant technologies disrupting the industry.
This article was originally posted on Prototype https://prototype.net/blog/technologies-disrupting-the-finance-industry-infographic