There Are Eight Technological Trends That Will Shape the Future of Finance

Technological Trends – in the year 2020, changes in consumer behavior occurred overnight. there was a closing of bank branches and investment offices. trading desks moved to home desks. the market volatility was through the roof, and volumes are still at record levels. the year 2021 has continued to build on the foundations that were established by the rapid adaptation and adoption of new technological solutions by the world’s financial institutions. it has been pointed out by sandy shen, senior director analyst at gartner, that “businesses that are able to migrate technology capacity and investments to digital platforms will lessen the impact of the outbreak and keep their companies working smoothly both now and over the long term.”

it is now abundantly clear that banks and other organizations that provide financial services need to modernize the core data systems and architecture of their organizations in order to meet the rising demands of their customers, the increasing volume of data, and their requirement for digital insights. the evolution of data centers is required to enable and support the implementation of artificial intelligence initiatives. the acceleration of contact and mobile payment solutions will be made possible for financial services organizations by simplifying the development and deployment of applications and solutions. additionally, these organizations will be able to make greater use of robotic process automation (rpa) and bots to streamline and simplify operations. we anticipate that eight different technological trends will have an effect on the financial services industry this year. this comes as accelerated digital innovation is expected to continue through 2021.

Remote Work

the concept of working remotely initially arose out of need but has now become widespread. massive expenditures in technology to enable remote workforces, including as collaboration tools and virtual desktops, have resulted in new methods of working that will continue to develop for at least a portion of the workforce. financial institutions have a multitude of considerations that need to be taken into account, including the recruitment and retention of employees, the maintenance of job satisfaction, the updating of technology, the addressing of challenges related to security, the monitoring of cost savings, changes in business travel and activities, and the reduction of any negative impact on productivity and creativity.

if a company wants to expand their options for working remotely, they should probably assess current remote collaboration and security solutions. these technologies may have been introduced under pressure, and as a result, they may not be as good as they could be. and pure storage have formed a partnership to provide customers with support for remote work by running mission-critical workloads such as core virtualization, data analytics, and artificial intelligence.

The Intersection of Ai and Ml at the Core of Business

in the past, artificial intelligence (ai) and machine learning (ml) were considered to be optional extras of questionable value due to the difficulties associated with setting them up and making a profit from them. a fast forward to the year 2021 reveals that they now play an essential role in the day-to-day operations of enterprises, covering everything from productivity to income. artificial intelligence is being used by financial institutions to handle sensitive financial activities such as investing and lending, as well as to make decisions regarding trade and detect fraud. according to a survey by businesswire, the value of ai in fintech in 2019 was estimated to be $6.67 billion, with an anticipated value of $22.6 billion in 2025. by utilizing ai and ml, traditional financial institutions are quickly catching up to their digital-native competitors in the fintech and bigtech spaces. these competitors operate using cutting-edge technologies such as ai and ml.

discover how and pure storage have collaborated to make storage automation more straightforward and to bring about stringent uniformity. the capacity to create repeatable operations that decrease the number of unique snowflake configurations or human mistake is brought about by ruthless standardization. this gives financial institutions such as banks and companies the capacity to create, develop, and deploy a data strategy and architecture, as well as improve client happiness, usability, and simplicity, all without interrupting business operations.

Attacks via Cyberspace and Ransomware Are Becoming More Common

as a result of the lucrative and technically advanced nature of the ransomware industry, ransomware assaults, which can be both expensive and embarrassing, have been in the news very frequently over the past year. according to the most current fbi internet crime report, cybercrime will be responsible for losses totaling approximately $4.2 billion in the united states in 2020, representing a 69 percent increase over 2019’s figure of $3.5 billion. a cybersecurity company by the name of cybersecurity ventures has forecasted that ransomware attacks will be carried out on enterprises all over the world once every 11 seconds in the year 2021. according to projections made by the same business, the cost of ransomware will exceed $20 billion in 2021, and the total damages caused by cybercrime are expected to exceed $6 trillion.

the financial sector is a major target for a diverse range of organizations, including politically motivated groups with the goal of making a statement as well as organized cybercriminal gangs whose primary objective is to steal money. even ransomware as a service is being offered for sale by established operators. find out how ransomware might affect your company and how you can defend it.

Digital Experience

organizations that provide financial services are making efforts to cultivate and keep the loyalty of modern customers, who anticipate a highly personalized experience, omnichannel access, mobile-friendly websites, and intuitive applications as the norm. these customers expect these things from the companies they do business with. the rate of digitization is accelerating, and with it comes an increased need for more and better digital experiences. this places technology at the forefront of differentiation efforts. to maintain a competitive advantage, it is necessary to ensure that your organization is not only up to date but also at the forefront of technological innovation. in order to keep up with the speed, security, dependability, agility, and mobility that these technologies involve, firms in the financial sector need to guarantee that they have the necessary infrastructure.

Data Expansion

artificial intelligence (ai), the internet of things (iot), and automation are all becoming increasingly popular and common. if you have the correct infrastructure, you can use massive amounts of data to improve artificial intelligence, compile insights, fine-tune investment decisions, provide service to existing consumers, empower new customers, and do much more. despite this, many different types of financial institutions have reported that it is difficult to keep, safeguard, access, and analyze this data, particularly while testing and deploying new innovations. as the rivalry for experts in data science and artificial intelligence heats up, technology presents a hurdle, and there is a severe shortage of technical employees.

pure storage and have collaborated with other industry experts in cloud-enabling technologies to form an alliance that will allow them to increase the capabilities of private clouds while also lowering the level of complexity involved. find out how we can make your cloud work the way you want it to in order to broaden access to even more use cases, which will result in further data expansion.

Markets Are Opening Up

in recent years, there has been a substantial increase in retail trading, and this trend is expected to continue. an research conducted by business insider found that despite the recent volatility, retail traders still accounted for 25 percent of total stock trading volumes. this surge in retail trading can be partially ascribed to the expansion of electronic and automated trading technologies as well as the simplicity with which these technologies can be accessed. these new technologies outperform anything that was previously accessible to ordinary investors in terms of both efficacy and affordability. mobile applications, robo-advisory, and zero-commission trading are attracting new investors to the market. these features are offered by online brokers such as you invest by jp morgan, merrill edge, fidelity, and schwab, as well as fintech innovators such as ally invest and robinhood.

Regtech is Picking Considerable Steam

the election of joe biden in the united states and brexit in europe are both likely to result in a surge in the complexity and enforcement of regulations around the world. this comes at a time when regulatory technology, often known as regtech, is entering the mainstream. according to globe newswire, it is estimated that regtech will “increase at a cagr of 21.27 percent and anticipate to reach roughly usd 33.1 billion by 2026.” during this time, financial institutions are working to improve their compliance technology by leveraging artificial intelligence (ai), machine learning (ml), and natural language processing (nlp) to assist with self-operated trade monitoring, tracking of compliance obligations, and regulatory reporting. on the other side of the equation, regulators are also using regtech for market surveillance and establishing sandboxes to foster innovation. this is an example of the other side of the equation.

To Have One’s Head in the Clouds

because to innovations like hybrid clouds, multiclouds, and storage-as-a-service, traditional storage solutions are no longer necessary for financial institutions. instead, businesses may speed up the innovation process for cloud-native applications and virtualized workloads by utilizing a contemporary data platform that combines hybrid and multicloud ecosystems.

a computing environment that is based on a hybrid cloud can provide assistance to financial institutions by providing them with resources from both private and public clouds. this can provide flexible data, application mobility, and operational agility across it infrastructure. a combination of on-premises and cloud computing resources provides enterprises with the operational and budgetary flexibility necessary to fulfill their ever-evolving needs. the amount of work that must be done, as well as the requirements for the data center and the budget, can motivate businesses to modify their usage of capex and opex infrastructure. pay-as-you-go offers predictable workloads inside an easy and repeatable framework, and specific configurations fit your infrastructure demands while providing an easy path to hybrid-cloud and cloud-native deployment.

cloud customers can take use of pure storage’s offering. pure-as-a-servicetm (paas) provides users with an experience that is comparable to that of the cloud and is suitable for use with public clouds, on-premises clouds, and co-location environments. it is simple to start up and increase the amount of capacity, and there is rapid access to more on-demand capacity whenever it is required. one subscription contract covers all of the chosen services and allows for simple adjustments to be made to the amount paid on an ongoing basis.

Looking Ahead

there is a fresh wave of people looking to start their own enterprises, and there are millions of new companies being established in the united states. according to data provided by the united states census bureau, we have witnessed a continuation of high-level registration rates in the year 2021, rates that are virtually as high as those in the year 2020. if this pattern continues, the skills shortage that was discussed earlier may become even more severe because innovators will be looking to bring their own innovations to market.

it is safe to state that there will be no turning back given the rapid pace of digital innovation that was observed throughout the epidemic. we should anticipate that the status quo will continue to shift toward a new, digital-first norm that will pave the way for exponential growth online well into the foreseeable future. unlock the value that your company’s data holds by storing it on a platform that was created with creativity in mind. investigate potential options for financial services for and pure storage.

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