Banking innovations and Asset Management Innovations
admin No Comments

Like many other business sectors, the financial and banking industries are experiencing rapid changes due to technology. These innovations include the growth of bitcoin and other cryptocurrencies, as well as peer-to-peer ledgers, like blockchain. This creates a world of opportunity for tech companies and professionals experienced in these areas.

Here is a high-level overview of a few tech-related changes currently impacting the financial world. 2018 is shaping up to be a special year in the industry. It’s the kind of disruption that ends up improving the careers of those with the skills and gumption that stand out.

Biometrics helping with Cybersecurity in Banking

Online banking continues to grow in popularity. With it comes the risk of hackers stealing passwords and accessing customer accounts. Because of this, many banks and financial institutions are looking to biometrics to boost cybersecurity.

Facial recognition technology continues to grow in adoption, as illustrated by the iPhone X. Fingerprints and other biometric forms of access are also expected to grow in popularity within the industry. Voice-activated banking is another trend worth watching over the next year or two.

The Cashless Society Grows

Related to the growth of cryptocurrency and blockchain, cashless transactions are also becoming more widespread in 2018. Some of these cashless services in the U.S. include Stripe, Apple Pay, and Google Pay. China’s Alipay and WeChat are also seeing significant worldwide growth.

Companies that devise the tech behind these new cashless innovations are also growing in importance. Some of the leading firms in this sector include Adyen and Plaid.

With Banking Innovation comes enhanced FinTech Regulation

It no surprise with bitcoin and other cryptocurrencies growing in popularity that additional financial tech regulation is also on the rise. Across the world, various regulatory bodies are involved in this area, and the same is expected in this country as well. Matthias Setzer, chief commercial officer of payments processor PayU commented: “It’s important not to forget that regulation is a global trend.”

In Europe, a new regulation requires banks to open their payment processing APIs to non-bank service providers. Something similar is predicted in America. The recent release of the API Gateway from Bank of America is only the start of this trend.

Ultimately, the growth of blockchain and cryptocurrencies are at the heart of newer banking and FinTech innovations. It makes this sector promising for experienced technology professionals.

Are you looking to get in on the IT careers with strong futures?

When you need additional insights on the technology world, speak with the experts at The CERES Group. As one of the top IT staffing agencies in New England, we can help you build a great career. Explore these open career options.

Leave a Reply

Your email address will not be published.