Fintech Disruption Empowering Leaders Of Tomorrow
Finance technology, or FinTech, is transforming the world rapidly. Today, FinTech startups are bridging wide ranging need gaps across the market. With the adoption of avantgarde technologies such as IoT, Big Data, Blockchain, and so forth, FinTech startups seem to have truly revolutionized the global market. They have made financial services more accessible for customers with their digitalvfirst approach. And, as technology savvy as they are, millennials simply cannot get over these services.
the generation of millennials has adopted FinTech as a way of life, it is yet to be seen how the next generation will adopt FinTech for their banking needs. How do the new age technology backed businesses in banking empower them for the future? Before we look into that, let's see how FinTech disruption has revolutionized the banking sector.
The financial world is no longer limited to brick andmortar banks or investment firms working off spreadsheets and in-person advisories that were limited to a few. All credit for this goes to FinTech solutions and their digital first approach. FinTech has offered customers smart solutions that are quick, robust, and flexible. Technology has turned some of the most time-consuming tasks into instant solutions. Examples include quick loans and online trading.
With the adoption of avant-garde technologies such as IoT, Big Data, Blockchain, and so forth, FinTech startups seem to have truly revolutionized the global market
In fact, there was a time when investing in stocks was limited to those with knowledge or access to the top rung on the ladder, people who could offer advice on critical subjects. But the FinTech segment has today made stock markets accessible to everyone with the power of digital technology. The solutions extended by it help in maximizing returns and reduce the associated risks for an end customer. The power of these solutions can be gauged by the fact that some AI-driven investment engines can analyze more than 1 billion data points before extending a single stock recommendation. The sheer magnitude of this analysis wouldn't have been possible without such innovative FinTech solutions and the leaders who are developing them for the masses.
However, neither is this FinTech approach limited to the stock market nor is it exclusive to customer facing operations. With the rise of concepts such as open banking and API banking, this approach even finds good use in improving the efficiency of our banking segment with software-as-a-service (SaaS) solutions and banking integrations. Such integrations create value for stakeholders across the board.
Are Future Leaders PrePared For The Fintech Revolution?
We have witnessed how quickly millennials have adopted user friendly financial services brought to them by FinTech. With such rapid changes in the financial services sector, it is a crucial question whether the future leaders are ready for the digital first industry or not? If you are leading a FinTech startup yourself, here are a few skills that you must equip yourself with to ensure your future success:
Future leaders must understand the potential of how technology can change the way things work. This understanding will result in new business models as they will foresee innovative new applications of technology and integrate them to create businesses that add value to their customers.
You must be well-versed in solving problems. As we continue to witness growth in automation, quick and efficient problem solving will become increasingly relevant, taking precedence over just getting stuff done.
With the integration of new technology, new legal and regulatory challenges around issues like account ability and privacy are likely to come into the picture. Future leaders have to be prepared to deal with these challenges while always being on the ball when it comes to protection of customer data.
The present day FinTech segment gives us glimpses into what our financial sector is going to look like in the future. As you proactively drive your innovative idea to its true potential, you are leading the change by unraveling the future for all stakeholders and the market at large. Future investors will not have to worry about bank formalities or paperwork with your creative ideas at their disposal. In fact, this is the power of FinTech the true power of change!