The finance sector has seen some incredible changes over the past few years – lots has happened in a relatively short space on time, and the new buzzword of ‘’FinTech’ seems to be capturing many people’s imaginations. FinTech simply means the technologies used and applied in the financial sectors.
Innovation is something important for every business sector, and it is this need to grow and change and evolve that is making finance become such a popular area to work in, as well as being something that everyone needs to understand at least a little about.
So just how is technology make a difference to finance, and how can you be a part of it? Here are just some of the ways it’ll make a difference.
In the past, it was only those who were mathematically minded and who understood who finance really worked who could get a career in this important sector. It locked many people out who had plenty of other skills, but for whom the finance aspect itself was not on their remit. Today this has changed. With so much new technology being used within the finance sector, it is now much more open to those who might not have had a chance to work in this area before.
One way to garner more opportunities, is to undergo a degree that can prove useful in the sector of FinTech. For instance, you can become an electrical engineer and develop equipment and software for the FinTech industry, as well as test the equipment needed. To make it easier to study and gain a degree, there are numerous fantastic online MS in electrical engineering that’ll prove useful.
INNOVATION IS SOMETHING IMPORTANT FOR EVERY BUSINESS SECTOR, AND IT IS THIS NEED TO GROW AND CHANGE AND EVOLVE THAT IS MAKING FINANCE BECOME SUCH A POPULAR AREA TO WORK IN
Customer service is now something that is crucial to get right no matter what sector you are working in. In the past, the finance sector, not perhaps feeling that it was entirely customer facing, could have been seen to fail in this area. Whereas store vendors and those working in a face to face capacity in any sector would have understood customer service, finance was different; people needed to get to their money, and customer service was, therefore, less of a priority.
This has changed as more and more people demand better service and to be treated well, even if they do have no choice as to where they go for their business. However, technology has meant that there is a lot more choice anyway, and those customers can pick and choose which financial institutes they want to use.
So although it could be said that technology has forced financial institutes to have better customer service, it has also helped them to get it right. Take chatbots, for example. Using these on a website to answer general questions will help to make customers happier, and free up time for those working in the business to deal with more complex cases.
When you think of finance and technology, online banking is where your mind might take you; it is a huge area and many people are using this means of easily and quickly accessing their money when they need to. It offers convenience and makes life easier for many, and it also cuts down on costs for the banks themselves. They won’t have to employ to many tellers, or open such long hours, if people are using their smartphones or laptops to move their money around.
With just the push of a button, the click of a mouse, or even the touch of a card on a terminal, payment can be made and received instantly. Checks won’t bounce, payment won’t be delayed, and everyone’s cash flow can progress much more efficiently, helping all kinds of businesses whether they are in the finance arena or not.
TECHNOLOGY HAS FORCED FINANCIAL INSTITUTES TO HAVE BETTER CUSTOMER SERVICE, IT HAS ALSO HELPED THEM TO GET IT RIGHT.
Not everyone is keen on the idea of online banking; it can feel like an unsafe way to make transactions, especially for the older generations who might prefer to do things the traditional way. However, technology is helping in this regard as well by allowing banks to be much more vigilant when it comes to fraud.
In the past, investigating potential fraudulent purchases and online theft was something that would have taken people a long time. The customer would potentially not receive their money back for many days, leaving them without the funds they need to pay bills or buy what they need.
Today, technology has meant that the chances of being defrauded online are much slimmer to begin with, but if something did happen, then it could be fixed and dealt with almost instantly as well. No one would be left without the money they need, and an investigation could be started automatically. It has made online banking and purchasing online, in general, a much safer way to do things.
Banking and finance can feel rather mysterious to many; it is a potentially confusing and strange world that we can’t always easily understand. This can mean that the general public distrust the finance sector, assuming there is always something underhand or secretive going on.
Technology has meant that the entire sector is much more accessible. From being able to buy bitcoin and investing money in a simple way to understanding the processes used within banking institutes, to see what your credit score is so that you know whether you are in a strong position regarding your own personal finances, it is now – due to technological advances – open to all.
This is a positive move. People are now much more willing to be involved in their own finances rather than assuming they wouldn’t understand and leaving it to someone else. This added responsibility means that people are able to keep a tighter rein on their money, and to ensure that their credit it good. The more people who do this, the better the economy will be, as not as many people will borrow beyond their means (and then be unable to pay the money back), but equally those who are able to borrow and repay comfortably will be more happy to do so, and larger purchases will be made which will put money back into the economy.
Maarit Isupova, is a Media Manager, Clarity 360 IMEA, based in Vladivostok
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