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Digital technology is a disruptive force that could potentially shrink the importance of conventional banking infrastructure within the financial ecosystem. It does this not just by providing alternatives, but by offering financial services that are faster and cheaper and that provide greater access to customer input.
Communication is the key to the successful use of digital technology and this is especially true within the financial industry. If fintech has disrupted anything, it has disrupted the elevated regard that the banking industry had for itself as the gatekeeper of the economy. The egalitarian approach of financial startups has proven that the starched collar and old school tie approach of traditional banking, that places the customer as just one element of the game, must change. The customer is now at the center. A number of innovative banks have already realized this and have taken steps to provide new and more personalized service through software development.
This drive for innovation has gone beyond the edge in some ways, such as cryptocurrency. It’s too early to tell if, or even how, banks could profit from this new innovation. The impact on the financial services industry has yet to be determined. However, it is obvious that if established financial institutions are to profit from the truly new, then they will need to incorporate a wide range of developers and tech specialists into their operations.
Funding of fintech continues to increase year by year. Financial technology is not going away and the need to innovate to address this rolling avalanche of changes has government regulators and established banks running to keep up. The financial sector is in the midst of a profound revolution that presents new risks and new profit opportunities. The innovation has only just begun.
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