The financial services industry is, undoubtedly, evolving rapidly all around the globe. But whether you think about regulations, shifts in technology, or global events, the changes can be dizzying. From the smallest community institutions to the largest multinational firms, it’s time to rework plans for everyone because what has led to success until now may not work as well in the future. With the Brexit deadline fast approaching, the financial services industry is expected to face mounting risks from potential asset-price bubbles.
Moreover, for both small and large financial firms, it is time to focus on scenario planning as 2019 can be a volatile year. Today, with the rapidly changing technologies and financial services industry trends, companies must be adept at becoming agile and boost visibility in the marketplace. In this article, we have talked about some of the major financial industry trends that companies must follow to stay vigilant and make the most of opportunities that arise in 2019.
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Top 3 Financial Services Industry Trends for 2019
Trend #1: Boom of big data in the financial services industry
Today, big data has become one of the biggest trends in the field of data science. Business intelligence, data science, and business analytics are penetrating all areas of business and are redefining the way data is used. So, in 2019, the management must be on the lookout for professionals who are well equipped with the knowledge of business analytics. This is going to be one of the most significant trends for 2019 as it helps in the collection of consumers’ data and their transactions.
Trend #2: Demand for transparency and security
Today, BFSI is inundated with information, data, and technologies that serve and fuel the demand for products and services among consumers. So, for financial institutions, it has become crucial to do everything humanly possible to protect their customers from this excess inflow of data. This is one of the top trends that will shape the market for financial services in 2019.
Trend #3: Automation boom
In 2019, the financial services industry will witness a high demand for process automation as it makes basic, repetitive, and simple managerial decisions simpler, efficient, and more accurate. Automation is not about replacing humans with machines and computers, but it is all about wiping out stagnant processes that workers employ on a daily basis to boost efficiency and performance. In today’s financial services industry, robotic process automation is changing the way capital market firms and bank insurers execute basic processes. With advanced automation, banks can boost process efficiency and high rates of productivity in 2019, which can lead to better customer experiences. This is one of the prominent trends that will make it possible for companies to boost process efficiency.
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