Recent
introduction of FinTech innovations is beginning to shake up the market and
improve and streamline financial services and disrupt the order of things.
Today's generation of customers have very different habits and requirements and
insurance companies, banks, currencies, payment services and financial advising
will all have to change if they are to remain relevant to the coming
generations. Incumbent players in the industry are listening however and many
have implemented significant changes to their business models in order to adapt
for the future. For instance; Block Chain technology has shown itself to have a
great number of potential uses and banks want it for their own. Cashless
societies are moving closer to reality and in certain countries, people are
finding carrying cash increasingly irrelevant. Cybercrime is now big business
and protecting customers from attack is now expensive and difficult. For its
part, the stale insurance market has been using new technologies to break the
mold and robo-advisors are becoming the norm in the wealth management industry.
Key take-outs from the report:
· Block
Chain and Cryptocurrency: Financial markets racing to adopt tech
· Cashless
economy spreading as culture shifts and technology solves problems
· Financial
services developing to counter cyber-crime threats
· Insurance
market set for rapid change after embracing technology
· Robo-Advisors:
Complex algorithms and AI are proving popular in wealth management
Get More Details @ https://www.htfmarketreport.com/reports/729890-future-of-financial-services-five-technological-trends-changing
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