The scope and speed of evolution in regulation, customer behaviour and technology – coupled with the emergence of new competitors – mean that the future of FinTech business will not be a continuation of the past. New technologies will transform the market as we know it, providing both opportunities and challenges for financial institutions.
“We’re at a tipping point for consumer and business transformation, with globalisation, technological change, digital growth, regulatory compliance, a changing economy and the future of work all impacting 2019 digital consumer trends.” – The Financial Brand
Changing customer habits and behaviours in today’s digital economy, and advancements in technology, means that FinTech companies – large and small – will find it necessary to embrace more fully new trends that will boost how business is done, in line with rapidly moving industry developments.
Is your FinTech firm ready for further technology developments in the year ahead?
Cognitive computing and Artificial Intelligence
The rise of cognitive computing will create better understanding of customer preferences and offerings, giving real-time insights and information processing.
Do you have the optimum managed IT in place in readiness for this quantum progress? Are there any further tech industry insights that will enable the best systems and platforms?
Mobile device preference and management
Research predicts that 35 million people globally will use mobile transactions as their preferred choice of platform by 2023. This means that businesses need to be ready for a mobile-first strategy, as well as crucial mobile device management measures to be taken in order to protect businesses’ confidentiality, and data privacy.
Have you done an audit recently of your mobile device management systems – both staff protocol and physical device systems?
Businesses are finding that the need to become fully digitised, secure, and regulatory compliant will see a further uptake of cloud-based solutions for FinTech companies, and others. Do you have the right cloud IT architecture in place that will provide you with consistency, efficiency, and security in the digital age?
Cloud Computing is a constantly evolving technology ecosystem that is making a big impact on how business is being run and done today; with on-demand access – and connects you to solutions and practices that simplify and empower. See the power of our cloud.
There is a wider demand for a completely hosted remote desktop environment which contains not only your back office of choice, but also all of the other elements which integrate, including –
- Microsoft Office applications
- a realistic amount of data storage
- a robust back up strategy including the requisite number of data restore points
- remote scanning
- if required, a document management system
- and connections to third party software vendors, if needed
which enables the running of your business, or for your client’s to manage their business, through a portal with the latest dashboard of relevant information, with complete ease.
For those thousands of UK companies who still use Adviser Office, the hosted remote desktop solution is ideal, as it keeps all the benefits of Adviser Office but it also means you don’t have to change systems – which has its own challenges of costs, time it takes, and inhouse training. This way, you avoid the massive headache of switching systems, rather it is an effortless move to the cloud.
Intensification of regulation
“Data breaches and ethical failures can depreciate brands in an instant. As a result, there will be an increasing emphasis in 2019 on the need to have a better understanding of AI and the impacts of data security. Consumers will be more inquisitive in 2019 about the steps being taken to protect data and privacy by the firms they interact with.
Every company has become a technology company, with the responsibility to protect all digital assets of their customers. These firms will also need to address the ethical use of data and AI technologies. In 2019, we will see companies begin to publish their position on the use of data and AI technologies to their employees, customers, partners and shareholders. This positioning could become a differentiator for some firms.” – The Financial Brand
Meeting the increasing expectations for businesses to have a robust strategy on operational procedures and technology infrastructure in order to assess and manage regulations and risks for staying compliant.
This includes how data is received, stored, accessed, managed, shared, and protected. And a vigorous strategy will enhance client trust with your organisation too. Some basics should be in place, such as your firewall, disaster recovery, back up, full cyber security and cyber essentials amongst others.
Next year will see a further rise of partnerships between FinTechs and corporates to deliver a seamless experience for end-users, sometimes using only one interface. Operating in this way creates an interconnected ecosystem and exchange of service information, and for a FinTech company – no matter what size – the systems that you put in place in order to protect data is more critical than ever.
Have you considered all aspects of how your business collaborates and shares with others? Do you have systems and checks in place?
As the last of 2018 comes to an end, it is an ideal time to look ahead to 2019 and give thought to ensuring your IT infrastructure and strategy is ready – an IT audit is an excellent starting point. And for IFA FinTech businesses, ITSOL has a headstart with experience and expertise, knowing just how to work with you so that your core business continues while we work with you to put your IT in place.
We’re ready to work with you – you are more than welcome to email or give us a call – 01924 383250.
– Sharon Clipperton, Winn
ITSOL provided PFP and various other companies that I was associated with timely and efficient IT support and advice. David and his team would respond to all urgent IT needs 7 days a week and would spend weekends updating our computer servers / desk computers to ensure that we did not lose any “working down time” in normal working hours. A service I was very grateful for and would find hard to replicate.
– Ross Hyett, Senior Partner, PFP Financial Planning