The Technology Shift in the Finance and Banking Sector

The finance and banking sector continues to evolve and one major trend at the moment is the heavy utilization of technology. In light of COVID-19, banks are rapidly adjusting their use of technology and business models to ensure customers are still getting bank services from home and also to acquire new customers for business growth. 

Innovation has turned to be a focal point for most banks and financial organizations. The transition to a highly tech-driven industry means there are emerging job opportunities for tech people in the financial sector. Digital transformation is making operations more efficient by delivering speedy yet superior customer experiences. Financial Technology (FinTech) companies have evolved as well and now banks are partnering with these companies to improve financial capabilities.

FinTech companies are implementing advanced Artificial Intelligence (AI) systems such as chatbots that provide customer services around the clock with accuracy. Automation using AI is replacing labour-intensive processes and improving workflow in banks. With these trends, bankers and people in the finance sector might be required to have very strong skills in Information Technology because AI is likely to take over several tasks.