fter thirty years of working in the financial and banking sector there are at least two things I can be sure of: that everything takes more time than planned and that the adoption of technology is the key to success. Let me explain why.
- Evolution of the finance industry
- Changes within the financial sector
- What do big players focus on today?
- ROI in finance related projects
- Data in financial services
- The place of AI in the finance world
- The need of inclusiveness
- Civilised companies in civilised societies
The development of the financial sector
We are once again experiencing intriguing times. We have witnessed and participated in a remarkable change in how things are done in almost every facet of our life. While I was still in school, I was aware of the change’s scope right away. Visiting the Jaguar plant while I was a student is one example of this. Everything was created by hand back then, and the factory was noisy, filthy, and confusing.
The financial sector experiences the same thing. It became considerably more accessible and human-friendly thanks to technology. A long time ago, anything involving finances had to be done in person and on paper, and it took forever. Currently, the majority of transactions at banks may done with a single click. Everything went really smoothly, right in the palm of our hands!
The industry changed as a result of the advent of technology, which altered human relationships and freed workers from certain tedious and error-prone jobs they previously performed.
alterations in the financial industry
Change occurs gradually; frequently, we are unaware of it until we look back and assess the situation, as I did when I returned to the Jaguar plant after a fifteen-year absence. Meanwhile, we continue to notice a few modest advancements that make our lives simpler.
Contrary to many other technological industries, rules play a role in the development of the financial industry. They contribute significantly to transformation and are occasionally the primary motivator. However, the financial industry enjoys implementing innovations that have already been tried and true elsewhere. It considers the latest technology used by large corporations like Google or Facebook, which often make modifications. Which of them may be used here? It must be admitted that sometimes this is uttered with lingering jealousy and other times with a disappointed longing for speed.
What do major players prioritize today?
As a fintech and finance expert, I like to concentrate on areas that require development or are ready for a major transformation. When it makes sense, I appreciate carefully examining how things are done in various industries and attempting to adapt them to my own. CRM and the use of personal data is one of the most crucial topics I’m working on. I’m eager to learn more about how to utilize it, what can be done with it, where it will lead us, and how people can manage the value of their data.
I also consider danger and how laws influence individuals on a daily basis.to determine ways to innovate financial goods and product governance more to make the sector safer.
ROI for financial ventures
The fact that everything usually takes longer than anticipated is one of the most crucial skills to learn when working on projects. Both delays and projects costing more than originally anticipated are common. How do you handle it? By remaining steadfast and continuing after the finances have been adjusted or reset to make sure it is still advantageous.
The biggest advantage of considering ROI is the unifying discipline; with this method, you can be sure of your destination and your goals, which is essential for success. To get there, you must build the necessary circumstances for success and ensure that everyone working on your project feels a sense of ownership. who is in charge of it. You must divide your project into digestible chunks, choose a method for gauging its performance, and consider the potential effect of each individual. So that the project and the change may happen in a controlled fashion, you need responsible, empowered people with experience and expertise, and you need to create the circumstances for success, have them work together, comprehend the wider picture, and follow the norms of successful communication.
Money is obviously very important, but it should come as no surprise that budgets are frequently exceeded. You need to understand the reasons behind this and see how the projects develop and where they end up, and the keys to doing this are effective management information, timely dashboard delivery, and transparency.
Financial services data
Data is the foundation of all financial services; the key is understanding if the data is useable and how it will be used. Data is used to create choices, organize initiatives, and draw thought-provoking conclusions. Only 3% of the data now accessible is reportedly being used efficiently, which is both a damning indictment and a huge opportunity. Visualizing the data and having an understanding of how to use it wisely are crucial. And using data intelligently is what artificial intelligence is all about.
AI’s role in the banking industry
AI is a huge subject. It is being used in a variety of financial services contexts, including Payments, payments, and KYC verifications.
And although it would be challenging to find as fantastic examples of the application of AI in the financial sector as you see in the healthcare sector, where AI is proven to be far better at spotting tumors than humans who are trained at it, there are still significant gains that can be achieved utilizing it.
In the financial industry, AI may be incredibly helpful in contact centers. By providing more alternatives for responses to inquiries and by providing more information, it may make a call center with 10,000 employees feel like it has 50,000. Customer service offers several options for blended services.
The current usage of AI in auto insurance is a fantastic example. There is a tool that evaluates a vehicle that has just been in an accident and calculates how much it will cost to fix it, all in a matter of minutes. Will that actually alter how people look? Not necessary, but it may certainly simplify our lives.
The necessity of inclusivity
Adopting inclusion is currently a major issue for the banking sector. We must be conscious that there isn’t a single answer that would work for everyone; instead, there is room for customized assistance. People should be able to select the amount of personalization that best suits them and the type of service they desire. Do they prefer a “five-star hotel” or a less expensive choice where the personal touch is essentially nonexistent? version in which they require assistance from someone in order to walk around?
A youthful, tech-savvy individual may very well utilize a different degree of technology than an older person, but that is not always the case. The financial industry must take these differences into account. Because of this, inclusivity is essential. We are moving in that direction, but there is still work to be done… there is an intriguing chapter to be discovered…
Civilized communities and civilized business
I’m now intrigued by the concept of a Civilized Company. What goes into making one? What does being a civilized manager entail? Can a Civilized Manager impact those who work for a certain company? How can we establish a culture where is founded on carrying out the proper action, not merely the one that would bring in the greatest money immediately? This topic will be covered in greater detail in the future.
I’m interested in learning more about the problem of “quiet quitting”—people who work part-time jobs to make ends meet but do not give their all. What are its root causes? Can it change? Can a civilized company alter how we view the workplace? Could numerous Civilized Companies alter the way we use technology, work, consume, and live as a society? I’m eager to research and learn more about these topics.
WHO THE AUTHOR IS
Having worked in the field of international financial services for more than 30 years, Ian Max Ewart is a C-suite commercial executive, director, board member, and advisor. He has advisory positions on the boards of Wealthie Works Daily, Inc., Acin, Kore Labs Ltd., and Yext. He also serves as advisor for commercial relationship development at Wealthie Works Daily, Inc.
Ian is regarded as an authority in his field and a source for marketing, company growth, and innovation.