In an article by the wefmediateam discussing how technology is disrupting markets, the Financial Industry workgroup of a year ago described the mood around digitization. Their conclusion was that people and organisations are in denial, largely due to the highly regulated nature of the industry. Innovation in the industry a year ago was almost taboo. This year, however, it is very different. There is now an acknowledgement that innovations that address duplication of effort and information should be welcomed. Knowing your customer and understanding your data and inefficiencies; recording customer management and the emergence of smart contracts are all on the agenda now. If the financial industry does not address these issues, tech based companies certainly will.
Mobile technology poses a thread that could be the unbundling of banking with its immediacy to clients and relationships – as well as its ability to serve as a channel for payments. When the financial industry isn’t addressing a need, it is open to disruptions that will intercept this opportunity. Since we are moving into an era where winner takes all, the organisation that takes action first is likely to come out on top. In a further article looking into the future of technology, it was stated that the world is at the cusp of incredible opportunity, relieving us of the repetitive tasks that can be modelled and precisely formulated to be automated. This frees us to deal with the exceptions, the management and forecasting – focusing our energy, imagination and intelligence on the next frontiers.
The subject of privacy, protecting personal identities and consumers being increasingly wary about what is being done with their data is being brought to the forefront. With big data, comes big responsibilities and these responsibilities rest with the Institutions, not the consumer, and business leaders must demand a security-first attitude from their organisation. We at Realyst, with our technology partners, are taking the opportunity to introduce a new platform for smart contracts, addressing many of the issues raised in the challenges of big data and customer record management. Contact us today to find out how we can help you manage your digital information and take your company to the next digital level!