The past few years have brought enormous changes to growing intersection between banking and technology. Banks have undergone significant shake-ups in the wake of the recession and have struggled to bounce back from reputation damage due to weak and corrupt lending practices. And technology has gained a stronger foothold in nearly every aspect of daily life… Including the way we work, communicate, find answers, travel, shop, and handle our finances.
For staffing and hiring managers in the financial sector, these changes carry broad implications. From the migration to online banking models, to an increased reliance on cyber security, to a recovery of public perceptions of the industry, managers in this sector are experiencing a demand for tech pros who can help them navigate the modern financial marketplace. Here are some of the most significant trends taking place in 2014.
1. Cloud Banking
In an earlier world, customers typically walked into a bank and conducted their transactions by receiving help from a teller. In a slightly less early world, bank customers could conduct their transactions and banking activities online, to a limited degree. In the future, the same customers will be able to attain comprehensive and integrated banking services through digital platforms and mobile devices—As soon as the industry can find a way to take data out of silos and gain a 360 view of each individual customer and each individual account. Equity losses are driving banks into increasingly digital platforms, but the process still has a long way to go.
2. Connected Banking
Banking and financial services are beginning to merge and integrate like never before. And as financial service providers gain access to bank customers, and banks partner up with these institutions to offer their clients a broader range of financial products, IT experts will be required to integrate and streamline the delivery of these services and personalize the experience for every customer.
3. Social Listening
The rise of online social networks and social media platforms has led to a shift in the relationship between consumers and brands. Consumers now rely on these channels to make important purchasing and financial decisions. So despite the legal, regulatory, privacy and security issues associated with social media and inbound marketing, competitive lending institutions aren’t backing away from this profitable link to a wide target audience.
To learn more about the technology trends that are currently influencing the financial sector, turn to the IT staffing experts at Tech Needs.