The digital transformation movement is underway and affecting all types of industries. As recent trends in banking have shown, the financial sector is undergoing many changes as technology continues to make financial companies more successful and create better relationships with their customers. As technology continues to advance and change organizations, what kind of trends can we expect to see re-evaluate the financial sector in 2019?
Trends in Finance 2019
As trends in finance continue to change the sector, it’s important that financial advisors keep up with these trends and learn everything they can about new technology affecting financial companies. There are many trends we will see emerge in 2019 including:
1. Changing Customer Demands
Companies are having to evolve to better meet the needs of their customers. Customers today are much more technology-empowered and as two new generations emerge, financial companies have to evolve to better suit the wants and needs of their customers. Millennials and Gen Z continue to disrupt industries because they’re tech-savvy and influential. One of the major trends in finance we will see next year is financial companies evolving their practices and attitudes to better meet the demands of these customers.
2. Evolving Workforce
The workforce is evolving and financial companies have to adapt to this new way of work to stay successful. Customers today demand increased flexibility and a greater emphasis on work-life balance. More and more workers are becoming part of the gig economy and if financial companies want to stay successful, a major trend we will see in 2019 is the finance sector evolving to be able to handle this workforce more efficiently.
3. Blockchain Technology
This technology is now imperative to financial organizations. As hackers become more sophisticated and more financial organizations seek to rebuild their brand image and trust with customers, blockchain technology has become an essential part of any successful financial company. One of the major trends in finance 2019 we will see is the evolution of blockchain technology and financial organizations finding more uses for this innovative technology.
4. Smarter, Faster Finance
New technologies continue to revolutionize the financial sector. One of the biggest trends in finance we will see in 2019 is financial companies establishing a culture of data, changing the way they use and manage their data. With the help of artificial intelligence and machine learning, financial companies will be able to automate more processes, make their systems more stable and secure, and eliminate human error.
5. More Responsibility
The role of finance continues to evolve and take on new challenges and responsibilities. Technology is playing a huge role in the financial sector opening the door for finance teams to take on a greater role in IT and risk management. Technology is also helping the financial sector see revenue opportunities better, lower costs, and manage risk more effectively. The largest trend in finance 2019 we will see is more financial organizations adopting more technology to make their business more successful.
As we finish 2018 and look forward to the trends that will re-evaluate finance in 2019, it’s important to remember that for any business to be successful, it’s essential to familiarize yourself with new technology and trends that will affect your business. The best way to prepare for any new trends and emerging technologies is to adopt a comprehensive tool that will allow you to properly take on these new trends and allow you to be successful as the financial sector continues to evolve.
