Each and every day, more and more technological advancements are released, designed to make our lives just that little bit easier. As start-ups push the boundaries of standard commerce, the financial industry is being forced to open its arms to new business practices, changing standards and, of course, changing processes across the entire industry. Disruptors in finance typically work to provide more efficient, cheaper, and ultimately more useful technology to streamline processes for both businesses and their customers. Even mobile payments were once considered a disruptive technology and today, are a standard part of the buying process.
With this in mind, we’re taking a deeper look at how disruptors have changed and will continue to change the financial field in the future.
FinTech Driving Business Models
Generally speaking, most FinTech businesses are fast-moving start-ups that are entirely focused on providing innovative technologies for the industry. Their constant dedication to these technologies means all of their resources are driven into developing the best possible technologies and until recently, they have faced issues with breaking into the industry. However, FinTech businesses are proving time and time again that capturing the more profitable elements of the market is helping them get ahead, leaving a lot of the traditional industry grappling with keeping their existing success. For this reason, businesses are having to work harder to bring FinTech into their business models as standard to ensure they remain strong players in the industry.
New Forex Platforms Paving The Way
The forex market has been a volatile place as of late and even long-standing traders are struggling to keep up. With the likes of Brexit, the US-China trade war, and recent economic announcements from the ECB, the price of any currency is seeming difficult to get to grips with. However, in light of the heightened political state, the likes of CurrencyFair, ZuluTrade, and other forex platforms are responding in kind with changes and new software to offer.
CurrencyFair has introduced a new forex platform for businesses, offering clear, simple and cheap access to peer-to-peer trading. It matches businesses and consumers that are looking for the best possible exchange rates and enables the execution of these transactions through bank transfers. It takes away international bank charges and ultimately reduces the cost of changing up currency.
ZuluTrade, on the other hand, has taken a different approach, by offering social trading. This allows consumers and businesses alike to copy the trading activity of key players in the industry, to gain the best possible results even with minimal or limited experience. ZuluTrade offers users a signal provider, to enable them to follow the signals in the markets, after which the expertise or advice can be converted into a trading move.
Customer Intelligence
If there was ever a good use of artificial intelligence technology for banks and finance providers, ‘Customer Intelligence’ would be it. This is set to be the most important factor in predicting the growth or fall in revenue and profitability. This kind of insight had previously been pulled from surveys and focus groups, but by utilizing AI and machine learning, businesses can utilize data analysis to get a better insight into how their customers are likely to act in the coming months or years.
It can give businesses better insight into what users do, how they behave and what they want, which is undoubtedly an unmissable opportunity for any business that wants to work for and with their clients. Such insight can ensure customers are getting precisely what they want, and that businesses are benefitting.
The financial field is home to some of the most innovative and disruptive technologies around, from forex platforms to customer intelligence and everything in between. By offering simpler, yet more advanced solutions to issues within the financial markets, consumers and businesses alike can truly make the most out of consumer relationships and develop a new, improved way of handling finances.
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