The global finance industry goes digital

It is no secret that the world we live in is positively shrouded in feats of technological advancement and incredible digital impact. We have quite literally created the world that we exist in, and we have done so with both brilliant clarity and a knack for understanding that lessons will be learned, and challenges will be overcome – even if they take time. No matter what, at the forefront of it all are technologies and digital innovations. And many of these innovations have arrived on the scene hand in hand with their learning curves, many of which erupt into cases of trial and error if they are not navigated carefully. Practically every industry today has had its fair share of challenges and exciting navigations, and they have all – for the most part – emerged out the other side being better and stronger for it all. The finance industry, for example, is currently embracing digitalisation in multiple ways, and it is already proving itself to be an exceptionally brighter sector because of it.

The modern consumer lives in a world that is positively immersed in and surrounded by technological innovation and rapid digitalisation. As such, they have come to expect these traits to be present in all aspects of their lives. From life at home to their financial holdings (and everything in between and surrounding), digitalisation is finding its ways to disrupt even the unlikeliest of sectors. In terms of the finance industry, the everyday experience is being taking online by the introduction of apps and websites, as well as instantaneous global transactions and even cardless cash or phone-handled payments. Even tax season is becoming easier, with some individuals even being able to do their entire return online in under an hour (some people even complete it in under thirty minutes). These are all seemingly small, but together they mark the beginning of an all-new revolution in finance. And it doesn’t stop with the everyday experience with the finance industry, either.

Let us first consider the average consumer’s experience with insurance companies, for example. Insurance companies have historically been notorious for being confusing, time-consuming, daunting, and frustrating, all at once. Now, companies are coming into active effect to bridge the gap and take the pressure of individuals wanting to look into insurance-related inquiries and concerns. Companies like Informeo are literally designed to help you get a handle on your insurance, to help you live a more financially responsible life. And now, thanks to rapid digitalisation in vivid motion, these companies are expanding their reaches exponentially via their websites. The power in digital marvels like the worldwide web is that they present an opportunity for companies and even entire industries to have a global stage for exposure, rather than a mostly (if not solely) local platform. And then there is blockchain as well.

Blockchain is essentially an encrypted virtual network of highways that allow for secure and private transference and storage of information. Initially designed in correlation with the release of cryptocurrencies, blockchain is now used in the financial industry for everything from immediate transfers, the sending and receiving of important financial documentation, and more. Because of the encrypted nature of blockchain, it makes it more difficult than ever- if not seemingly impossible – to hack or change any information being sent, as well as the direction it is being sent to and from. This is an incredible digital innovation that has changed the finance industry from the inside out, and for the better. And it is only just getting started. The finance industry is not without its lessons, but currently it seems to be filled with more exciting innovations than lessons, and that is something to celebrate.

The world we live in is one of our own design. Immersed in waves of our explorations and further advancements of technologies and digital innovations, we are the drivers of this new era we find ourselves living in, the reason it exists at all. Practically every industry has gone through its fair share of innovations and respective challenges because of the nature of this new modern world, and the finance industry is no different. Currently, the finance sector is going through one of its greatest evolutions in history: the rise to meet the digital. Widespread and rapidly paced digitalisation is the aim of the game these days, and the finance world is rising to meet the challenge, and even to exceed it. Digitising an entire industry is no easy feat. In the case of this, the finance industry, it is a process that has been ongoing for months, and is still even now. Taking facets of the financial industry online has taken time and practice, and for now it is a process that continues. The future for finance is brighter than ever – and digitalisation is to thank.