Over the last decade, financial technology, aka FinTech, has seen rapid growth, ushering in huge changes in the financial services sector. Through our extensive work in corporate management, software development, and business management, across a wide range of business sectors (such as Corporate Services, Banking, Financial Services, and Marketing) we observe trends in how businesses adapt to challenges. In this article, we provide our predictions for the FinTech sector in the next decade.
It is a data, data world
The ever-increasing volume of data that a company will be required to manage in the coming years poses huge challenges for businesses in terms of workflow and profitability. Businesses will need to pay attention to how they approach the data challenge.
The evolution of new technology
A positive development that will contribute to achieving more efficient data management is the advancement in new technologies, such as cloud computing, new generation databases, artificial intelligence, and machine learning. Adopting smart technologies will need to be at the very top of the priority list when it comes to process optimization, business efficiency, and informed decision-making.
With more data and robust legislation to protect data subjects, data security is of paramount importance. Increasing volumes of data and increasing responsibility will force businesses to revise existing data security policies and procedures, and possibly upgrade them through external partner services.
Staff Training is a top priority
The most significant part of this development will be dependent upon the proper training of each company’s human resources, across the organizational hierarchy, in order for personnel to understand the importance of sound and effective data management as a key factor that will decide a business’s success.
Compliance with regulatory requirements
In order for a company to comply with the regulatory requirements, we expect to see a dramatic increase in the quantity of information that it will request from each of its individual clients. This information will most likely be identical to what each client would have already provided to any of the other companies/banks with which the client works.
This increase in volume and duplication of work will provide a catalyst for the development and adoption of technological solutions such as blockchain and self-sovereign identities, as well as the deployment of procedures that will ensure continuous monitoring and updating of each customer’s data.
We believe, the success of a company over the coming decade will largely depend on the way in which it manages optimise its data processing and utilise its data for business planning. That is why we at Moebius, are constantly striving to improve our software by adapting its functions to meet the needs of our customers, based on the upcoming changes and trends in the sector, as well as regulatory requirements, and finally the integration of new technologies such as Artificial Intelligence into our software. Moebius is easily customized according to requirements and circumstances of each business. It has the capacity to manage millions of files, and provide customized services to every single part of an organization, including a range of data security provisions. By offering our clients a single workflow management system, we help with solving day-to-day business problems and ultimately increase a company’s productivity and profitability.
Moebius Software addresses the needs of Administrative Service Providers, Accountants, Attorneys and any company handling data and records. It is comprised of a series of modules designed to meet specific business needs and through deploying a selection of hand-picked modules provides customized solutions.