TOP TRENDS IN FINANCE W
inston Churchill once said, “To improve is to change; to be perfect is to change often.” New technologies are not only changing the way people do business with financial institutions but also how they use and gain access to their money. Financios, a small business accounting automation company, recently released its “55 Top Trends in the Field of Finance.” In this article, security and privacy were listed as top trends as well as embracing new technologies, procedures and governance. To find out what trends were more local, Business View editors reached out to top financial member experts and asked what they thought were the top trends in their industry.
Data Collection Of the respondents, most agreed that extensive use of data is a top trend, including analyzing data for customized offerings and getting the technology to secure data.
Process and Governance Second was improving the foundations of finance – processes and governance – which, according to wolterskluwer.com, refers to the way a company collects, manages, monitors and controls financial information. In addition, it can refer to how companies track financial transactions, manage performance and control data, compliance, operations and disclosures.
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International Payments International payments were next and includes the use of blockchain, cross-currency consumer payment solutions allowing financial institutions to transfer low value payments in real time without delay or fees.
Marketing to Customers Getting in front of your customers keeps organizations top of mind with its clientele and can be done through video marketing, using apps for quicker service to customers and utilizing websites to display all offerings.
Top 10 Financial Trends Checklist ▪ Data Collection
▪ Processes and Governance ▪ International Payments ▪ Marketing to Customers ▪ The Evolution of Open Banking ▪ Less Use of Real Money ▪ Security and Privacy of Data ▪ Digital Transformation ▪ Payment Platform Partnerships ▪ Human Factor
