The Times Australia
Business and Money
Men's Weekly

.

Top 3 Trends in the Financial Services Industry

  • Written by NewsServices.com

The financial services industry is one that is constantly changing, especially with the advancements of technology and the rise of digitisation. 2021 has seen many major transformations in the space, with a few certain trends leading the charge.

Keep reading to learn what these trends are and how the financial services industry is currently changing.


Contactless and cashless finances


The 2020 coronavirus pandemic has changed the world to accommodate for social distancing and minimised direct contact. In the financial services industry, this has directly resulted in the rise of contactless and cashless finances. According to a forecast report by the Market Research Firm, the global contactless payment market size is expected to grow by $8 billion between 2020 and 2025, at a rate of 11.7% compound annual growth rate.

This trend affects not only individuals making payments, but also businesses. As more and more traditional financial players (such as banks) and other independent financial service companies introduce contactless and cashless features to their services, both individuals and businesses are looking to capitalise on the convenience and accessibility of such new facilities. In fact, many businesses are opting for contactless and cashless services such as virtual corporate cards for business purchases.


Work-from-home solutions


The financial services industry is also experiencing changes in internal operations, with the 2020 coronavirus pandemic shifting in-office work to work-from-home systems. Although no longer working together face-to-face, some employees have found increased productivity working from the comfort of their own home.

Not only has this many many corporate businesses in the financial sector providing VPNs for their employees working from home, many have also budgeted for ergonomic at-home set ups for their employees. Work-from-home solutions have risen to the forefront, especially for businesses in the financial services sector requiring high-speed connectivity, responsive computer systems and large storage spaces.


Incorporation of robotics and AI


Robotics and AI (artificial intelligence) are expected to be further incorporated into the world of financial services. This is especially the case as banks and other financial sector players digitise their systems to meet the growing needs of clients while also maintaining healthy profit margins. Robotics and AI also assist businesses in the financial services industry to meet their increasing legal obligations while still operating efficiently.

Robotics and AI are used commonly to power chatbots on financial sector business websites, as they help provide round-the-clock assistance to customers in a more personalised way. AI and robotics can also help with analytics and protection, to detect fraud and enforce any other regulatory compliances. Robotics and AI have triggered other innovations in the industry, including voice commerce, AI advisors and biometric-based authentication features.


Technology transforming the financial services industry


As technology continues to advance in ways never predicted before, the financial services space is also changing to incorporate more of such technology to grow effectively as an industry.

There are many trends involving technology which are transforming the financial services world today, including contactless and cashless payment finances, work-from-home solutions and the incorporation of robotics and AI. It is important to keep an eye on these trends as they are sure to influence the future direction of the industry, and many others as well.

Times Magazine

From Beach Bops to Alpine Anthems: Your Sonos Survival Guide for a Long Weekend Escape

Alright, fellow adventurers and relaxation enthusiasts! So, you've packed your bags, charged your devices, and mentally prepared for that glorious King's Birthday long weekend. But hold on, are you really ready? Because a true long weekend warrior kn...

Effective Commercial Pest Control Solutions for a Safer Workplace

Keeping a workplace clean, safe, and free from pests is essential for maintaining productivity, protecting employee health, and upholding a company's reputation. Pests pose health risks, can cause structural damage, and can lead to serious legal an...

The Science Behind Reverse Osmosis and Why It Matters

What is reverse osmosis? Reverse osmosis (RO) is a water purification process that removes contaminants by forcing water through a semi-permeable membrane. This membrane allows only water molecules to pass through while blocking impurities such as...

Foodbank Queensland celebrates local hero for National Volunteer Week

Stephen Carey is a bit bananas.   He splits his time between his insurance broker business, caring for his young family, and volunteering for Foodbank Queensland one day a week. He’s even run the Bridge to Brisbane in a banana suit to raise mon...

Senior of the Year Nominations Open

The Allan Labor Government is encouraging all Victorians to recognise the valuable contributions of older members of our community by nominating them for the 2025 Victorian Senior of the Year Awards.  Minister for Ageing Ingrid Stitt today annou...

CNC Machining Meets Stage Design - Black Swan State Theatre Company & Tommotek

When artistry meets precision engineering, incredible things happen. That’s exactly what unfolded when Tommotek worked alongside the Black Swan State Theatre Company on several of their innovative stage productions. With tight deadlines and intrica...

The Times Features

Running Across Australia: What Really Holds the Body Together?

How William Goodge’s 3,800km run reveals the connection between movement, mindset, and mental resilience As a business owner, I’ve come to realise that the biggest wins rarely com...

Telehealth is Transforming Healthcare Services in Australia

It has traditionally not been easy to access timely healthcare in Australia, particularly for people who live in remote areas. Many of them spend hours on the road just to see a...

Launchd Acquires Huume, Strengthening Creative Firepower Across Talent-Led Marketing

Launchd, a leader in talent, technology and brand partnerships, has announced its acquisition of influencer talent management agency Huume from IZEA. The move comes as the medi...

Vietnam's "Gold Coast" Emerges as Extraordinary Investment Frontier and Australian Inspired Way of Life

$2 Billion super-city in Vung Tau set to replicate Australia's Gold Coast success story A culturally metamorphic development aptly named "Gold Coast" is set to reshape Vietna...

Choosing the Wrong Agent Is the #1 Regret Among Aussie Property Sellers

Selling your home is often one of the largest financial transactions you’ll make, and for many Australians, it’s also one of the most emotional. A new survey of Australian home se...

Travel Insurance for Families: What Does it Cover and Why it’s Essential

Planning a family trip is exciting, but unexpected mishaps can turn your dream vacation into a stressful ordeal. That’s where travel insurance comes in—it’s your safety net when ...