12/29/2014
 
Posted By: Deanna DeBenedictis

Technology will be the greatest influencer in financial services trends for years to come.

As more and more consumers are using smartphones for online banking, investing and even insurance services, these industries are tasked with finding ways to reach both the current, yet aging consumers as well as the next generation of investors.

Over the last few years, regulation of the finance industry has increased transparency and, thanks to technology, people are better informed and more involved in the direct management of their money, be it banking or investing. Simultaneously, the expectations for privacy and security continue to grow, especially with the rise in mobile payment systems (Apple Pay and Google Wallet), online banking and investing. Insurance is the newest frontier for mobile applications.

Tech changes are also bringing new players into the marketplace, creating new competitors for financial products and services, most notably online banks that are starting to open local branches for in-person service in key cities like Boston.

The number of traditional consumers is declining and products and services are constantly evolving to reach and grow this new consumer base. It is creating a demand for a workforce of professionals who understand how consumers are currently conducting their financial business and the future role digital technology will play in the industry.


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