Financial services are turning into financial technologies.
I was listening to a podcast here for college with David Roche who is the Director of FinTech Services, and Head of Corporate Social Responsibility with Pramerica Services Ireland.
[Blockchain podcast.](https://learnonline.gmit.ie/mod/resource/view.php?id=305397)
He has a good understanding of the subject and a passion to drive forward the adoption of new and emerging technologies.
Financial services have turned into financial technologies where a lot of the onus with managing your personal finances is now much more on the individual rather than a bank or corporation. We have more tools than ever at our fingertips to manage our wealth and our assets.
Now it seems that the large corporations are focused on building tools and services that enable us to manage our activities rather than provide those services themselves.
There was very little change in the financial sector for a long time until we hit this technological age where it has expanded exponentially. Fintech is the marriage of financial services and technological services to provide a better customer experience and more control over our online and financial operations.
What stood out was how fast this change can occur under the right factors. In this case the financial crash of the 2000’s shook up the entire financial industry and made companies look at their operations and how they could be improved going forward using all of the new technology that is out there.
In this modern world, if you are standing still then you are being left behind, as the rate of development in technology sectors is exponential and you need to be constantly adapting and ready to pivot with the next wave of changes.
Covid has just done the exact same thing again and driven whole new industries forward as companies again had to change their business model and strategic planning to adapt to the current situation.
Technology drives business and this needs to be a huge part of planning and strategy going forward. The diffusion of this technology is key to future developments.
Blockchain can play a huge part of future digital developments but it will need to be done hand in hand with complementary technologies. Blockchain technology provides a lot of benefits in this sector due to its transparent and immutable records.
Using it for financial technology is not just a theory but a must as our lives keep moving towards a more digital entity. Digital entities will include faster, more flexible tools for its customers as the pace of life is speeding up as well. Digital means fast and blockchain enables fast, traceable transactions which is ideal for financial technology.
Once these blockchain enabled tools and services adapt to current business and corporations they will filter out across the population as they have a unique selling point and a strategic advantage over legacy systems. One final takeaway form the podcast was David’s emphasis on how the people will be the future every bit as much as the technology. Without the right knowledge, skills, leadership, cultures and CSR then the technology won’t be as successful.
Technology can do a lot of things but it is leaders that create and drive its use and technological diffusion into society. Technology can’t replace people but it can complement their vision and skill sets.
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