December 19, 2019
Financial Services Firms: Preparing for 2020 (and Beyond) With Preemptive Partnerships
Posted by San Mac
The end of the year is a time for looking backwards and forwards. Tech experts have spent plenty of time doing the latter, and they’re out with a spate of predictions for the trends (both positive and negative) that will affect financial services firm in 2020. Some firms will experience a greater impact than others, but all of them need to be informed and prepared headed into the new year. With that in mind, are you ready to engage with 2020 top tech trends.
- AI Reaches Maturity – The majority of firms are now investing in AI. In addition to assisting with operations and analytics, AI is taking on customer-facing responsibilities like providing help to mobile banking customers.
- Blockchain Disruption Begins – After getting it’s start in cryptocurrency, firms throughout financial services are experimenting with blockchain applications. Some expect this technology to disrupt the industry at the same speed and scale that the internet disrupted media.
- Big Data Continues to Grow – Financial services continues to occupy a top spot on the list of industries that collect and consume the most data. Doing more of both will be an even bigger priority throughout 2020.
- Automation Becomes Mandatory – Given the fact the robotic process automation can improve efficiency, reduces errors, and cut costs, many firms now consider it mandatory. Look for more aspects of finance – everything from regulatory compliance to mortgage underwriting to be largely even fully automated by the end of next year.
- More Cloud Migration – Cloud migration will continue as firm looks for more accessible and affordable approaches to enterprise technology. Cloud data storage and cloud-based SaaS application are quickly becoming the only option firms will consider.
The good news is that all these trends taken together will have a transformational effect on financial services, enabling firms to do more with less in pursuit of record-breaking profits. The bad news is that each of these trends – from AI to big data to cloud migration – requires time, experience, and expertise to leverage successfully. All but the biggest firms lack the in-house resources necessary to undergo a true digital revolution.
Instead of trying to keep pace with the trends yourself, partner with a firm that’s always on the cutting-edge of the industry. Armanino offers a wide range of outsourcing and consultant services designed to get firms up to speed, and quick. Our team can help you embrace one or all of these trends so that by the end of 2020 your firm is positioned to thrive in the future. Don’t delay getting started. Contact one of our experts to get more information!
San specializes in helping businesses analyze and report financial data to solve business problems, identify opportunities and provide a clear assessment of strengths, risks and weaknesses. He has more than 15 years of experience as a financial and accounting system consultant and has led numerous projects from presales through implementation to help clients achieve their strategic goals.