Top Technology Trends in Financial Services to Watch Out for in 2019


https://sunilchugh.com/

What’s new and happening in the world of financial services in 2019? What technology trend will impact the financial services industry the most? These are some imminent questions financial services industry experts must answer to educate the market and predict the industry’s future. Here are top 3 technology trends in the financial services industry to watch out for in 2019:

Artificial Intelligence and Machine Learning 

https://sunilchugh.com/

Artificial Intelligence (AI) and Machine Learning (ML) is making a positive impact in many industries by automating manual tasks. They are empowering users by producing intel on established processes and offer recommendations on how to enhance processes for better results. Financial Services industry is poised to benefit from the advancement in AI and ML technology. It will help financial institutions and planners in analyzing data and user-patterns to curate their offerings. They will use gathered intel to help clients save more money, time or build capital more efficiently.

Cybersecurity Capabilities 

https://sunilchugh.com/

Financial Services industry is a soft target for many cybersecurity and data breach related incidents. Sensitive nature of information and sheer scope of transaction value in this industry makes it a highly lucrative avenue for cyber-attackers to penetrate. In 2019, cybersecurity will remain a top trend in the industry. Entities will focus on enhancing their cybersecurity measures to protect client data from vulnerabilities that could lead to a data-breach.  The cybersecurity abilities include adoption of biometrics to replace traditional passwords, implementing zero trust cybersecurity architectures throughout the organization, developing and following cybersecurity policy and procedure, etc. 

Digitalization

https://sunilchugh.com/

It is 2019 and we are still talking about digitalization being a trend in the industry. Financial Services industry alike many other industries still has a digitalization challenge to overcome, i.e. efficiency and effectiveness. Having client fill-out forms online or launching a trendy mobile app is part of digitalization. However, its effectiveness must be determined by evaluating if and how it has positively impacted in simplifying processes and making data more accessible. Regular audit and evaluation are required to ensure digitalization is served with a purpose rather than a mere formality.

To conclude, technology trends in 2019 is heavily focused on enhancing user experience by leveraging data and advanced technology. AI and ML will help analyze Big Data to serve deeper information on market trends, challenges and conceivable solutions. While digitalization will be at focal point of delivering premium user experience and optimizing processes. Cybersecurity will remain a crucial part of discussion to protect client data and boost market confidence. 

About Sunil Chugh
Sunil Chugh is a Mississauga based certified financial planner specializing in estate planning, insurance solutions, education planning, tax planning and preparation. For more information, please visit the website at https://sunilchugh.com/. Sunil Chugh is registered to provide investment advice and securities through Aligned Capital Partners Inc. (ACPI).  ACPI is a member of the Investment Industry Regulatory Organization of Canada an the Canadian Investor Protection Fund. 

Disclaimer: The information in this commentary is for informational purposes only and not meant to be personalized investment advice. Please contact your investment professional for investment advice and before investing in any product.  ACPI does not publish market research and Sunil Chugh is not registered as a research analyst.  The content is from sources believed to be accurate and the opinions expressed are those of the author and do not necessarily represent those of ACPI
Location: Mississauga, ON, Canada

Comments

Post a Comment

Popular posts from this blog

All You Need to Know About Financial Planning

Image
Do I really need a financial plan? This is a question that a lot of people ponder about. Some people feel that financial planning is all about saving regularly in bank recurring deposits. Unfortun ately, saving isn’t enough to accomplish your life goals. To achieve all your life goals such as buying a car, house, dream vacation, and child’s education, you need to have proper financial planning in place.  A financial plan helps you in constructing a road map so that you can fulfill your financial goals. Also, it helps you in building your emergency fund for any unexpected requirements that may appear.  What Is Meant by Financial Planning? Financial planning is a professional approach to assess your present & future financial status and thus allowing you to accomplish your objectives in an organized manner.  As stated above, it builds a blueprint and gives you the power to fulfill all the expenses of life – both expected & unexpected.  A f
Read more

Steps To Creating A Smart Financial Plan For Your Future

Image
People who want greater financial security, should know how to make a financial plan that works for them. Fortunately, smart financial planning is not hard. Here we have listed 4 expert approved steps to help you make a financial plan to get you back on track. Keep an eye on where your money is going: The first and foremost step for smart financial planning is preparing a budget that records where your money goes and comes from every month.  Making a personal financial plan does not have to be complex. You can think of it like a monthly money management book by: Tracking your earning and expenditures in a notebook Using a budget template spreadsheet and updating it regularly Getting help from a budgeting app that aids you automatically track your earnings and To capture each expense, continue this tracking and budgeting for more than one pay period. As soon as you find out your present expenditures, you will be able to make better future financial plans. Be specific about your f
Read more

Tax Tips For SMBS

Image
Filing taxes is no fun, especially when you are a small business owner with limited time and expertise at your disposal. One wrong move can lead to tax audit and potentially hefty penalties. It is a time-consuming process to properly document and file taxes. Not to mention the additional time that may be required in case of an audit or documentation request. Tax preparation and filing is an inevitable part of running a business and SMBs should consider ways to efficiently manage this business operation. Seeking professional help from a Certified Financial Planner is advisable for most businesses.Here are some tax preparation and filing related tips for SMBs: 1. Keep a record of business expenditure: Detailed bookkeeping should be your first and foremost consideration to diligently record your business transactions year-round.For instance, if you spend cash on business dues, office supplies, business publications, business entertainment, computers, printing, software, cont
Read more