Digital Trends Driving The Future Of Financial Services
Digital Trends Driving The Future Of Financial Services
If you’re looking to stay on top of the latest developments in financial services, it can be difficult to keep track of all of the incredible trends taking place. It is vital to be aware of these shifts and their potential impact, so we’ve summarized some of the most significant technological advances in this area that are likely to set the course for finances within the next few years.
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- Platform as a service
Platform as a service (PaaS): In 2022, organizations that use PaaS vendors can stay focused on designing and building new capabilities and features into their products, and ultimately deliver those products to their clients faster. The platform-as-a-service (PaaS) market is predicted to grow by $ 37.36 bn during 2021-2025.
- Collaborative technologies
With hybrid working still prevalent, organizations are going to need technologies that seamlessly enable collaboration regardless of location. Businesses will leverage Digital transformation tools to manage work and coordinate with teams and stakeholders that are globally dispersed. Demand for digital transformation services will also become increasingly prominent in 2022, as remote work takes precedence over onsite collaboration in many industries.
- Enterprise resource planning: Finance applications and microservices will challenge traditional ERP
As cloud becomes the norm for ERP, finance applications and microservices will proliferate. This means that organizations will be able to drastically reduce the complexity and cost of technology, without sacrificing functionality. New players are also entering the ERP space with specialized applications and microservices that integrate with ERP platforms.
- Buy Now, Pay later (BNPL)
According to research and interviews conducted as a part of the 2022 Commerce and Payments Trends Report, 2022 is the year that BNPL will become a mainstream payment method. BNPL is experiencing exponential growth: according to Juniper Research, BNPL payments are expected to account for nearly a quarter of all global ecommerce transactions by 2026, up from just 9% in 2021. It's a payment type that attracts all audiences, particularly Gen Z and millennials.
- Workforce skill change - focus on the future skills needed
2022 will see a continual focus on future finance skills needed - with particular emphasis placed on technical skills and roles such as data scientists, business analysts, and storytellers. Important future-orientated qualities include a strong customer service orientation, flexibility, and good collaboration skills—in addition to the technical capabilities needed for specific jobs.
Embracing the future of Finance
Financial services providers must make sure the organization is ready to implement the technology before investing further time and money in a fintech procurement strategy. Olive helps companies create a short list of suitable vendors with the right mix of expertise and credentials. Collaborative conversations with key stakeholders are key to success–companies should not give preference to any fintech solution based on any single factor or metric.
To be successful in finding the right fintech, companies must be agile, collaborative, and work together to avoid bias. Finding the right technology is about continuous agile collaboration with key stakeholders to ensure that you are procuring solutions that will actually drive digital transformation, and that you are managing all of your technologies to ensure they all feed up to the big picture. Olive lets you find the right solutions in collaboration with key stakeholders and vendors in one app, and in less time than a traditional RFP.
Kickstart your Fintech evaluation, book a call today!
