- January 20, 2020
- Posted by: Jamshaid Hameed
- Category: Uncategorized
Within the last few decades, finance and capital markets have taken a turn that no one would have expected a few years ago. Thanks to the ever-evolving trend of technological advancements, things have changed altogether. Manpower is reduced and most of the workload is taken over by machines. Accountants and finance workers are not limited to mundane tasks and paperwork anymore. Because of this facilitation, the responsibilities of employees are also changing and any company that wishes to succeed in this ever-growing competition has to forgo their old ways and adapt the latest trends in finance and capital market.
When the competition is this high, every company needs to find new avenues to compete with others and maintain a good place in the industry. Every worker in a finance company is expected to be witty enough to analyze the risks, predict market behavior, identify and grab onto opportunities, forecast purchase trends and identify competition before it starts harming your business. Previously, these tasks were completely manual but the efficiency was nowhere near what it is today. Thanks to machine learning and AI. These tasks are done even bore one could imagine. This frees up the time and energy of the workers to be put into a more creative place.
Changes in Expectations from an employee:
Gone are the days when people were looking for geeks and parrots that knew everything about the algorithms and have crammed books by heart. Their job is taken over by machines and they are doing it really well. Employees are expected to be more creative than they used to be. Every company out there is looking for leaders, presenters, and people who have the ability to manage stress. They might not have great grades but they should have the ability to handle situations and represent their work in a persuasive way.
For a very long time now, big corporations have started caring less about the degree or diploma of their workers and more about the creative skills that they have. Big tech giants like Google etc. are choosing young and energetic people who can bring more innovations even in an extraordinarily innovative time in human existence.
The biggest task in such a scenario is to make sure that we do not rely on technology more than we should. The employees are supposed to understand everything just to make sure that machine-related risks can be eliminated and the efficiency cannot compromise the integrity of their work. The more diverse a finance worker is, the more are the chances for him to withstand in this ever-changing corporate world.
New working trends for employees and resources:
The idea of productivity is constantly evolving both for workers and employers. Technology has changed the way people used to work. An 8 hour office day is not considered an ideal measure of the productive day anymore. People like to work with flexibility. There are many people who adjust flexible hours so that they can manage their personal and professional life with a balance. Keeping this trend in mind, technologies are developed in a way to facilitate the workers and provide the means to work with flexibility. Cloud computing has made this easier for the people who can now work from anywhere they are only if they have a device connected to the internet.
The way offices are made has also been revolutionized ever since, keeping the comfort of employees in mind. Certain companies are testing weird office environments like pool offices etc trying to make sure that their workers stay happy and healthy while they can get maximum output from them that will benefit the finance business.
This revolution of the workforce is enabled by the latest technologies and the flexibility that they provide the workers with. Accounting Softwares like QuickBooks Online and Netsuite are making it easy for the financial workers to check their accounts wherever they are and work from anywhere they want. With API technologies you can integrate numerous financial applications and keep all the relevant data connected and available all the time. This revolution is changing the entire working structures of corporations and the financial capital market.
Evolved Demands of the customers:
Customers are very intelligent and up to date with technological advancements these days. They demand their service provider to be equipped with all the technology that can help them beat the competitors more effectively. The companies that do not comply with the latest protocols have to lose a huge customer base because businesses have stopped working as they used to in the past.
Every fin-tech company has to equip itself with the latest tools and techniques in order to maintain and boost its customer base. To match with the changing consumer trends, finance companies have to increase their exposure as well. Knowing how important mobile is in an average person’s life, it is important to have access to your clientele through this channel via mobile applications.
Nowadays people prefer doing everything with their mobile phones. May it be meetings or social interactions, everything is dependent upon mobile. The financial transactions that used to be done in person a few years ago have now taken an easier one tap route. Every bank and e-commerce company has an option of online banking and payment etc. This trend has revolutionized fintech completely and companies like Stripe have extracted the most benefit out of this trend.
In a nutshell:
In summary, everything about finance and the Capital market is changing due to the ever-increasing popularity of technology and comfortable means of life. Complying with these new emerging trends in the finance industry is important for businesses and firms not only by providing better services to the customers but also by boosting the productivity of their employees. If we can summarize the latest trends in the financial market in the least number of words, it would be “innovate and adapt”. Adapting to better and more innovative solutions is going to be the deciding factor for a company’s success in the near future.