The digital transformation movement has impacted nearly every industry in the country, including finance. Not only has technology increased the efficiency and capabilities of many financial companies, it has also fundamentally changed how organizations interact with clients and manage customer relationships.
Technology is ever-changing, so understanding how the financial industry will shift in 2019 is essential if you want to remain competitive. With that in mind, here are some of the top finance trends of 2019 that should be on your radar.
Changing Customer Demands
Evolving to meet the needs of your customers is crucial if you want to stay ahead of the competition. People are increasingly tech-savvy, and many expect financial companies to offer tech-based solutions to their needs. Organizations that fail to adjust their approaches, practices, and attitudes to address the desires of their customers are almost guaranteed to struggle, so being open to this kind of change should be viewed as a necessity.
An Evolving Workforce
The increased demand for work-life balance and the rise of the gig economy is causing a shift in the workforce. Leading companies are aware of these preferences and priorities, allowing them to adjust their approach to hiring and workforce management to attract the best talent.
In 2019, flexibility is a must. Additionally, companies must learn how to handle this new kind of workforce, or they run the risk of falling behind the curve.
Once only associated with bitcoin, blockchain is now becoming more present in the finance industry. The technology has a lot to offer financial companies, so learning how these distributed ledgers work and how they can be utilized will become increasingly important.
Finance professionals also need to be ready to embrace blockchain. While it may not be a standard part of business today, it could be in the near future. Being resistant to the idea could be harmful to one’s career, so every finance worker needs to keep an open mind when it comes to blockchain.
Smarter, Faster Finance
Today, data is power. Leading finance companies understand that managing and leveraging their data efficiently and effectively gives them a leg up, so they make it a priority.
Technologies like artificial intelligence (AI) and machine learning are supporting these new goals. Plus, automation is changing how daily workflows are envisioned, allowing for smarter, faster approaches to business on every level.
Ultimately, all the trends above are shaping the financial industry. By staying on top of them, you can position your company to take advantage of what is on the horizon, increasing your odds of success today, tomorrow, and well into the future.
If you are interested in learning more about finance trends in 2019, the skilled team at The Squires Group can help. Contact us to discuss your questions with one of our knowledgeable staff members today and see how our finance industry expertise can benefit you.