When it comes to the world of finance, change is happening at an ever-increasing pace. The industry is moving beyond the traditional hubs, emerging technologies will continue to evolve, and diversity and inclusion will remain top priorities, impacting everyone from the C-suite to entry-level professionals.
Understanding what 2019 has in store for the finance industry can help you prepare for what is coming. You will have the ability to position your company or department in a way that allows you to thrive. If you are wondering about the changes in finance that are happening throughout 2019, here are the ones that need to stay on your radar.
Expansion Outside of Traditional Hubs
While New York City remains at the center of the finance industry, major institutions are beginning to move away from the usual hubs. Often, this decision is based on finding opportunities to cut costs or experience technological benefits that are available elsewhere.
Additionally, talent is not necessarily flocking to the hub cities in the same numbers. By having a presence in lower cost but highly capable cities like Atlanta, Dallas, and Salt Lake City, companies can tap larger talent pools and reduce expenses, an approach that is becoming more attractive with each passing day.
Technology Continues to Evolve
The financial industry seemingly remained untouched by technology revolutions for decades, embracing tried-and-true solutions instead of emerging technologies. However, advancements in artificial intelligence (AI) and automation, as well as the increasing prevalence of blockchain, are shaking up the finance sector.
Automation allows companies to streamline processes and remove tedious, repetitive tasks from the hands of the staff, enhancing efficiency and even improving accuracy. Blockchain has a significant amount of potential, thanks to the distributed ledger system that prevents records from being altered after the fact.
Cybersecurity is also taking center stage in 2019, particularly since the number of threats seems to only increase and a few high-profile breaches made headlines over recent years. Companies are learning to better safeguard their systems and make client data a priority, ensuring they will not become the subject of the next data scandal.
Diversity and Inclusion
Gender and other demographic imbalances are prevalent in the finance industry, even as many companies work to create more inclusive environments. A lack of diversity often hinders performance and stymies innovation, both of which can harm a company’s potential for success.
As a result, C-suite members are striving to create diversity and inclusion policies that improve the balance. While persisting gender, racial, and other biases may be difficult to overcome, expect meaningful progress in this area to become increasingly important for businesses that want to flourish.
Ultimately, 2019 is poised to be an interesting year for the finance community, especially as priorities shift and technology continues to change. If you would like to know more about what you can expect from the finance industry this year, the staff at The Squires Group can help. Contact us with your questions today and see how our finance industry expertise can benefit you.