The new year is on the horizon. As a result, many companies take a moment to plan for the future, often considering what upcoming trends may impact their business and what steps they may need to take in those areas. For 2020, there are several important finance trends that should be on every organization’s radar. If you want to be ready for what the new year has in store, here’s what you need to know.
Customer-Centricity
In 2020, customer-centricity is taking center stage. The needs of the customer have to be considered at all times. Otherwise, finance companies will lose business to competitors who are willing to meet or exceed customer expectations.
Essentially, the “people-first” mentality is going to be essential, at least in certain regards. Similarly, learning about customer behavior will be critical. Otherwise, you may not be able to meet their needs, and that could hinder your performance.
Artificial Intelligence
Artificial intelligence (AI) continues to alter the world of finance fundamentally. It is becoming more prevalent in fintech solutions and encouraging companies to reexamine their workforce needs. Repetitive tasks and data-heavy analysis won’t have to remain in the hands of staff members. Plus, patterns can be identified faster, increasing the speed of business.
With all of the benefits AI can provide, adoption will become more common. 2020 could be a hallmark year for AI, including in finance, so it’s wise to learn more about its capabilities regardless of whether you have or haven’t already adopted the technology.
RegTech
Finance has always been a regulation-heavy industry. Both old and new laws have to be considered, and RegTech is making it easier to remain compliant. Technologies are available that ensure companies are adhering to various requirements, enhancing regulatory processes and streamlining operations. Reporting, risk management, compliance, identity management, and transaction monitoring solutions are increasingly available and will become more commonplace in the coming years.
Cybersecurity
The threat of cyberattacks is increasing. Based on the nature of the finance industry, companies have to focus on cybersecurity to ensure their systems remain protected and that any data held isn’t stolen, altered, or otherwise compromised. This includes from a technology perspective, implementing suitable solutions that offer robust protection, as well as from a workforce perspective, ensuring you have the right professionals available to safeguard you against the threats of today and tomorrow.
Ultimately, all of the finance trends above are going to make themselves known in 2020. By putting them on your radar now, you can be prepared for what the new year will bring. Plus, you can use them to stay ahead of the competition, allowing you to stand out from those who aren’t at the forefront of the industry.
If you’d like to learn more about what the upcoming year has in store, the skilled team at The Squires Group wants to hear from you. Contact us to discuss your questions or concerns with one of our knowledgeable staff members today and see how our finance trends expertise can benefit you.
