Disruption is most definitely the new buzzword in the tech and business worlds.
It seems to be taking place everywhere you look, in any industry you could possibly imagine. The taxi industry has been all but dissolved globally by a genius little application allowing customers to hail a car directly from their smartphones. Airbnb, too, has proven that we live in an age that promotes innovation – from the type of product, down to the very way we do things. Ultimately, we live in an age that allows companies to be hugely profitable - if their customers have a seamless experience.
In the world of finance, strides in technological advancement that directly affect one of every human being’s greatest concerns in life- money - are being taken to change the industry and the lives of its customers, for good. All thanks to FinTech pursuits.
What in the world is FinTech?
Short for financial technology, FinTech has become a thriving industry all of its own. It is a fully functioning economy that works to optimise and innovate in the financial services and insurance spaces. The term applies to all and any development of applications, processes, products or business models in the financial services industry.
Something is considered FinTech when products and processes are technologically improved or reimagined in such a way that it revolutionizes the industry: The kind of innovation that is nearly impossible for pre-existing systems to remain unchanged.
Industry disruption is far more common than you may think. In the financial services field, there have been constant disruptions, since long before the public became cognisant of the concept. Your online debit account, SMS notifications of action on your bank account, and apps that allow you to transfer funds from one account to another are some examples of technology being embraced by finance.
Prior to this, you would need to set a morning aside to spend queueing at your local bank in order to perform a withdrawal or deposit. Now? It can be done from the same device that you ‘Tweet’, ‘Instagram’ and ‘Whatsapp’ with. Personal banking takes about as long as it does to post something on social media.
What brings these innovations about?
- More often than not, technologies are developed on a needs-basis.
- The advent of the internet surely got the ball rolling in the first place, prompting a new world of opportunity in the digital sphere. A disruptive creation worth mentioning is e-mail. Aside from bringing the postal services industry to its knees, electronic mail has totally changed the speed and way that people communicate.
- That needs basis is something that we at Singular Systems are familiar with. The development of Equity Express came from the need presented to us by a client in 2009 for a way to trade BBBEE shares safely on an over the counter basis.
- While we are not solely involved in the financial services sector, we at Singular Systems charge ourselves with solving complex challenges that present themselves to our financial clientele – whether by developing new systems, or adapting existing systems to answer the needs of our customers.
Simplifying complexity is our forte, and there is a lot of complexity to be found in the financial services industry.
Where once meetings upon meetings needed to be attended to gain funding for a project, we now welcome digitally-based crowd funding.
Digital wallets, share-trading apps, the list goes on. The financial industry is considered to be the most vulnerable to disruption by technology, largely because, rather than being a solidified offering, it is made up of many little elements, that can be individually streamlined, and bettered.
We live in the information age. The introduction of big data has opened up huge opportunities for exponential growth in the FinTech sphere – the collection, analysis and application of knowledge acquired from this data is a constant necessity.
An example of this exists our newest development for CRM that leverages off of big data to inform and guide users. Virtual Advisor for CRM, powered by Clevva is the newest addition to the Singular Systems toolbox and is a disruptor in the space of Customer Relations Management software. It is an intuitive solution to the time management, cross-selling and training challenges that our clientele faces in their call centres which facilitate service and sales process efforts, the customer’s primary point of contact.
In the last eight years, global investment in the FinTech industry expanded from $930-million in 2008 to over $12-billion in 2014. The birth and evident exponential growth of FinTech is exciting.
The disruption of the financial services industry, worldwide, has been long awaited, and Singular Systems is at the forefront, answering that call.
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