Technological innovation expedite the collective progress of businesses and have paved the way for increased efficiencies and cost savings which were not previously possible.
As with any major technological disruption, opportunities come hand-in-hand with challenges and potential pitfalls that can have widespread implications.
The last decade has seen tremendous technological innovation which has not only improved the range of services available but has also significantly increased the accessibility to information and knowledge.
Someone browsing the internet from a remote corner of the world now has access to the same information as someone working in Silicon Valley and can use it to make informed business decisions.
As the fintech sector continues to flourish, shape and disrupt the traditionally rigid processes, we’re seeing that Blockchain, AI and robotics once again dominate the sphere, not only in terms of innovation and level of investment, but also on the media and political front.
With the influx of new technological developments being deployed into the market, it is also vital to recognize the impact this will have on the face of our workforce, especially in the banking and fintech sectors, as well as how businesses can remain compliant as these changes come into play.
There is no doubt that compliance can’t compete with technological innovation, but it can certainly adopt it. To conduct a successful digital transformation, we all need to understand where they are going, where they are now and the path that needs to be traversed.