Technology Innovation in Banking Industry
The digital technology revolution has changed the way we pretty much do anything these days. Consumers are being provided with new avenues to interact in real time with the providers and banking industry is no exception to that. Every day, we’re seeing new market entrants around the globe and for a financial institution, either small or large it, is critical to invest in innovation labs and make use of emerging/disruptive technologies to stay ahead of the competition. To put things in perspective, in the financial sector alone, investments in technology have grown exponentially in the past decade – rising from $1.8 billion in 2010 to $19 billion in 2015 – with 73% of these investments focusing on the personal and small business segments. (Source: Whitepaper ) You’re probably wondering why this exponential increase in investments? Why invest billions of dollars in Technology Innovation? This is a simple cause and effect, the effect being “ Increased Profit Marg...