Even 20 years ago, technology and finance were not related to one another. But now times have changed a lot. Now both technology and finance are related once to each other. For this reason, some concepts like Fintech have a lot of contributions. If you want to know about them in detail, then read the following article: https://inveritasoft.com/article-fintech-trends-in-banking-and-financial-services-in-2021
Let’s have a look at how technology serves today's finance
Contribution in research and data mining: collecting data is essential to finance. In previous days it was dependent on marketing and several data sourcing. Now finance can get all the mined data. And technology also gives a considerable boost to the research sector.
Complete control in Production to distribution: Finance and production are not directly related. This is why the production was not connected to finance at the last time. But now, the finance people can access production from the early to distribution level. This is the reason it gets possible to have more accurate data.
Fast and reduce more human afford: people need to spend more than weeks over a single extensive calculation on previous days. It was too much stressful, and it consumed lots of time. But now, all those things are possible to cover over in a minute. This is how it saves time and reduces human afford.
After this technology revelation, lots of people are losing their job. And it will happen more and more in the future. But if they can keep all the things under proper guidance and make them skilled along with the technology, they will be able to get a benefit of it. This is why I tell people to accept the development of technology. Some people are not ready to do this development. Instead, we should accept it and make us prepare for this race. Along with time, technology with finance will bring something blessing for us.
OneConnect Financial Technology Co. Ltd. (“OneConnect”, NYSE: OCFT), a leading TaaS company for financial institutions in China, has been appointed by Abu Dhabi Global Market (“ADGM”), the award winning International Financial Centre in Abu Dhabi, to support the development of the ADGM Digital Lab.
The ADGM Digital Lab is a digital platform where financial institutions (“FIs”) and FinTech firms can collaborate, test and develop innovative solutions for the financial services sector, with direct participation from ADGM’s Financial Services Regulatory Authority (“FSRA”).In recent years, digital innovation has become a focal point in Abu Dhabi’s plans and initiatives in building a knowledge-based economy to support economic growth and diversification.
Since its establishment in October 2015, ADGM has led significant efforts in accelerating the digital transformation of the financial services sector in the Middle East.
The Digital Lab is one such initiative to address the key challenges FIs and FinTechs encounter in their ability to deploy and scale innovation.
In particular:– FIs lack access to platforms to test and experiment with prospective FinTech solutions prior to procurement approvals and commercial agreement;– FIs encounter major difficulties and costs to integrate their legacy banking systems with FinTech solutions; and– FinTechs are overburdened with procurement processes and costs incurred each time they interact with the banks.Leveraging the ADGM Digital Lab, FIs such as banks can enable rapid prototyping by:– Replicating their operating systems within the testing environment of the Lab;– Choosing from an ecosystem of FinTech solutions to test new product offerings or replace legacy infrastructure; and– Developing new business models and picking and choosing components from different FinTech providers.Through collaboration between industry and regulators, the Digital Lab aims to create a trusted marketplace for experimentation to build the enablers for the smart financial centre of the future.OneConnect’s collaboration with ADGM on the Digital Lab is its first landing project in the Middle East.
As early as July 22, 2019, OneConnect signed a memorandum of understanding (MoU) with ADGM to jointly promote and develop FinTech innovation, ecosystems and market opportunities that will support and connect the economies in both the Belt-and Road corridor and the Middle East and North Africa region.
FinTech is no longer a passing trend but a profitable venue for startups and financial incumbents.
Banks and financial institutions embrace the shift towards digital to capture the value of the growing segment of digitally active customers and reduce capital and operational expenses.
While SupTech and RegTech companies ensure the global economy does not see the repeat of the financial crisis of 2007-2008 and strive to protect sensitive data, FinTechs' goal is to develop a mobile banking application full of customer-facing features.
The apps gain popularity across the globe, despite security concerns, help companies add value throughout the customer journey, expand their ecosystems, and enter promising new markets.
Let's delve deeper into each crucial facet of banking app development and their business impact.
