Rapid growth and change in Finance due to IT innovation.

Finance is one such industry that is highly regulated with laws and codes that need to be followed strictly. Security is of high importance and priority. Since movement of huge sums of money needs to be handled on a daily basis secure and valid gateways for fund transfers and protecting customer details are extremely essential.

Studies show that 44% banking customers rely on mobile apps and prefer to carry out their banking exclusively online. The pandemic has increased this even more and for good reason. The smooth functioning app with proper security is of utmost importance and need of the hour.

One of the best IT innovations in the field of finance is the Blockchain, which has completely transformed the whole landscape of art, finance and wealth. Blockchain has brought about many interesting changes. It has made owning art and accumulating wealth digitally made possible. It has also empowered artists to take better advantage of their artwork and has given a platform to artists to take full advantage of their creative outlet to make a good living. Blockchain is still a fast developing technology that will have long lasting implications in the field.

Owning digital assets and digital currency has been made possible by innovation in the IT fields and better integration of newer IT trends and innovations to the existing financial landscape. The growth in the digital assets front has been tremendous in recent years and it shows no signs of slowing down any time soon. All this growth is for the collective good, better infrastructure translates to better services, faster services, secure and faster fund transfers. Better opportunities and democratic wealth accumulation for everyone.

People expect better in-person and digital services. It is very important to banks and financial institutions to find the right balance between all digital and in person services. With the proper IT support we can bridge the gap and provide the best hybrid solutions for banking overall.

Proper database management and secure banking solutions are essential and remain to be the main focus. As digitization takes centre stage in every industry it is essential for financial institutions to move over to a completely paperless operation for which rapid technological integration is key. Better application technologies for better end user experience, Cloud enablement for increasing efficient working, reducing operational costs, Enterprise application management for better service, process transaction and business analysis are all made possible only by smart innovations in the IT field.