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Here are the biggest 2020 tech trends in Finance
According to leading banking publication, The Financial Brand, these are the biggest 2020 tech trends in finance:
The article starts by mentioning the impact of 5G – suggesting that ‘financial institutions will need to understand the business implications of having super-fast internet access.’ The greatest initial impact for professionals will be that all ‘components in the Internet of Things will be able to connect with each other seamlessly’, helping them collect and transfer more data than ever. Higher speeds will also have the potential to ‘improve both the customer experience and bank infrastructure.’ Along with ‘the security of communications with improved biometrics.’
Another landmark finance tech trend for 2020 is block chain, despite the article stating that ‘there is still caution due to issues such as regulations, scalability and interoperability.’
However, professionals with experience in this technology will be in high demand as ‘significantly more block chain tests are occurring in retail and corporate banking due to the ability to improve trust, provide transparency, lower costs, reduce transaction times and improve cash flow.’
In fact, there’s been a 517% increase in demand for software engineers with block chain development skills in the past year, according to a new report from job search site Hired.
As mentioned in our last blog [Insert hyperlink to ZDNet Blog], experience with cloud computing has become an essential for tech professionals. The article states that ‘cloud computing has become mainstream, with major players AWS (Amazon Web Services), Microsoft Azure and Google Cloud dominating the market. The adoption of cloud computing is still growing, as more financial institutions migrate to a cloud solution.’
The Future of Work
With regards to fears that automation will dismiss millions of jobs, the article takes a positive view, stating that ‘automation is also expected to create new jobs that will emphasise creativity and enhanced thought processes.’
However, for professionals and business owners to be successful – they will need to ‘find and train talent make the most of both kinds of labour’. The required skill upgrades and workforce adaptations will ‘occur faster than any organisation can handle alone.’
According to the article, ‘the primary competitive differentiator in the future’ for companies will be the experience delivered to the consumer.’ A key part of this will be achieved through AI, meaning that professionals with experience in this field will continue to see demand rise. Professionals that can use AI to ‘deliver a seamless and intelligent customer experience at any point of the journey’ will receive the most benefit in the finance sector.
This 2020 tech trend will also include voice technology, with the global industry set to grow 19.8% to reach $8.3 billion in the next five years. Professionals that can integrate this across platforms will see a rapid increase in demand.
According to itpro.co.uk, the UK vocal recognition tech talent pool comprises just 6,000 workers across the country, who are already demanding rising salaries – with businesses finding it difficult to recruit.
Organisations and the public at large are increasingly aware of the importance of cybersecurity – one of the most in-demand skills for tech professionals from any sector. From data breaches and IT security staff shortages, to security automation and integration, cybersecurity ‘will remain a top technology trend in banking.’
Ensuring data privacy, and the security of personal data, continues to be a challenge as data breaches continue daily. However, this challenge is exacerbated because of the cyber security skills gap, with the article stating that ‘as many as two in three organisations worldwide reported a shortage of IT security staff.’
The year ahead
With a rapid rate of technological development in the finance sector, it can be hard to keep pace with tech trends – and the skills needed for 2020. While these are the most notable movements right now, six months down the line – the picture could change. At Skillfinder, regardless of how the sector advances, we have the expertise to guide
professionals towards the jobs where they can flourish.