In a recent article in Mashable, Fidelity Investments shares some of the “technology disruptors” that have allowed it and other financial services companies to innovate and move more quickly into markets compared to traditional financial organizations.
It’s a new world for entrepreneurs, the authors say. A great idea and some time in a coffee shop with wifi can lead to the next big thing in financial services.
“With a laptop, a wireless connection and a credit card, almost anyone can get a business up and running these days with little-to-no capital,” Fidelity writes.
Here are the seven technology disruptors that have made the difference for success for Fidelity and other financial service providers:
1. Cloud computing: Remote servers connected over the Internet ensure that data is available on-the-go, on any device, which boosts productivity.
2. Blockchain technology: Popularized by the bitcoin open-source payment system, blockchain technology allows financial services companies to securely store identities and data and to instantly settle secure transactions. Fidelity says it has the potential to improve transparency and reduce costs.
3. Big data and deep analytics: The hope is that this mountain of useful information can be accessed with user-friendly “self-service visualizations,” according to Fidelity. Also around the corner may be artificial intelligence powerful enough to sort through big data and produce time-saving ways to interpret it.
4. Personalization: Powerful, cloud-based computing systems allow organizations to know much, much more about financial services clients–anytime, anywhere–allowing for personalized engagement that builds strong customer loyalty.
5. The future of mainframe and highly optimized transaction processes systems: Fidelity simply says, “these continue to help differentiate a company’s offerings.”
6. New paradigms in personal computing: Wearable devices such as the Apple Watch and the upcoming Oculus Rift virtual reality goggles will offer creative app developers nearly endless possibilities for coming up with new ways of engaging financial services customers.
7. Hyper-converged systems: A new way to simplify the operation of data centers by integrating computing, networking, storage, server virtualization and other infrastructure into “building blocks,” allowing for cloud-like scaling without compromises in performance and reliability.