Financial Services and Digitalisation

The financial services industry has long been at the forefront of the digital revolution. For more than 30 years, the financial services industry has been a front-runner when it comes to technology. Banks are running online Internet banking platforms, which offer a multitude of non-traditional bank services, including utilities and mobile phone services payments; banks are creating mobile wallets through which money transfers, deposits and withdrawals can be made in the palm of one‘s hand; banks are even automating credit-making decisions. Historically, the financial sector has been an early adopter of technological tools (such as automation and electronic user devices) because it relies on high-level IT to optimize its business processes and interactions with clients. From automation and electronic user devices such as ATMs to online banking and electronic payments, the financial sector has stayed ahead of the digital curve, benefitting both consumers and corporate alike. Financial globalization has proceeded at a rapid pace in the past few decades. Higher demand for products and solutions, and an increasingly complex economic system mean that financial institutions need to offer a wider array of investment strategies and instruments—over-the-counter derivatives, for example—to a global client base. Catering to clients around the world in turn necessitates the capacity to handle large transaction volumes while maintaining the ability to meet disruptive changes. As a result, the world of business banking has become much more streamlined and efficient, putting control firmly in the hands of the corporate treasurer.