How FinTech Initiatives Are Driving Financial Services Innovation
Change has some slowly to financial services, and innovation has proceeded at an evolutionary, some would say glacial, pace. That may be changing, however. Recent decades have born witness to the introduction of technology solutions that have accelerated the transformation of consumer experience.
Technological advancements such as the Automated Teller Machine (ATM), online banking and bill payment, and mobile banking have enhanced consumer experience in banking and payments, while alleviating costs, increasing convenience, and streamlining processes. The shock of the great recession, coupled with the emergence of new technology applications in self-service, online and mobile banking, machine learning, Big Data, and artificial intelligence (AI) may now be sowing the seeds of financial services disruption.