22 Feb Five trends in the financial services sector
The face of the financial services sector is constantly changing, thanks in large part to technological advances. Here are some trends to keep an eye on this year:
1) Digital transactions: Brands will continue to differentiate themselves and compete by offering more transactions via mobile devices and online. Innovation should improve access to banking services for previously underserved markets.
2) Partnerships with fintech startups: Cooperation with fintech startups will continue as financial institutions try to reach broader demographic groups in the population. Fintech can provide enhanced customer payment services. This goes beyond small startups and on to larger tech players such as Amazon and Facebook.
3) Artificial Intelligence (AI): From chatbots to voice activated banking, consumers will rely more on digital interactions than human interactions. Today’s digital banking consumer is looking for the speed and accuracy that is provided by digital banking and other AI banking technology.
4) Fiduciary rule: The Department of Labor (DOL) has set a date of July 1, 2019, for its “Conflict of Interest” rule for wealth management professionals, requiring a fiduciary standard of care for investment advice given to retail investors. This is driving changes across the industry, including an increase in fee-based accounts for retirement investors.
5) Cyber-security: Securities firms will continue to seek protection from the increasing threat of cyber-attacks with a focus on cyber-security risk management programs. Transparency will include a look into the effectiveness of an entity’s cyber risk management program.
You can find more of the latest trends in the financial services sector from the Deloitte Financial Services Outlooks Reports.
As a full-service real estate law firm with more than 75 years of experience, Barsh and Cohen keeps up with the latest trends in the financial services sector. We represent banks, credit unions and other lending institutions, and can help with transaction based services. Contact us for a consultation.http://www.barsh-cohen.com/