Every once in a while, a new technology, an old problem and a path breaking idea turn an industry up on its head!
The cards seem to be just in favour for innovation in the financial sector. The conventional finance industry badly needed creativity and innovation to help improve their processes. This has been a much needed change to bring to life the vision of financial inclusion and literacy. This a revolution sparked by a change in consumer preferences due to advancements in the digital economy. With an aim to have a cashless economy, innovation that is affordable and easily accessible to all is what dictates he order for the day.
The progress in this direction so far is praise worthy. Technology is extending financial literacy beyond the old circles of well to do. The future of wealth management looks promising. Automation of services has made mass extension of sophisticated wealth management services, thus making it more democratic. Mobile channels have undoubtedly enhanced consumer interaction and service delivery, making the services extremely transparent, convenient and accessible. Despite the luxury of personalized plug ins, the whole process still remains very cost effective. The advancements have been so rapid, that the far fetched dream of robo advisors, which seemed nothing more than a science fiction is now a reality.
Apart from wealth management, banking and insurance sectors are also enjoying the benefits that technology offers. Mobile banking has been a major achievement. It has allowed new comers and startups to compete with established bankers. These players are winning the market by offering mobile users facilities such as peer to peer money transfers, photo bill payment, voice recognition and much more. The entire banking process including on boarding and servicing, may soon be completely virtual. In order to keep up with the tech savy customer, banks are now trying their best to deliver seamless and customized services instead of one- size-fits-all approach. They tend to enhance the value proposition and customer experience as well.
With the innovations, the apprehensions of a cashless economy are also disappearing. Integrated and streamlined applications, have made settling accounts easier than ever before. What is absolutely bewildering is, that now all the parties involved in a transaction are completely safeguarded against any frauds, all thanks to innovations like geotagging, biometrics and digital tokens. All these innovations are highly economical and have made us more connected as a society.
The insurance industry has also been positively helped by the technological developments. An industry which is vastly connected to automobile and healthcare is also evolving rapidly with them. Sensors, modern communication protocols and advanced analytics are few of the many developments, that are changing the phase of insurance industry, making it more personalized, transparent and accurate.
All these technological advancements are reshaping the financial sector, giving rise to employment opportunities. One of the countries leading the change is New Zealand. It is one of the first countries to contemplate changing the law that restricts robo advisory services. This is a huge leap forward in providing more targeted, proactive and personalized advice on a range of products. Other than this, New Zealand is home to many innovative fintech start ups which have a clear heads up from the government and the investors. Many predict fintech to be a game changer for New Zealand’s economy.
New Zealand’s economy has been performing well for quite sometime now and as a result, it has attracted many investors. With the advent of fintech, the economy has performed better and hence is a hotspot for job prospects. This is especially true for the finance sector.Even students are encouraged to pursue entrepreneurial ventures and are provided complete support in the direction.
A good news for international students is that the renowned BSE Institute Limited is now offering a variety of degrees jointly with one of the most trusted universities of New Zealand, The University of Otago. The courses offered jointly are Master of Finance, Master of Professional Accounting and Master of International Business. These courses offer an in depth understanding of finance, thus allowing students to tackle the challenges of a dynamic business environment. These degrees are internationally recognized and open the doors for lucrative global career opportunities.
With a heady mix of innovation, investment and the right contributions from the Government, New Zealand is shaping out to be every investors’ and innovators’ liveliest dream. Evolving fast in this world is the key to make it big and New Zealand with all its innovative start ups seems to have cracked that code.