Staale Fossberg Gives his Opinion About Intervention of Technology in Financial Services

As time goes by the competition in the financial services only gets stronger and also the structure is changing with every passing day. The markets in which the financial institutions are operating are also changing which compels them to look for new markets along with bringing the changes. And while speaking of financial services, how can you even forget of the crunch that the entire industry has suffered in the past one decade. However, reviving from it wasn’t easy and each and every sector of it has worked out on their own. The post crisis regulatory framework has started getting in place, and some of the business models have also started to change.

Staale Fossberg , a financial advisor and expert, cannot deny the services that are coming across in the market, and along with it the real time implications are also changing. As technology gets updated over the years, they have also started taking place of the conventional methods that come across.

Few Technology Driven Services That Staale Fossberg Believes Will Take Over the Market

  • FinTech Will Drive New Business Model and No One Can Stop That

For quite a few times, new financial service companies have tried to break in the market, failing every time they have made the attempt. Now, there are disruptors who come in as stand by in the market, but slowly take over the scenario. They are mostly start ups but are more focused on innovative technologies and processes that make the work easier. Now in order to find more profit, they often try to attack the areas which mostly have proved to be valuable and consistent, yet following the conventional methods of business chain. The global investments of FinTech have tripled over the years since 2014, and hence their promising growth gives a clear picture that they are going to bring in a positive change in the industry.

  • Block Chain Is Definitely Going to Shake Things Up

Gone are those days when the barter system worked out well in the financial transactions. People are now looking forward to an age of technology where even the financial transactions will take place cashless. However, the market expects to find some new funding options in the modes of block chain and in the next couple of years, the companies will thrive on this new technology. Being an integral part of the entire financial services, Staale Fossberg believes block chain is going to completely disrupt the entire scenario in no time.

Also artificial intelligence is going to address to some of the key features targeting some of the specific combinations that worked well till now. What man can do now; can be done without the intervention of mankind. This has not only proved more efficiency but has also brought in precision which often lacked due to humane errors. Service robots have already shown their mechanical capability and hence new models have been designed to meet their specific needs. So if you anticipate rapid gains, there’s nothing wrong in it at all.

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