The market for financial technology has been booming and tripled in size. Banking and insurance sectors made investments to the tune of $12 billion worldwide, says Accenture in an article on Channel News Asia.
Industry players said that banks and insurance companies are quickly adapting to the digital wave. The latest trend is that financial companies are partnering with start-ups, technology firms and other credit companies for innovative ideas and solutions. These conclusions came as a part of discussions at a conference organized by Next Bank Asia at Singapore on May 27. The latest technology that is being embraced by financial companies is mobile transactions.
These new technologies, experts said, will not just aid banks and insurance companies but will also transform how they work in the future. Mobile, analytics, social and cloud computing are the four key elements which will be the game changers of the future.
“My hope is that banking in five or 10 years’ time will be a much more inclusive activity for all its people in Asia who don’t have access to bank accounts but also much more productive and personal for those of us who do,” said Rob Findlay, founder of Next Bank.
Singapore, the conference participants believed, will be at the forefront of this financial technology revolution. The country which is the heart of the Asian financial markets is expected to attract many entrepreneurs, venture capitalists who too are eyeing this field.