IMPACT OF INDUSTRY 4.0 IN FINANCIAL SERVICES
The Fourth Industrial Revolution has had a staggering effect on certain industries. From healthcare to retail to agriculture, a range of sectors have dramatically changed the way they store data, extrapolate learnings from it, and then implement better practices as a result – from when to plant crops to deciding how many skirts to manufacture.
Through automation, intelligence, and personalization, technology has not just moved these industries forward, it has catapulted them. But although the financial services sector has used technology to upgrade its infrastructure, its move towards using the innovations unleashed by the Fourth Industrial Revolution to benefit consumers is still in its infancy.
For an industry that has developed over arguably thousands of years, and which has strong economic incentives to modernize and optimize its performance, it is somewhat dumbfounding that the financial services sector hasn’t been more tech-enabled. Why does this matter? Because having easy access to capital systems across demographics is the heart of what moves societies forwards – and until FinTechs fully embraces the Fourth Industrial Revolution, we simply won’t get there.