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Technology 'is changing financial services'

10/09/13

The technology community and the financial services sector are collaborating more and more as the latter attempts to engage with its customers and recalibrate its market position following a challenging few years, both economically and in terms of its bruised and battered reputation.

While the industry's revival is obviously good news for job-seekers - and there is no doubt technology is linked to this improvement in fortunes - it also means ambitious professionals will need to make sure they can prove their savviness when it comes to computing and IT.

Fortunately, many Generation X workers have an innate understanding of tools such as apps, which are becoming more important to financial services.

Seven Investment Management has hired the development group that worked on game titles such as Donkey Kong and Golden Eye to build a new mobile portal for managing investments in an interactive way, reports the Financial Times.

This is just one example of how high-tech solutions are modernising processes across the sector.

"Coming out of a dark period for financial services we saw an opportunity to connect with financial clients through gaming," software developer Mark Betteridge told the Financial Times.

"We felt we could engage with clients using some of the attributes that attract consumers to computer games - usability, engagement and interaction," he added.

The 7IM app creates a personalised hub for each investment client, with later versions planning to take on board data from markets across the globe to offer an idea of what each portfolio is worth on a given day.

Other tech innovations being seen in the world of financial services are iZettle and Ixaris in the payments sector, and online currency exchange The Currency Cloud, with further developments expected over the coming years.

However, according to the Scorpio FutureWealth Report entitled Helpful Investment Technologies, many investors feel they are not yet seeing the benefits of these advances.

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