Finance Industry potentiality and Future Development with technology adoption
In terms of investment, in the last 5 years, $ 100 billion has been invested in the financial sector transformation. In terms of average revenue growth rate, it ranked 1st among all industries in Q1/2019.
Finance is among the sectors with lowest unemployment rate and the highest growth rate with the CAGR of more than 10% throughout recent years, thus there are many job opportunities as the employment in finance sector is still in high demand.
With the adoption of technology, automation and artificial intelligence are poised to reshape the finance function and also shift the employment trends.
Top ten most emerging and declining roles between 2013–2017
According to The Future of Jobs Report 2018 of World Economic Forum (WEF), a large amount of jobs in Finance sector is expected to become increasingly redundant over the 2018–2022 period. Those positions are susceptible to advances in new technologies and process automation. These shifts reflect unfolding and accelerating trends that have evolved over a number of recent years—continuing developments that have impacted roles in retail banking (ATMs), consumer sales (self-checkout kiosks) and other sectors.
FinTech (Financial Technology)
Fintech is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.
Not only startups, biggest Financial institutions in the world are transforming quickly and sustainably into digital cross-border finance. All the biggest banks around the world are adapting technology to the new horizon (Huawei report, 2018)
You could see different issues Fintech is managing to disrupt the market with innovation areas (shown as below)
Fintech ecosystem is developing around the world
Vietnam Fintech startups are also moving fast