Future of Finance Sector
The financial sector consists of institutions and firms that provide financial services to business and retail customers. You get banks, investment firms, insurance companies, and real estate businesses within this category. Most of the revenue that is being generated in this sector comes from mortgages and personal or commercial loans. Any economy is more or less dependent on the strength of its financial sector which makes it really important as well.
There are three factors that affect any financial sector which are:
- Rate of interest
- Moderation of regulations
- Helping consumers with finances
With this said there are several lucrative jobs that this sector has to offer. Just like all other sectors with the rise of automation and decentralization of power through cryptocurrencies, this sector is going to witness some new trends. With these new trends, there are several new career options that are there:
With the Hype um Bitcoin, it is going to be an important aspect of the finance sector. With the launch of cryptocurrencies, we can witness the new trends and aspects that are going to take place. Most of the finance firms have already started to work towards developing technologies to develop cryptocurrency and to utilize their usage. This is however quite tricky as there are no regulations and rules on these cryptocurrencies until now.
These crypto forecasters are going to analyze the market for their respective firms helping them in understanding the market and making investments and future decisions as well.
- Trust Officers
With the increase in the number of personal data frauds, we see a need for a trust office in the financial sector. This job profile is for employees that are familiar with the working and usage of financial data. This will increase awareness among the masses about personal data security and all the relevant data protection protocols that are there.
- Cyber-security liaisons
With the increase in the use of technology in every sector, cybersecurity is one of the major issues faced by technology giants. Every financial firm wants to add more security to their and their users’ sensitive data. This is where cybersecurity liaisons are going to act. They are responsible for data security and communicating every aspect of security to all the relevant individuals.
- Fintech liaisons
As we observe a rise in Fintech startups, neo banks, and microlenders, we see banks and other financial institutions starting with their own internal startups. These Fintech liaisons are going to help the bank in identifying financial frauds. This is going to reduce illegal fundings and money laundering activities.
- Sustainable Wealth Managers
With sustainable wealth manager firms would adopt sustainable practices that are going to help them in cutting down the cost with a sustainable approach. These mangers are going to promote these sustainable practices and are going to help customers understand this sustainable approach.
- Finance Engineers
Along with technological advancements, banks are shifting towards a more tech-friendly approach in educating their customers. It is getting more and more difficult to educate all the customers about financial decisions and financial approaches that they should take.
With automatic transactions, wealth management is another issue that needs to be addressed. This is where finance engineers are going to develop more technologies and apps in order to fulfill all these conditions. They are going to help the firms with the development of new software and tech as well.