As technology and digital services continue to ingrain themselves into more aspects of our lives, the financial sector has not been immune. New technology has given way to new services and with new services comes disruption of the old.
Whether it’s services such as M-PESA, TIGO PESA, AIRTEL MONEY; or digital banks such as SIM BANKING’s “First Direct,” digital transformation of the financial industry is ongoing. Customers are gravitating more towards digital experiences and digital products. At the same time, providers within the industry are rethinking the playbook.
As the digital revolution continues to impact the industry, Amala App Suite gives you a broader new way forward of doing your business powered by digital technology for SACCOS and Microfinance in Tanzania.
In this article, we explore several of the key changes that are taking the financial sector by storm as well as the challenges that come along with them.
Fintech is a broad, far-encompassing term which primarily refers to banks and financial institutions looking to make full use of available hardware and software capabilities; as well as referring to the systems themselves.
In the truest sense of the word, the advent of credit cards in the 1950’s or the rise of ATM’s in the 1960’s was, for their time, a version of Fintech. Today, the term would be more appropriately used for digital banking technologies such as digital banks, wallets, blockchain tech, and more.
Online budgeting tools, spending tracking, even automated chatbots for customer service are ways in which Fintech is altering the landscape of financial services.
At each level, pain points are being addressed (i.e. budgeting, customer service) in swift, efficient manners, often making use of automated technology and machine learning algorithms. In times past, a suspicious charge on your account may have elicited a phone call from a representative. Now, robocalls (a controversial tactic) can be made automatically as the transaction itself is being conducted (and in many cases, declined).
These technologies are moving the financial services industry in new directions quickly. Banks, lenders, credit card companies, and financial planners alike are all hurrying to catch up. One thing is for certain. Fintech is here to stay, is growing rapidly, branching in numerous directions, and is not slowing down.
AN EVOLVING WORKFORCE
New technologies mean new specialties. As such, the workforce for financial institutions is evolving. According to research and studies the top financial jobs being hired in Tanzania now are:
- Investment Banking Analyst
- Software Engineers
At the same time, more traditional jobs require different skills in order to provide for customers such as salespeople, customer service representatives, HR and project managers. Advances in technology, including all systems, are creating an environment where these positions are in danger of becoming outdated unless new skills are developed.
As technology continues to evolve the industry, there will be an increased need for a viable workforce to meet the rising demands and challenges which develop. At the same time, transitioning towards digital services and technologies will require the right individuals to be in place in order to ensure these developments are successful.
MORE IS TO BE EXPECTED
There can be little doubt that technology has changed the way we think of the world around us. The financial industry has, perhaps, been one of the areas most impacted by the digital revolution.
From digital banking to complex systems which monitor and analyse our financial health and well-being; nearly every aspect of finance has been impacted. As the technology which guides the industry continues to evolve, one thing can be certain. More change is on the horizon.
Thus, Amala App Suite has a team of experts who are always available and ready to service and support our customers at any time. The team is qualified and equipped with all skills and world class expertise to give a premium service.