Alan Hayward, Sales & Marketing Manager at SEH Technology
As the years pass, it is becoming far more difficult to determine what the next decade will entail in relation to technology innovation, due to the speed of digital transformation. This means it is important for organisations to future-proof their processes in the best ways possible. Network management and innovation is key to this, particularly for the FinTech industry due to the ever-rising data traffic in that sector.
Financial technology is used to describe new tech that seeks to improve and automate the delivery and use of financial services. Essentially, FinTech has the ability to help companies, business owners and consumers better manage their financial operations and processes, meaning it’s vital to focus on future-proofing the industry to ensure guaranteed success across businesses.
Evolving technology is one of the primary causes for the shifts taking place in financial services across the whole industry. Emerging FinTech developments create opportunities which result in a rising demand for network capacity. As well as this, there are many other factors which play a part in fuelling this increased demand such as increased competition, innovative services, regulatory requirements and new technology. It’s vital that FinTech organisations innovate their networks to be sure they are staying ahead of the game.
The importance of innovating your network
Innovation in itself is very important and is at the centre of any successful business. Staying innovative and changing with economic and industrial trends helps organisations to effectively meet business growth goals, increase productivity and profitability, and respond well to industry disruptors. Upgrading your network and its capabilities is one of the key methods you can adopt to be sure to do this.
As industries change and companies grow, the technology that each company has implemented must change with it. Many organisations may find that they are in a position where much more data needs to be managed than it has in the past, or new manufacturing equipment has been implemented and data management processes have to change. Innovating your network can help solve these problems and can create much more streamlined processes with regards to managing and controlling data.
Changes in the FinTech industry
When the COVID-19 pandemic first hit, the majority of businesses struggled to adjust to changes in the marketplace and had to work extra hard to stay afloat in their selective industries. There were a small handful of businesses which showed an upward trend and those in the FinTech industry were some of them. It’s vital that these businesses keep up the momentum as we move back to a sense of normality, even as digitisation takes over.
The financial sector is undergoing profound shifts with many insurers, retailers and global banks choosing to go digital, something which is extremely necessary in this day and age. Many FinTech organisations are considering a move to the cloud because of the immense role it can play in driving large amounts of data into the network. Smaller businesses and start-ups can take a more relaxed attitude towards adopting new networking technology but large, established banks don’t have that luxury and must act fast if they wish to stay relevant in the changing market.
Another area that FinTech businesses must be aware of is the limitation of bandwidth in the network. To be able to grow on demand, businesses must have already implemented an effective, reliable networking system which is compatible with the changes that a company is choosing to make.
Upgrading for the future
For a small number of FinTech organisations, little appears to have changed in recent years. A small sized bank may have connections in a number of centres but to optimise this opportunity, businesses must invest in networking innovation to keep the company connected and to prepare for the future.
Production processes and organisations are constantly changing with new products, services and business models emerging in industries across the whole world, not just FinTech industries. It’s important to upgrade and innovate your network to allow your company to stay relevant and reduce the risk of it falling behind and becoming outdated with its processes as we enter the next decade of technological change.
Network innovation is the way forward for many industries, due to the capacity for the technology to adapt to changes in a company’s needs and goals. FinTech, as well as many other industries, should constantly consider how to prepare for the future, particularly during a time where business trends can change so quickly. Developing your network can not only provide a stronger sense of security and reliability for your company and its employees, but will also prepare you for problems which may arise in years to come.