Four IT Trends That Are Shaping the Finance Industry

finance industryFinance professionals work in an environment today that barely resembles the landscape of just a few years ago. The post-recession regulatory climate, the influx of big data and the need for heightened security have stretched teams to their limit. This stress is further complicated by tight staffing budgets that force groups to do far more with far fewer resources. Enter technology. New algorithms, software programs and mobile applications are shaping a brave new world in the finance industry. Here are four trends to keep an eye on this year.


The Rise of Mobile Payments

Apple Pay burst onto the scene in 2014 and really began to build steam a year later. Samsung and others followed with their own mobile payment apps, and now it is common to see customers using their phones to pay for nearly every type of product or service you can think of.  Users like mobile wallets because they are convenient and the fingerprint security on smartphones gives people an added layer of protection that isn’t possible elsewhere – even on chip-enabled credit cards. Mobile wallets can help businesses and financial instructions protect their customers against fraud while strengthening customer relationships.


The Popularity of Mobile Deposits

Mobile checking has made banking much more convenient for consumer and business banking customers. Rather than running to the bank to make deposits, users can simply take a photo of a check for instant credit. This trend will continue to grow, and even small businesses will be able to deposit payments instantly, rather than waiting to get to a bank branch during a convenient time or paying interchange fees for credit card payments.


The Increasing Need for Better Data Security

When Anthem insurance was hacked in early 2015, it put financial companies on edge. Data was stolen on millions of customers, both current and past. The breach shone a light on the fact that old data must be protected as diligently as current customer information. Electronic data “shredding” is helping financial groups get rid of information they no longer need, without leaving traces of data behind for hackers to piece together.


Proactive Compliance Through Technology

Ah, compliance. If finance professionals could skip over it, they would. But since nobody wants to go to prison, compliance is a necessity. The increasing regulatory burdens on financial transactions and record-keeping means companies are spending more time than ever before on compliance, but technology is stepping up to ease the burden and allows firms to be more proactive than reactive when it comes to compliance.  Accounts can be flagged early when they show even the slightest potential for regulatory implications.


Navigating the pace of change in the financial industry isn’t easy, but it can go smoothly when you have the right people on your team. The accounting and finance recruiters of Contemporary Staffing Solutions are experts in the field, and they can connect you with the right people who have the right skills to move your firm forward this year. Contact CSS today to learn more about our accounting and finance recruiting track record.