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November - 2016 - issue > CXO Insights

The Cloud & Beyond: The Next Wave of Fintech Innovation

Ranjan Singh, VP, Product Management, IPC Systems
Monday, October 31, 2016
Ranjan Singh, VP, Product Management, IPC Systems
Headquartered in U.S., IPC Systems empowers the financial market globally by anticipating changes and solving problems, setting the standard with industry expertise and providing exceptional service through comprehensive technology.

Financial technology innovation continues to grow, global investment in fintech in the first quarter of 2016 reached $5.3 billion, according to Accenture, driven, in part, by increasing regulatory requirements. As banks and other financial institutions realize the challenges in building or acquiring their own proprietary technology, and the potential barriers to collaboration it can create, alliances that foster innovation and mutual objectives are becoming a priority. At the same time, enabling much of this innovation, cloud technology has continued to mature and make its leap from the world of financial startups to large enterprise players. The financial services industry has discovered that adopting a cloud solution can deliver a faster time to market, greater infrastructure flexibility, and a way to address complicated compliance mandates.

The adoption of cloud technologies is also signaling the next wave of innovation in fintech, acting as a natural stepping stone to the adoption of other consumer-oriented technology used in our everyday lives. Enhanced with the functionality, critical safeguards and security necessary for compliance, biometric authentication, mobile devices and customized apps are starting to change the landscape of financial communications. Worth noting for their rapid adoption as well as the proficiency and advancements they are bringing to financial services and in particular, the financial trading sector, biometrics, mobile devices and customized apps must be both appreciated and understood by corporate decision-makers that want to maintain a competitive edge.

Biometrics Beginning to Supplant Password Authentication

In a burgeoning trend, millions of customers of the largest banks regularly use fingerprints to log into their accounts on their mobile phones, while others are using biometric technologies such as eye scans, facial and voice recognition to authenticate identity. Goode Intelligence predicts that by 2020 bank customers will be using biometrics as the predominant method of identifying themselves in order to access bank services. Biometric technology is providing an important layer of security critical for keeping customer data secure. With security and compliance as priorities, it is no surprise that biometrics are also starting to penetrate financial trading as a way to authenticate users into telephony and data systems, particularly as mobility increases.

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