September - 2015 - issue > CXO View Point

Latest Technological Trends in Financial Industry

By Riyaz Ladiwala, Senior Vice President, Edelweiss Broking limited
Monday, August 24, 2015
By Riyaz Ladiwala, Senior Vice President, Edelweiss Broking limited
Headquartered in Mumbai, Edelweiss Broking limited (BSE: 532922; NSE: EDELWEISS) is one of India's leading online stock/share trading portal which allows people to trade on BSE and NSE across multiple asset classes such as equities, derivatives, currency, commodity, mutual funds, and more. The company has a current market cap of Rs. 53.95 billion (NSE).

Historically, the finance industry has been the largest and the fastest adopter of technology - either to improve its products or to deliver better value to clients at a larger scale. A glance at the client roster of most tech companies would find banks, finance institutions right at the top.

In recent times, while there continue to be innovations, the finance sector has lagged in coming up with solutions to meet the vast needs of the clients that it services. The share of mind for delivering "wow" experience has been taken up by e-Commerce, music, entertainment and the healthcare sectors. The race however to take top spot as a technology adopter is very much on and over the next 12 months, we should see a slew of releases from the finance industry which will cement its position as the tech leader.

Here are some of the top five large tech trends that I foresee over the next 12 months-
  1. Voice: Voice will be the next frontier after touch. Over the next 12 months or so, voice will permeate every part of our digital life, be it for search (show me top 25 companies by market cap), authentication (your voice is your password) or to simply transact (buy me 100 shares of company X). Google and Apple have taken strides already in the form of the OK Google and Siri platforms, but this year we should find them becoming part of day-to-day applications. Just imagining what this will do for customer experience on boring IVRs and on devices like mobiles is mind boggling.

  2. Social Transacting:A significant part of our digital lives are spent on social media platforms. This year, apart from customer engagement and listening, social will make a serious entry into the realm of transactions. So you can look forward to initiating or completing transactions through social (e.g.: send or receive cash from friends) and following what your friends are doing on social media platforms. The concept of social investing (imitating in a single click what others are doing, e.g. motif.com) which has remained a concept only till date in India should take off this year. Facebook and Twitter will continue, in all probability, their domination in the social arena.

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