×

LONDON FINANCE OPINION

Thursday September 26 2019

How the finance industry has evolved



Jonathan Mackley

JONATHAN MACKLEY | PR Executive




How the finance industry has evolved

Industries are constantly trying to keep up with the fast-paced landscape in which they operate, be it technological changes, customer demands or simply just making things easier for their consumers.

But it is the speed at which the technological advancements have reached that has forced traditionally slow-moving financial institutions to heavily invest to remain relevant to their consumers and remain competitive in the marketplace.

Personal

One of the oldest industries in the world, banking, goes back centuries, in fact, the oldest bank in operation today is the Monte dei Paschi di Siena, founded in 1472. The first instance of a non-cash transaction came in the 20th century, when charga-plates were first invented. Considered a predecessor to the credit card, department stores brought these out to select customers and each time a purchase was made, the plates would be pressed and inked onto a sales slip.

At the end of the sales cycle, customers were expected to pay what they were owed to the store, however due to their singular location use, it made them rather limiting, thus paving way for the credit card, where customers that had access to one could apply the same transactional process to multiple stores and stations, all in one place.

Contactless

The way in which we conduct our leisurely expenditure has changed that much that we can now pay for services on our watches, but it wasn’t always this easy. Just over a few decades ago, individuals were expected to physically travel to their nearest bank to pay their bills, and had no choice but to carry around loose change and cash on their person, a practice that is a dying art in today’s society, kept afloat by the reducing population born before technology.

Although the first instances of contactless cards came about in the mid-90’s, the very first contactless cards associated with banking were first brought into circulation by Barclaycard in 2008, with now more than £40 million being issued, despite there being an initial skepticism towards the unfamiliar use of this type of payment method.

Business

Due to the changes in the financial industry leaning heavily towards a more virtual experience, traditional brick and mortar banks where the older generation still go to, to sort out their finances. Banks are closing at a rate of 60 per month nationwide, with some villages, such as Llandysul closing all four of its banks along with a post office leaving it a ghost town.

The elderly residents of the small town were then forced into a 30-mile round trip in order to access her nearest banking services. With technology not for everyone, those that weren’t taught technology at a younger age or at all are feeling the effects most, almost feeling shut out, despite many banks offering day-to-day banking services through more than 11,000 post office branches, offering yet a lifeline for those struggling with the new business model of financial firms.

Future innovations

As the bracket of people who have grown up around technology widens, the demand for a contemporary banking service continues to encourage the banking industries to stay on their toes as far as the newest innovations go.

Pierre Vannineuse, CEO and Founder of Alternative Investment firm Alpha Blue Ocean, gives his comments about the future of banking services, saying: “Artificial intelligence is continuing to brew in the background and will no doubt feature prominently in the years to come. With many automated chatbots and virtual assistants already taking most of the customer service roles, we are bound to see a more prominent role of AI in how transactions are processed from all levels.”

Technology may have taken its time to get to where it is now, but the way in which it adapts and updates in the modern era has allowed it to quicken its own pace so that new processes spring up thick and fast. Technology has given us a sense of instant gratification, either in business or in leisure, we want things done now not in day or a week down the line.



"Artificial intelligence is continuing to brew in the background and will no doubt feature prominently in the years to come"
Pierre Vannineuse








DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.







Entirely Finance Jobs


Finance Analyst

West London


Vitae have partnered with a market leading media company in West London to help source an ambitious, highly credible Finance Analyst to join their team.




Finance Assistant

London


Finance Assistant: Photography Studio A well-renowned, international Photography Studio is looking for a Finance Assistant to join them in their cool central-London offices in a project role.




Commercial Finance Analyst

City Of London


Commercial Finance Analyst for a global business based in central London £50-60k.




Interim Finance Analyst

Central London


The Consultancy Group are currently working closely with a global retailer based in the heart of London.




Finance Analyst

London


This global media company based in Central London is currently in need of a Finance Analyst to assit them with a busy period.




Finance Manager Leisure

London


Your new companyYou will be working for a rapidly growing leisure company with modern, non-corporate offices.




Finance Analyst

London


This global media company based in Central London is currently in need of a Finance Analyst to assist to assit them with a busy period.




Research Finance Officer

London


Venn GroupResearch Finance OfficerVacancy Reference: 6868940Salary: £16-22p/hLength of Contract: 3 monthsA London University are looking for a Research Finance Officer to work collaboratively with a team of colleagues to deliver a high-quality research support services to academic and other service usersYo.




Finance Manager BioTech

London


Your new companyA high growth biotech company in London are at clinical trial stage and are growing massively having recently gained patents to two new products.




Finance Analyst

London


A music company in central London are looking for a Finance Analyst to join their team, prior to the busy period ahead.




Finance Assistant

North West London


MAIN DESCRIPTION: Finance Assistant London, NW9 £27,500 + Pension + Parking This is a fantastic opportunity within a successful local Company which would suit an ambitious and energetic Finance Assistant who is at the start of their career who is seeking a new challenge in the workplace.




Finance Systems Role

Kingston Upon Thames


My client are recruiting a Finance System Specialist! This is the perfect role for a candidate that has a passion for systems and looking to work in a progressive, sociable environment.




Finance Assistant

North West London


MAIN DESCRIPTION: Accounts Assistant London, NWH £26,000 + Pension + Parking This leading independently owned Company provide a fun unique product to clients throughout the UK, they are now in need of a Accounts Assistant to join their established accounts team Some of your duties will include: - Ass.




Finance Director

City Of London


Harper May is currently working with a world renowned hotel brand based in Central London.




Commercial Finance Manager Advertising

City of London


Reporting to the Commercial Director, key responsibilities will include: • Ensuring accurate monthly and quarterly financial information is prepared and presented to the client• Preparing scopes of works• Reviewing of monthly time reports and retainer reconciliations to ensure they are accurate before presenting to the client• Preparing various internal reports, including utilisation reporting/.




Commercial Finance Manager Retail

City Of London


Commercial Finance Manager (Retail), Central London£60,000- £70,000, Benefits include Bonus, Private Medical & Pension Our Client, an extremely fast paced consumer led business, has an outstanding opportunity for a Commercially focused Finance Manager to join what can only be described as an entrepreneurial enterprise.




Finance Manager - Immediate Start

North West London


Edward Mann are recruiting on behalf of an International Media group based in Central West End - Our client is looking for a Finance Manager to join their team! We are looking for a candidate with a proven track record in management accounting with elements of business partnering.




RECOMMENDED FOR YOU ON ENTIRELY LONDON






























Loneliness in the Winter - how can you cope?


Loneliness has a large presence amongst the older generations. 43 per cent of those aged 60 and above live alone while half of older people consider their TV as their biggest source of company. It is evident that many elderly people are without sufficient company or socialising opportunities







Uxbridge pub reopens with fresh new look


The popular venue, on Oxford Road, has been significantly refurbished throughout to create a quintessentially British country pub that offers a cosy homefromhome setting, incorporating friendly staff, beautifully decorated interiors, great food and expertly chosen drinks ranges



















Discover the latest Industry News & Opinions on Entirely














We build powerful Financial Models for critical business decision makers.