Gibraltar’s New Sector Fintech Arrivesover 5 years ago by Angelique Pearson
Gibraltar’s New Sector Fintech Arrives
A new sector has emerged. Fintech. An amalgamation of the Finance industry with the Technology Industry, Fintech is the descendant of technology innovations within the finance sector.
Groundbreaking Changes For Consumers
ATMs and internet banking, the first prodigies of Fintech in the 60s and 90s, reshaped how we accessed our money. Now the introduction of digital wallets from rivals, Apple (Apple Pay) and Google (GOOG) have revolutionised the speed at which consumers can pay for their coffee using their iPhone. A quick contactless transaction may see plastic cards slowly disappear from manufacturing.
Money transfer options are not just limited to the traditional high street banks either. Paypal prides itself in being the world’s leading online bank for money transfers; a haven for online businesses.
Applying for a loan has never been easier too. With lenders’ apps offering reduced interest rates, Fintech has opened up a competitive industry between financial companies, each pushing to be more innovative than the other.
Importance of Fintech for Gibraltar
With Gibraltar’s economy relying so heavily on financial services, Fintech will play an extremely vital role in the fast moving change that will test many firms within the next decade.
Gibraltar’s Stock Exchange has already introduced its new shareholder, Cyberhub Fintech Holdings Limited. It wont be long before more Fintech startups start to appear on the horizon. This growing sector is yet to surprise us with more groundbreaking creations that will play a significant role within our lifetime and future generations.
The Gibraltar government has been heavily proactive in seeking advice from private sector companies on how to proceed and move forward to launch the establishment of Fintech. Consultation has been a key priority to develop a world leading framework. Gibraltar is distinctly excited about the new opportunities that lie ahead.
Fintech, Artificial Intelligence and The Workforce
Artificial intelligence will inevitably transform workforces within banks, seeing them work behind the scenes of smartphone apps, continuing to improve how businesses and consumers make smarter financial decisions to save and invest. Banks are already directing their financial advisors online to chat to customers who rely on the convenience of managing finances online, as opposed to making the effort to visit a branch.
What’s more, online digital banking technology has the potential to use predictive behaviour analysis to understand its consumers better, before making a recommendation about the most suitable financial product for them.
Businesses in Gibraltar will most certainly want to invest in leading software to exploit it to its maximum potential, making their services highly appealing to potential clients. Many will want in-house developers to create bespoke solutions, rather than purchasing off the shelf, ready made software.
Recruiting talented candidates who possess the skills of developing leading software technology will be in the interests of every finance company embracing the benefits of FIntech. Attracting this talent will create new job opportunities within Fintech; strong business successes and profits will evidently fruit.
Sure enough the Rock is destined to become a hub for Fintech, booming forward as it once did with the online gaming sector. Online finance is now a key focus for all prospective developers and programmers who want to focus their skills within this sector. Marching forward with a CV of Fintech experience is certainly favourable and appealing with prospective employers.
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