It is difficult to keep up with the rapid change and development in FinTech. Financial innovations are helping to support an entire new industry of bloggers and vloggers producing content to help advisors and firms keep up with the times. It’s harder than ever to come up with those well-worn lists of the Top Trends for 2017, because the trends are changing so quickly, writers are out of date by the time they hit publish.
It’s much easier to just tune out the noise, and keep sticking with what’s worked – what’s always worked – maybe bringing in a touch of automation here or there to stay current. But, that may not be enough.
What were once seen as fringe technologies, or questionable startups, have transformed the entire industry. When blockchain first started making waves, it was in the form of digital crypto-currencies that inspired as many laughs as they did investments. Today, experts are working together to create a new worldwide organization for blockchain – the Global Blockchain Business Council – which will exist for the sole purpose of supporting, protecting, and promoting its use.
Meanwhile, the ever-continuing growth of mobile banking and payments is capturing headlines and attention the world over. Combined with a growing consumer distrust of traditional bank systems, mobile is set to completely disrupt everything from wealth management, to retirement, to loans, and business funding. Where does a brick and mortar bank fit in that model, once physical cash becomes less valuable to the consumer?
These are the questions that are shaping FinTech, right now. They’re the questions that make this one of the most interesting and lively industries to be part of. That’s what makes it so important for all of us to work as hard as we can to understand these changes and technologies. You owe it to your clients, to your business, and to your potential.
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to financial enterprises and advisors. Our solutions unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet enables the transformation of wealth management into a transparent, independent, objective, and fiduciary standard of care, and empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.
The opinions expressed herein reflect our judgment as of the date of writing and are subject to change at any time without notice. They are not intended to constitute legal, tax, securities, or investment advice or a recommended course of action in any given situation. Investment decisions should always be made based on the investor’s specific financial needs and objectives, goals, time horizon, and risk tolerance. Information obtained from third party resources are believed to be reliable but not guaranteed. This paper may contain ‘forward-looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this paper is at the sole discretion of the reader.
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