The marriage vows of technology and banking

Banking

As of 2015, U.S. banks have stored data equivalent to 275 billion MP3s.

Drifting through a vast ocean of data are credit card histories, banking transactions and personal customer profiles among other pieces of sensitive information. Banks are under tremendous pressure to collect, store, manage and protect this critical data, and that’s what makes information technology for banks and financial institutions so interesting.

From a learning perspective, a combined interest in business and technology is what drew me, personally, towards the Banking & Capital Markets offering category at DXC Technology.

Demands causing change

A deep knowledge of technology is imperative in exploring the newest and most promising frontiers in business. Discovering the best ways to implement technology into business processes and breathe life into tech’s freshest ideas is impossible without a strong business sense and an understanding of its mechanics.

My combined studies as a finance major and computer science minor have led me to develop my abilities to the point of understanding the connections between these two areas. The limitless potential and sheer acceleration of development that the world sees with each coming year are what keep my passion for technology in business alight.

The banking industry faces pressure from consumers to improve the way that they make use of data, as well as provide additional functionality for its clients. Some of the major demands by customers in 2017 include easier access to their banking information from anywhere, personalized feedback on their spending habits and investing and being recognized more as an individual by the company.

Increasing competition is pushing banks to incorporate these values into their customer experience. Online banking tools are drastically improving, including those dedicated to personal budgeting, investment and money management. As this functionality is becoming more heavily valued by customers, there is an additional drive to simplify and improve the UI for wider appeal.

The newest developments in big data and cloud computing are opening doors for opportunities that were once incomprehensible and far distant. Predictive modeling and analytics are beginning to clarify a starkly different future of banking from what we see today.

The bank of tomorrow

Imagine having an independent bank account that can follow you from bank to bank like a cell phone number does between service providers. Your bank would essentially be a full-fledged technology company at this point, run primarily by automation. Through this automation, you would receive real-time alerts and financial advice as you make and spend money, auto-updated investing portfolio preferences, and investment opportunity alerts — all monitored and protected by advanced security algorithms. You and those around you would be connected through social trading, and crowdfunding would be applied towards items like mortgages.

As we move closer towards this future, there are many smaller problems to be solved and solutions to be built before coming close to reaching that point. As both the opportunities and threats grow in magnitude, it’s up to the largest and most cutting-edge players in the IT services industry to lead the way and drive progress.

Technology provides the means by which imaginative concepts are brought into fruition through the principle that today’s roof stands as the foundation for tomorrow.


SeanSean Panayi is a summer intern working with the Sales team at DXC Technology’s Tysons Corner location. Sean is an upcoming junior at Indiana University majoring in Finance and minoring in Computer Science. Connect with him on LinkedIn.

 

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