Technological Innovation and Financial Institutions

Technological Innovation pic
Technological Innovation

With a 120-year family history in banking in Venezuela, Julio M. Herrera Velutini has worked in the stock market as well as investment firms and banks. Today, Julio Herrera Velutini is chairman of the board for a Puerto Rico-based international bank, where he works to support innovations in technology.

With the rise of technology in the digital age, banking practices are changing quickly. Financial technology, or fintech, is a growing sector that is disrupting the traditional ways retail banks have been operating.

Many banks are digitizing, turning to mobile apps, and taking on new technologies that can help them maintain better data. Some experts expect 50 percent of the revenue of European banks to come from digital sources by 2018.

Banks would be wise to implement digital aspects to their operations in the coming years. Digital banking can improve connectivity between the banks and their employees, suppliers, and clients.

Additionally, decision making can be greatly eased with the improved analytics of digital banking, while automation can boost productivity and compliance. With a more effective workflow, clients may enjoy a better customer service experience. Financial institutions must change with the times, and fintech is providing an opportunity to innovate through digital means.

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