Ways to make a difference in the finance industry

by Susan Paige on March 18, 2019 · 0 comments

The fast-paced world of the finance industry can be hard to enter, but for those who break in, there are many opportunities. The financial industry is a vast one with a wide variety of careers available from financial trading, money management and banking to pensions and investments. It’s an industry that is frequently changing, providing many opportunities to make a difference.

Entering the finance industry

To be poised to make a difference in the finance industry, you need to know the basics. Being willing to learn is key to success, and if you can gain knowledge in a niche area of finance, then you may find yourself in demand. Working in the finance industry can be a demanding career, often going beyond the nine-to-five working hours. Being flexible in your approach is essential as no two situations will be the same. For the ambitious and those willing to put in the work, the rewards of the finance industry can be high, both in financial terms and the knowledge of making a difference in this key sector.

New technology

Technology changes fast in every area of modern life, and this includes the finance industry. Being at the forefront of this new technology is a major way to make a difference. For both businesses and individuals, increasing numbers of financial transactions and trades are taking place online, and fewer people are visiting banks in person. This may result in fewer physical banks as more business is conducted in the virtual world. Software for online and mobile banking is likely to develop, continuing to change the way that finances are handled.

Apps are likely to become increasingly important in all aspects of finance from accounting to investment. The current generation of app developers will be a key influence on how the different aspects of the finance industry are conducted.

Artificial intelligence is an area to keep an eye on, with a number of implications for the finance industry. Automated bookkeeping is popular, with accounts generated in real time with all the information readily available. This is a far cry from the traditional approach of monthly accounts but is likely to be the future.

Even for those who are not at the design end of the new technologies, apps and software, the advances provide plenty of opportunity to make a difference. By remaining up to date in the new developments, you can pave the way to how they are used and can also be influential through the education of others in using the new technology. Blogs, webinars and online lessons can enable you to be the one who encourages the use of the advances and help others in the finance industry to become comfortable and confident with the new way of conducting financial affairs. New technology is not always the right way forward, and it can be easy to get caught up with latest fad without considering how effective it is. Education is also about highlighting the limitations of these technologies and highlighting areas in which they will not work.

New technology can enhance the experience of working in the finance industry, but it also carries pitfalls. Financial fraud has taken on a new direction, with fraudsters finding new ways to conduct their crimes and evade detection. Tackling cyber-crime in the finance industry has become a major endeavor, and developing new methods and technology to prevent and apprehend the fraudsters is an area that remains in continual development.

Traditional skills

With technology transforming the finance industry, it can be easy to think that traditional skills will become a thing of the past and unnecessary for those wanting to make a difference. However, this would be a mistake. The demand for softer skills of networking and building personal relationships has never been greater. Financial companies can purchase the new technology and software, but so can all their competitors. Building up genuine relationships with colleagues and clientele is what will set them apart.

One person who has proved that they can make a difference in the finance industry is the pioneering executive and lawyer, Lady Barbara Judge. While she remains abreast of the latest developments to hit the finance industry, she retains her enthusiasm for meeting new people and the connections that they bring both to her work and her enjoyment of life as a whole. While nothing can match the personal touch of a face-to-face meeting, networking can now be carried out on a global scale, with Skype and social media enabling connections to be maintained between personal meetings.

Making a difference in the finance industry requires a varied skillset, with the need to maintain the traditional skills of flexibility, hard work and networking, along with keeping up to date with the latest developments to transform the industry.

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