Reinventing Finance For A Digital World

Business Today asks a leading professional to share his thoughts on digital disruption in the finance world

- Venkkat Ramanan

The rapid rise of technology has changed the way we live, the way we shop, the way we interact with each other, the way we access information, and even the way we find a lifelong partner – just to name a few.

This is equally true in the business world – it disrupts every industry, every sector, and every business function. In 2018, the UK’s technology sector attracted GBP2.49 billion in venture capital investment, fuelled by a surge in funding in areas such as financial technology, artificial intelligence, the blockchain, and cryptocurrency.

Technology disrupts not only the products businesses offer but also the way they earn a profit, moving from the manufacturing of tangible goods to service-based business models and knowledge-related activities sold via licenses and subscriptions.

At the same time, technologies, such as robotics and clever computer algorithms, are taking over the basic routine functions of finance professionals giving companies more information than ever before on their market, their customers, their suppliers, and their own organization.