It's very interesting to see how the technology world in the Financial Services sector is changing. Banks are struggling with the rapid change that arises from both the competition in the market for new entrants like Fintech companies, and the on-going demands from digital native clientele. Fintech companies are looking at more innovative ways to better address customer needs by offering enhanced accessibility, convenience and tailored products. Increasingly using more mobile devices such as the iPhone offers users main stream mobile banking applications (Barclays Bank, HSBC etc.) for their everyday banking needs. This has undoubtedly superseded the traditional banking model and poses a greater risk of cyber crime, and more sophisticated online fraud. 

As robo-advice hits the investment market, customer relationships become more automated. It is almost certain we are moving into an era that customer interaction with a financial institution will be with an automated system.

There are many changes in the pipeline too. In particular, there are a number of consultation papers from the FCA relating to automated services which firms looking to invest in either FinTech or other automated services should consider before they take on some of the risks that are associated. Furthermore, the customer journey to the FCA should remain a priority, ensuring that customers using Financial Services products that are automated achieve the right outcomes. This will involve some human intervention by experienced individuals in the field and ensure that the principles from the FCA are maintained. 

The growing risk of cyber attacks on Financial Services firms demands a special focus and internal defence mechanisms to be agile and resilient. Sophisticated solutions can come with a hefty price tag; however, it is vital that firms who are taking on new risks by using Fintech services and moving into the digital age protect themselves and their customers from any posed threats.