Innovation Journal. Technology Coursework Assignment.

Technology and innovation
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1 Techno-finance - (Finance)
Title: Top 5 Digital Transformation Trends in Financial Services
Author: Newman Daniel
Date: 9th May 2017
Source-URL: /sites/danielnewman/2017/05/09/top-5-digital-transformation-trends-in-financial-services/#47fe33c1204c
Key dimensions of the article
The article focuses on how financial service technology (Fintech) has not only made spending and managing but also investing easier than before, as many consumers are migrating to digital currency. Newman (2017) illuminate how trends such as the rise in mobile and online banking have dropped the number of physical banks, how blockchain technology is behind digital currencies such as bitcoin, and how the new rules and experiences associated with these financial technologies have transformed financial services. Fintech has been empowering the users to bank and rethink their financial operations and well-being.
How it could be disruptive
Fintech is increasingly compelling the entire financial industry to rethink the concept of brick and mortar, including all that is associated with it. For example, the use of mobile and online banking has resulted in a drop in the number of physical banks. Blockchain, on the other hand, is more promising in comparison to digital payments. It facilitates safe and secure trading of goods and services for almost everything while eliminating the use of go-betweens for the management and facilitation of transaction. Also, new rules and experiences are emerging because of these trends. For instance, FinTech companies are not being subjected to regulations from federals in comparison to traditional banking organizations. They have options of creating experiences for the user that help in making the lives of customers more comfortable. Besides, these trends have also eliminated the need for physical currency and even enhanced security.
Type of innovation
Mobile and online banking have revolutionized how financial services are rendered. They enable users to pay bills, transfer funds, examine recent transactions, check account balance, block one's ATM, among others. It is also cost-effective since financial institutions provide such services at less cost to the clients. Blockchain innovation impacts on processes of record-keeping and initiation, processing, authorizing, reporting, and recording transactions. It helps in the administration of trade finance transactions, particularly for financial institutions. It involves the use of smart contracts for automating workflows, as well as clearing calculations which minimizing the time for processing besides benefiting banks through reducing errors associated with human mistakes.
My attention
Fintech has reduced the powers of the traditional financial institutions and banks leading to the democratization of the industry. Instead, the power is with the consumers where supply and demand dictate what happens on the broader market.
2 Internet of Things (IoT)
Title: Value co-creation with the Internet of things technology in the retail industry. Journal of Marketing Management
Authors: Balaji M. S and Roy Sanjit Kumar
Date: 2017
Source-URL: https://doi.org/10.1080/0267257X.2...