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Trends in the Financial Services IndustryUniversity of Maryland Global CampusUCSP 615Professor Erin Sanchez
2Running Header: Trends in My IndustryMEMORANDUMTO: XXXFROM: XXXDATE: September 1st, 2020SUBJECT: Trends in the Financial Services IndustryTrends in the Financial Service Industry-IntroductionThe financial service industry has changed over the last 20 years, because of thetechnological evolution and changes in federal regulations. The industry's direction is beingdetermined by large data sets and analysis framework. The access to real-time data will continueto enhance the customer experience. The improving time frames are allowing for a data drivenstrategic decision-making process. Analytics allows for 71% of financial institutions having acompetitive advantage (Dowd, 2019). The finance industry is moving further towardsdigitalization and automation. This process provides customers with a personalized experience.The two sides to consider in the industry; the back end is data driven and the front end is thedigitalization and user-friendly platforms. Decisions need to be made based on data and themarket trends. Hence, to compete, we need to focus on the following three trends: data analysis,Fintech, and enhancing the customer experience through an automation.Discussion of Three TrendsThe financial services sector has transformed because of the development of web 2.0.This has led to many E-commerce businesses across the internet. The finance market realizedthat they needed to be part of the internet boom. Changing the way, the industry does businessand enhancing the customer experience. Customers are using online banking, asset managementplatforms, and investing online. It is important that the clients receive information which is
3Running Header: Trends in My Industryauthentic. It is important to have a large data set to perform analysis and provide real timeinformation. The financial services have become a 24 hours global industry. The information is