Deltec Bank, Bahamas explains When Finance Combines Science, Technology, and Digitization

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Deltec Bank, Bahamas explains When Finance Combines Science, Technology, and Digitization

February 25
18:26 2020
Deltec Bank, Bahamas explains When Finance Combines Science, Technology, and Digitization

Deltec
According to Deltec Bank, Bahamas – “Having a focus on science, technology, and digitization will inspire innovation within the financial sector to encourage more online activities.”

We currently live in an era of digital interdependence. Change is accelerating rapidly throughout the finance industry because of the speed of technological advances today. The introduction of low-cost computing, global Internet access, and mobile connectivity enables consumers to access accounts or apply for services more efficiently today than historically.

That means our moments of change create new opportunities to solve the old problems that the finance industry traditionally faces. Even the population groups who are typically marginalized can take advantage of the convergence of science, tech, and digitization.

Four Ways that a Digital Economy Changes the World

The United Nations promotes the goal of having every adult receiving access to an affordable digital network by 2030. This proposed outcome includes digitally enabled health and financial services access. By providing these services on the emerging best practices of the supportive industry, it becomes easier to guard against abuse.

We must create platforms that help us to share digital public goods. This approach allows us to engage talent and pool datasets in ways that still respect privacy while promoting greater access to financial products. According to Deltec Bank, Bahamas – “Having a focus on science, technology, and digitization will inspire innovation within the financial sector to encourage more online activities.”

Then the digital economy will promote authentic inclusion and equality in population centers where minority groups and women are traditionally marginalized. As societies strengthen and bias-based barriers come down, the economy gains new opportunities to grow in unique ways.

These processes will create the need for help desks that provide assistance on a global scale. This combination of approaches from the financial sector will help governments find more success, creating a trickle-down effect that creates positive local impacts in ways that Reaganomics (based on the Laffer Curve) could never achieve.

Digital Transformations Reinvent Ecosystems

Transformation on a global scale requires the finance sector to take another look at every aspect of the industry’s ecosystem.

Artificial intelligence, machine learning, and automation improvements can improve internal and external core functions to provide custom approaches to every customer. This transformation can include regulation compliance, capital management, and front-facing needs like customer service.

Emerging ideas allow more flexibility to adapt to the changing needs of population groups all over the world. That means the developing world has an opportunity to catch up when digitization, science, and technology combine.

The Finance Sector Must Act Now

The scale and speed of change are ever-increasing in our world today. That means the finance sector must have an agile response to the scope of governing mechanisms and industry cooperation to continue making improvements. New forms of digitization, supported by research and development in the science and technology segments, will build a foundation of respect for wealth – and all human rights.

“That means new and meaningful opportunities for all people and countries develop when finance combines science, technology, and digitization to produce results”, says Deltec Bank, Bahamas.

We have yet to start climbing the mountains of our digital age. Although the summit remains uncharted, the promises that future discoveries offer are massive. We must reduce the potential for exploitive behavior to maximize the results that finance can provide. If this venture is successful, then our shared values can enhance peace and prosperity for everyone.

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Media Contact
Company Name: Deltec International Group
Contact Person: Media Manager
Email: Send Email
Phone: 242 302 4100
Country: Bahamas
Website: https://www.deltecbank.com/