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Industry Overview

What is technology in banking & finance?

The days when all business was conducted with simply a pen and paper are long gone. Cutting edge technology stretches out across all branches of a company. Every member of staff and customers will utilise a company’s licensed technology packages, networks and equipment in some capacity on a daily basis. 

Just think of the impact of technology as a bank customer as an example: nowadays you have access to your account details at your fingertips thanks to the wonders of digital and mobile banking.  Millions of pounds’ worth of transactions and deals occur each day via online services, and technology has transformed the face of industries such as trading – a dip in technology for even a few seconds can make the difference in a deal. Eek!

Speedy new software has allowed companies to further expand their services to clients all over the world and has brought them closer together than ever before. And now think of how many people it takes to make all of this possible…

Technology is constantly evolving and it takes huge investment and effort on the part of a company just to keep up, let alone become a market leader in the systems it utilises. As such, there is now huge demand in the business and finance sector for technology gurus. Companies need experts who can ensure their networks don’t crash (and can fix them quickly if and when they do!), improve their existing systems and develop new ones to keep them at the top of their game and making as much money as possible.

The digital era has brought with it new challenges regarding security measures too. And who are they gonna call? Yep, the I.T. crowd again!  So-called cyber hackers use these digital platforms as a channel to attempt theft and fraud, and so each organisation employs an army of experts who work to protect to vast amounts of private and confidential information they possess. Businesses need to keep up with regulations regarding their information protection and management.

With such responsibility resting in these systems in banking and finance, people in this industry need to be highly knowledgeable, commercially aware, and also have a thorough understanding of banking itself and the departments they support to do the best job they can. It can be high pressure, and calls for a cool, logical mind. Senior roles in technology reel in top salaries.

Why is technology important?

There’s no escaping it: technology in the workplace is only ever going to get more and more important, particularly when it comes to doing business. It’s already an integral part of our day-to-day lives (admit it: the world ends when the internet momentarily cuts out, doesn’t it?) and each company simply wouldn’t be able to compete now without efficient technology systems in place. The better the technology, the better the chances of being a top performer within a market.

In the banking and finance sector, technology allows the whole act of money making to be better, stronger and faster than ever before. Time is often of the essence, and the efficiency brand new technologies provide for trading and communication really is priceless. The professionals who develop and maintain these software packages, networks and various pieces are hardware are therefore an indispensable part of business. 

Areas of technology…

InfrastructureProfessionals in this area are a responsible for designing and enhancing the physical hardware that constitutes a company’s I.T. networks, such as computers, computer networks, database managements, telephone systems, satellites and routers. Infrastructure has to be kept in ship shape running order; companies rely on this technology to communicate, run processes and do business both internally and externally on a day-to-day basis.

Business Systems This involves the development and management of information management technologies and a deep understanding of the relationship between how a business operates and how its software and systems integration can reflect and support that. The aim is to deliver the best services possible to end-users.

Software DevelopmentComputer whizz kids flourish in this area. It requires serious I.T. expertise to improve existing software packages and develop new ones for businesses.

Consulting Businesses of all sizes seek the expertise of specialist IT consultants to analyse and suggest improvements to their systems.

Technology Assurance & SecurityThe digital age poses many new security risks and challenges to the vast amounts of confidential information each business holds. Roles in this area tackle these cyber domain risks.   

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