A growing number of them are prioritizing technology investments, which means advisors who aren’t risking falling behind the curve in productivity and quality of service. According to a recent survey by Financial Planning, zero advisors plan to cut their technology budgets and half plan to increase their spending this year.
Based on its sustained growth over the past year, the fintech industry could experience even greater growth moving into the coming year. Financial technology targets a number of areas within the financial industry, including payments and wealth management.
Technology hasn’t slowed down to wait for the outdated insurance industry to catch up. Everything from self-driving cars, big data, and sharing economy platforms have tremendous potential to disrupt the industry, and we’re seeing the growing pains manifest already.