In Bermuda technology has always played a key role in the financial sector. Technologies such as the telegraph allowed for the first time, the rapid transmission of financial information across borders. The 1950’s saw the use of credit cards, easing the burden of carrying cash and then followed by the installation of the first ATM in the 1960’s.
Financial technologies would progress to include the world’s first digital stock exchange (NASDAQ), SWIFT (the most commonly used communication protocol between financial organizations), the utilization of mainframe computers and online banking.
The finance industry is presently undergoing another wave of technological disruptions and Bermuda is leading the way in some Fintech innovations. Increased competition from startups offering microloans via machine learning algorithms, apps that alleviate the hassle of sending money overseas, platforms that offer a single solution to accept payments anywhere in the world, smart contracts etc.
Rapid innovation combined with rising consumer expectations can have the potential to revolutionize traditional finance. The opportunities to advance the services and products in this industry is immense.
Bermuda Microsystems Group can assist in this transition by:
- Helping startup firms with our understanding of setting up new office and IT operations hastily
- Modernizing legacy infrastructure
- Augmenting IT staff
- Safeguarding sensitive client and organizational data