Archives April 2022

Storage and databases, Automation, Machine-Learning, Big-Data, Identity and Security Monitoring, Management Tools, Computing and Networking. IT for Finance professionals, commonly known as “FinTech”, has evolved at a blistering pace over the last few decades.  Combined with the flexibility of Cloud computing, FinTech, in a short space of time, has changed how we process, transact and store data in a new digital-first financial services industry.

There is a TON (meaning hundreds) of automated services that can be utilised within the three basic service models of the Cloud being:  

• PaaS (Platform as a Service)  
• SaaS (Software as a Service)  
• IaaS (Infrastructure as a Service)

Pen, paper and major filing are quickly becoming a thing of the past as the evolution from analogue (non-digital activities) to digital activities handed mankind the great advantage of exponentially increased scope, something we bank on for your safety. 

In this article, RAHN takes a brief look at the history of FinTech and IT for financial professionals through the three recent eras of its development. 

FinTech 1.0 – 1866 to 1967 – an early dawn IT for Finance Professionals  

Remember the Morse Code, the telegraph and the big ole Rubber Stamp? Yes, we also struggle to recall them but this is how the very first electronic funds were transferred and transacted. Very primitive to how we work and transact today, but Fedwire (1918) and the first transatlantic cable (1866) paved the initial way for IT for finance professionals into what it has become today. 

FinTech 2.0 – 1967 to 2008 

Major advancements made during this era include the introduction of the ATM and the SWIFT system of cross border payments (which has come back into the spotlight with increasing sanctions on the Russian economy.  The NASDAQ, the world’s first electronic stock market launched in 1971. The eighties gave rise to new computer mainframes and IT for finance professionals to communicate online and the 90’s further developing the way in which we started interacting with our banks digitally. 

FinTech 3.0 & 3.5 – 2008 until present 

2009 – Enter Blockchain technology and Bitcoin, the young granddaddy of the Crypto market. Decentralization and ease of use became the keywords in terms of IT for finance professionals in a period when apps and banking on cellphones really started to take off. While mobile technology greatly improved the customer experience, its adverse human effect was to close many bank branches around the world. 

There now exists a customer need for Open Banking, and 24/7 access to facilities and records. Cloud Computing has become the driving force behind this digital transformation, turning the traditional WAN (Wide Area Network) into a Software-Defined one (SD-WAN). Mobilizing the workforce, and changing the future forever. 

Rahn – Optimised IT for Finance Professionals 

The way in which people interact with money, and each other, has changed dramatically. But even though the landscape is now easier to navigate, understanding which FinTech service or expert to utilize and thus effectively harness the vast power of the Cloud becomes the problem. It is one that we, at Rahn Consolidated Pty Ltd pride ourselves in solving for businesses and individuals across the financial services landscape. 

We offer a specialist Recruitment Solution, ensuring that all your IT processes and systems are set up correctly and that you are hiring key staff with the key IT skills required to maintain and grow your business. 

Visit our Website today to explore how we empower the financial industry with essential products, services and staff for success.