1. Mobile Trading (such as E*Trade App for iPhone and iPad)
One of the largest innovations in the financial sector in past five years has been the use of technology to give trading access to anyone anywhere. Mobile trading platforms, such as E*Trade, allow users to trade and watch their investment directly from phone or tablet in the comfort of their home. Such a platform is ideal because it means an investor can buy or sell at a moments notice, even while on vacation. Along with convenience, a mobile trading platform can bring more users to the market because they can invest themselves without having to use a broker.
2. Risk Analysis Software (such as OpenGamma)
With algorithms becoming ever more complex and more reliable to model and predict human nature, UK start-up OpenGamma set out in 2009 to create a risk analysis software for a given market. This technology is invaluable to financial sector because it can guide companies in where to invest their money and warn them of possibly dangerous or risky markets. OpenGamma is used to help firms fully understand a market in order to evaluate and the risk.
OpenGamma helps financial services firms evaluate, understand, and manage market risk in an open, transparent manner.
Bitcoin is a “crypto-currency” that has the potential to be powerful. Bitcoin has risen in value tremendously, although the currency has succumbed to hackers and caused major busts. Despite these boom-bust cycles, Bitcoin could become a reliable and more efficient currency than paper money. Using Bitcoin as a currency can make banking and transactions low-cost, widespread (access to everyone world-wide through a single common currency), faster, more secure and easier. Although right now the more secure part is not living up to its standards, the currency still has potential to become a large technology in years to come. Thus, Bitcoin is a major innovation in the financial sector in the past five years