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Technology at the forefront of the financial landscape change

By leveraging the latest technological innovations and their own company infrastructure, fintech companies and other financial service providers have been able to steal away a small but significant slice of the financial market in certain business segments that used to be dominated by traditional banks – and banks are starting to feel the pressure

Because banks are encumbered by their sheer size and hamstrung with legacy tech that pervades most of their banking systems, more nimble companies such as PayPugs are able to service a gap in the market by literally offering what most banks can’t.  

Here’s a closer look at the top 10 technologies that are shaping our financial landscape (as identified by Atos and placed into perspective using their helpful Global Banking Technology Radar). Companies such as PayPugs provide customers with better, smarter and more personal financial services and products.


Hybrid Cloud

According to IBM: “With hybrid cloud, banks have the flexibility and benefits of both private and public cloud, while addressing data security, governance and compliance.” This, according to The Financial Brand, translates into “reduced costs, improved operational efficiency and enhanced innovation.”

Instant Payments

Instant payment options, such as those offered by PayPugs and other digital payment platforms, allow users to complete transactions instantaneously. 

Robotic Process Automation (RPA)

By automatically applying pre-programmed rules to both structured and unstructured data, banks and credit unions are able to cut down on time and resources spent on administrative and regulatory processes by at least 50%.

API Platforms

Companies such as PayPugs use an API Banking Platform that is designed to act as a kind of middle man between the bank’s backend execution and front-end experiences provided by either the bank/financial service provider or third-party partners. This allows them to quickly and easily experiment with new business models and technologies that translate into better user experience and product/service offering.

Augmented Reality (AR)

Although this has currently only been implemented in the most generic of forms, the possibilities of what augmented reality could be implemented in the banking sector is intriguing According to Wowsome, “The end-state is to give customers complete autonomy in actions and transactions they could perform at home.”

Prescriptive Security

Organisations need to be quick to adapt to the latest and potential future threats to their cybersecurity through the use of advanced analytics, real-time monitoring, AI and other tools, which allow them to detect and prevent any potential strikes – prescriptive security.


PayPugs is built on blockchain technology which, as Wowsome explains, allows “multiple parties to access the same data simultaneously, and at the same time ensures the integrity and immutability of the records entered in the database.” It also means PayPugs uses Know Your Customer (KYC) operations (meaning they comply with Anti-Money Laundering laws) and smart contracts as highly effective ways to manage syndicated loans, trade finance and payments.

Artificial Intelligence

One advantage that banks have is that they have a tonne of data on their customers and their relationships. Artificial Intelligence turns these huge histories/data into clear insights that banks can act upon and improve their service/package offerings, client experience, internal processes and increase their bottom lines.

Smart Machines

Smart machines, like virtual assistants, have to an extent replaced the need for customers to interact with actual humans by handling many of the most common requests and interactions with customers and thus reducing the number of staff needed to. 

Quantum ComputingComputers use binary bits of code of that are represented as 1s and 0s. Quantum computing uses an additional state: 1s, 0s, or both. This is a significant leap in computing power, and according to Wowsome, despite any commercial implementations are still decades away, “firms like JPMorgan Chase and Barclays are investing in quantum computing research in partnership with IBM.”

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