4 Industries That Are Definitely Going to be Disrupted This Decade

Technology and innovation have continued to exert a major impact on the world and its economy. In the coming decade, this trend is bound to continue. In fact, four industries in particular are among those that are most likely to be disrupted by technology and innovation over the next ten years.

Finance

The banking and finance industry is going to see huge changes over the coming years. Some changes are due to increasing demands from the rising generation of digital natives, while others stem from new policy regulations. In both cases, financial institutions are relying on advances in technology to help them adapt to this changing landscape. Online banking has already made strides in providing on-the-go financial services to mobile users. Similarly,  lenders are able to process loan requests online, which makes it faster and easier for consumers to secure financing. This trend is expected to continue with improvements in the security and usability of these services. 

In the coming years, financial institutions will also see advances in regulatory technology to help meet new demands in calculating risk and credit losses. Under the new current expected credit loss (CECL) model, financial institutions are using CECL compliance software to help calculate expected losses over the lifetime of different types of loans. Over the next decade, technology and software solutions are expected to help the finance industry adjust to new demands. 

Insurance

Along with finance, the insurance industry is one of the most traditional and long-standing segments of the country’s economy today. While many people think of this as a rigid business structure that cannot develop, 52% of insurers see the insurance industry as the second-most likely sector for disruption. Technology is changing the way that insurance companies assess and price risk and how insurance companies and customers get connected. It is even leading to the creation of additional forms of insurance. This trend is bound to continue in the years to come.

Education

The field of education continues to be challenged due to rising costs. This is especially true in the area of higher education where a four-year degree will cost well over $100,000. Today, there are many growing trends that will disrupt the education industry. This includes finding alternative forms of higher education, such as attaining it through a variety of accredited online institutions.

Web Application Development

The importance of web applications is continuing to grow. However, the entire web application development process and industry will see a lot of disruption and change over the next 10 years. Some of the factors that will influence and change web application development include artificial intelligence, blockchain technology, virtual and augmented reality and cloud-based technologies. As these concepts grow and develop, they will continue to have significant impacts on various other sectors of the economy.

These four industries are bound to change a lot over the coming decade. Companies that are flexible enough to stay ahead of the myriad innovations should continue to be successful.

Here’s another business article we think you’ll find interesting!

Posted in

Major Public Health Crises the U.S. is Dealing With Today

By editor | September 29, 2022

It seems that there is no end to the public health crises facing the United States. Polio, high rates of tobacco use, HIV/AIDS, and…

Kelly Roach Coaching Unstoppable Reviews

The Kelly Roach Coaching Unstoppable Reviews are In: 5-Stars Across the Board

By Staff Writer | September 29, 2022

Kelly Roach started her career by working at a Fortune 500 company, where she quickly climbed the ranks to the youngest Senior Vice President…

kitchen disinfectant safe

Is Your Household Disinfectant Harming Your Health?

By Staff Writer | September 29, 2022

The last few years have given new life to disinfecting. And while killing germs that lurk on surfaces is always a good idea, you…

How to Become an Entrepreneur Without Doing All the Work

By editor | September 20, 2022

Entrepreneurship can sometimes seem like an exhausting, draining job. And that’s because it is! There are lots of ways to explore your entrepreneurial options…

Sunil Wadhwani McAllen

From Humble Beginnings to Successful Hotelier: Sunil Wadhwani

By Staff Writer | September 19, 2022

South Texas hotelier Sunil Wadhwani is a success by any definition of the word. He owns eight hotels and has been in business for…

How to Reduce Expensive Mistakes in the Workplace

By editor | September 19, 2022

No one is perfect, and that includes employees. Sometimes, mistakes can be costly for a business. To minimize the amount of money wasted on…

Ralph Sanders

From Darkness to Light: Ralph Sanders is an Inspiration for Troubled Youth

By Staff Writer | September 17, 2022

Sometimes, we have to reach our darkest hour in order to see the light. For Ralph Sanders, this couldn’t be more true. After going…

Dr. Louis Hampers

Emergency Pediatrician Dr. Louis Hampers Exceeds Expectations At Every Turn

By Staff Writer | September 14, 2022

Described as talented, focused, passionate, engaging, and energetic, Dr. Louis Hampers has spent his career working tirelessly as an Emergency Pediatrician. Known for always…

Why You Should Listen to What Your Body is Telling You

By editor | September 14, 2022

Our bodies are incredible, layered, complicated machines. Our nervous system is perfectly constructed to deliver signals to the brain about all of the goings-on…