“The sector has made great strides towards digital transformation, but there are still barriers to innovation. How do industry insiders see financial services evolving: which will be the real game changers, how will the industry transform over the next few years and are institutions and regulators keeping pace?” — DLA Piper

Major Vanuatu banks have been embracing technology for quite a few years now. And mobile devices are still a game changer in finance. Automation has replaced traditional banking jobs, and there is a shift in the skill sets required in the finance sector. The new generation of financial professionals must adapt to these changes.

The trend of taking advantage of data analytics technology is visible in the financial sector too. Financial institutions are using data analytics to improve the customer experience and gain a competitive edge over their peers. Professionals with strong data analytics qualifications have high job prospects in the finance sector.

Vanuatu mobile telecom operators started providing electronic payments services that are typically offered by banks or other companies. With mobile money, more people can have access to affordable financial services. In many countries, this has become extremely popular—especially in places where people are less likely to have bank accounts or credit cards, or where it is either not available or too costly.

Cybersecurity is crucial for the finance industry. There is a heightened level of expectation regarding cybersecurity, and emerging trends show our innovations are in line with improving security. While online scams have become more prevalent in Vanuatu, with scammers continuously finding new ways to deceive the average unsuspecting person, the promotion of financial awareness and literacy can help to eliminate the blind trust in misleading or unreliable sources.