Top 5 Ways Technology Is Transforming Finance

Technology and finance today is inseparable:

Who would have imagined that even a few couples of years ago also, technology would be so advanced so as to change the face of financial markets?

I remember when I was young and used to accompany my parents to financial institutions where they used to go for their borrowing or depositing, there was so much paperwork that was warranted. I remember them department hopping in a bid to process their requests and waiting for days before it was accepted. I never thought once that it was taxing on them but today, when I look back, I feel for the kind of hard job that they did all their lives.

Why, even a few years ago, excessive use of paper money, people filled rooms and bulky computers were the norm. Cut to today, there is so little hassle. Payments and deposits that can be made online, almost nil human interaction; no hopping over to desks to get signatories to look into the papers and thank god no long queues for payment and deposits!

This website called Bullmarketz.com has so many articles and blogs on it. I read a very interesting one that in which it talks about the five path-breaking ways in which technology has changed the face of finance in our times. Here is the summary of the blog.

  1. Deploying IoT devices

Internet of Things is a new buzzword. It allows companies to set up internet devices in places where valuable data can be obtained. For example, fitting the IoT device into a car for an automotive insurance company can give a big idea about the underwriting of insurance policies.

  1. Using artificial intelligence and powered bots:

This one is a great virtue because it can track all the minute details relating to a customer and can be programmed to give out specific financial instructions and advice. It is touted to a tube of great help in tracking frauds too.

  1. Further sophisticating the existing algorithms:

There is a constant upgrade of software so that the financial institutions can go beyond their call of duties. It has been working so well that financial institutions are now taking a cue from some of the world’s famous banks.

  1. Including the benefits of blockchain transactions:

We all know the benefit of blockchain transactions especially the transparency and the quickness of it. Banks and other financial institutions are looking to include a process on similar lines that will help them to serve their customer base better.

  1. Cloud computing:

Safety and security of personal data are paramount and that is why financial institutions across the world are migrating to cloud computing and keeping their data safe on servers elsewhere so that it is safe even in times of vis major.