The role of technology in improving our lifestyle and wellbeing is undeniable. Most importantly, in the days to come, we are likely to experience many more advantages of modern technology in our day to day lives. When we think about the future of technology, we generally expect more comfort, convenience, and a better lifestyle. However, one of the biggest potential impacts of modern technology on human life is the way it is likely to affect our financial future. Whether it is filing Chapter 7 bankruptcy or applying for a business loan, modern technology will change things in more ways than we can even think of.

• Finance industry re-structuring: Over the last few years, the finance industry has undergone a complete re-structuring because of technology. Jobs that were previously performed over several hours by an expert can now be completed within seconds by an automated algorithm. These complex algorithms can analyze data, make complicated money exchanges, and even make snapshot assessments of risk with a high degree of efficiency. This is great news for the consumers because they will soon have access to more services in a digital format without spending a lot. On the downside, however, automation will lead to significant job cuts in the finance industry.
   
• Management apps: In the near future, we can expect financial management to become extremely simple for average customers with the introduction of more apps for budgeting, stock exchange, money-saving, and much more. The intuitive layouts of these apps will ensure that everyday consumers are able to understand complex financial topics without having to rely on financial advisors and other professionals. Most of these apps will have financial models heavily dependent on initial user adoption and will be available for free or a minimum download charge. Collectively, this change will provide more power and insight to consumers than ever before to handle their financial situations.
   
• Blockchain: This is the latest buzz in the global financial sector for more than one reason. With the growing number of financial crimes every year, privacy and security have emerged as the top concerns for the industry. In this scenario, blockchain technology promises to be a digital safe haven for the future of financial transactions. Please note that, however, blockchain transactions are not foolproof and can be vulnerable to traditional scams and human errors. However, compared to current practices with digital exchanges, blockchain is certainly a safer alternative. In the future, this could well serve as the basis of almost all types of virtual transactions and lead to a complete restructuring of the offerings from most banks.
   
• Credit and trust: As we all know and have experienced, our financial lives depend a great deal on our credit scores. Complex algorithms are utilized by financial institutions to determine our credit scores. In the near future, with the easy availability of big data, there are chances that these algorithms will become extremely sophisticated. This will mean that our financial wellbeing will be influenced by even our behavioral patterns and smallest purchasing decisions. For financial companies, this will provide higher accuracy in terms of risk assessment. However, unfortunately, some people could be entirely closed off from financial services by this technology.
   
• Occupation and income: In the future, technology is likely to have a profound impact on people’s occupation and income. It is estimated that by the year 2030, machines and AI will replace up to 40% of job vacancies in the US. This will also have an impact on the salary of the surviving employees. In order to offset this negative impact of automation, some experts have already called for the emergence of a universal basic income.