TMCnet Feature
January 10, 2022

What Technology is Digitally Driving the Finance Industry?



There is no getting around the fact that technology has had a massive impact on the way that we do things in our everyday life, and it continues to be a driving factor in decision-making and adaptations within a number of industries. The finance industry is no exception, as digital tech is currently forcing what is usually considered quite a slow-moving sector to pick up the pace and operate in a much quicker and efficient manner. Here, we will consider what some of the new techs that is currently driving the financial industry is.



FinTech

The first thing that you need to consider when it comes to being a driving factor in finance is FinTech. In case you are unaware, FinTech is essentially just a shorthanded way of referring to financial technology within the business. There are a number of different FinTech companies out there who are offering their clients an incredibly flexible and convenient experience when it comes to banking and payments as they are offering real-time transactions, management on investment, and easy insurance.

Apps

In a similar vein to FinTech, there are a lot of apps now that are having an impact on the way people can manage their finances. This could mean simply impacting the way that people bank, thanks to the rise of online banks, or also with how people pay their bills. For instance, a lot of people become stressed when they have to pay bills as soon as some money goes into their account, meaning they are not given a chance to actually save anything. As such, there are apps such as Deferit, which allow a client to pay a bill in a much easier manner. Essentially, the bill will be paid by Deferit, and then the customer will pay Deferit back in 4 installments, all of which do not come with interest or late fees.

Artificial Intelligence

As it develops further, AI is being used in many parts of our lives, including finance. This is firstly seen within the realm of customer service thanks to the wide implementation of chatbots, but it is also being used in automated wealth management. Don’t worry if you haven’t heard of this technology as it is still reasonably new; however, they are essentially bots that are used in order to calculate the likes of the best interest rates, opportunities for investment, and loan providers. This means that managing wealth and expanding upon that wealth in the future is going to be much easier and efficient than it currently is.

Conclusion

As technology continues to evolve and broaden the horizon on what any of us thought was possible, these developments are being implemented more into our everyday lives and in industries everywhere. This includes the financial industry as it is becoming much quicker and efficient, that’s to the likes of FinTech companies, Apps, and Artificial Intelligence being a driving factor into the overall rate of productivity. It is exciting to consider the future of the financial industry as technology is embraced more to give people a better experience within it.  



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