Technology has been making waves in the financial services industry. From smartphone apps to web-based social media, people’s use of technology is changing drastically.
Here are nine tech trends that will revolutionize this sector of our economy:
1) Virtual Reality Financial Services – VR is becoming more widely available, and while it’s not quite mainstream yet, it won’t be long before we see virtual reality headsets at your local bank branch or ATM.
2) Artificial Intelligence – some banks already use AI to handle customer service inquiries, but it’ll grow into something much bigger. For example, artificial intelligence can analyze customer data and provide targeted marketing or financial advice.
3) Regtech – Regulatory technology refers to technology in the financial regulatory industry. This can include anything from cloud-based software to big data analytics. Banks are increasingly using Regtech solutions to help them comply with regulations and improve their operations.
4) Digital Currencies – While digital currencies have been around for several years, they’re only starting to gain traction with mainstream users. Bitcoin is the most well-known cryptocurrency and has become more widely accepted by major retailers in recent months.
5) Mobile Payments – With the advent of Apple Pay, Google Wallet, and other mobile payment platforms, it’s easier than ever to pay for goods and services with your smartphone. This trend is only going to grow in popularity in the coming years.
6) Biometrics – Touch ID and facial recognition are two examples of biometric security used for financial transactions. While these technologies aren’t yet mainstream, they quickly become more widespread due to their ease of use and enhanced protection.
7) Blockchain Technology – The blockchain has many uses beyond cryptocurrency, especially finance. Banks and other financial institutions are starting to explore the potential of this technology for use in areas such as clearing and settlement.
8) Smart Contracts – While smart contracts are still in their infancy, they have the potential to change how many industries operate. They can be used for asset management or real estate investing and will likely revolutionize these sectors once they become more mainstream.
9) New Payment Methods – Mobile payment platforms and other new forms of payments are growing in popularity. This is especially true among younger generations, who have been slower to adopt traditional payment methods such as cash or credit cards.
In conclusion, technology has a significant impact on the financial services industry. These are just some of the trends we can expect to see in the coming years. As always, stay tuned for more updates!