Financial technology has burst onto the scene in recent decades.
With the likes of cryptocurrency causing a huge stir, Bitcoin dividing stocks and shares markets, and the growing value of online enterprises, there is no surprise that many businesses and individuals are starting to see that at some stage in the future, there will be redundant services in the financial services sector as technology takes over and makes things advanced, quicker, and well smarter.
AI technology incorporated into the financial sector is something that is becoming more and more apparent in our everyday lives. Using our phones to pay for things, relying on online applications to do our banking. However, I wanted to explore some of the other ways fin-tech is taking over the world.
Technology being able to master and predict the stock market
For a while dabbling a bit on the stocks and shares market has been a great way to make some money. People will often see it as a risky investment, and would possibly avoid doing it unless they were more clued up on what they were investing in.
However, with the likes of technology advancing and creating software and bots that can actually predict market rises and different strategies within the stock market it opens this sort of investment up to people that were perhaps less knowledgeable in the past. Things like trading software for algorithmic trading means that even the less informed amongst us could make a real impact in the stock market and informed decisions on whether to invest or not. While there is no crystal ball, and the investment can still be risky, the fin-tech application and software available open this up to more people in the future.
Facial recognition to make online payments and do online banking
It used to be a passcode that could unlock your banking, but now you could even access your bank accounts and make transfers with touch ID and facial recognition. With technology advancing in other ways, it is the financial services sector that is taking advantage of the better security features that could make banking simple, but yet secure, for the many.
Crowdfunding at a whole new level
It seems we can’t go too far from our social media feeds to see a new level of crowdfunding being publicised. Whether it is people setting up GoFundMe pages for all sorts of reasons, or businesses using crowdfunding software to create much-needed investment for their start-up businesses. With the release of new fin-tech such as crowdfunding, it is now easier than ever to obtain financial support from every possible angle.
Is it the end of relationship and wealth managers in the finance sector?
In the old days, you had a good relationship with your bank manager, they were who you turned to in financial need. But with the introduction of different software and fin-tech capability will we see the end of wealth managers and banking consultants? Is it now just the age in which a computer-derived software system can tell us how best to invest and manage our financial assets? It certainly seems that way.
It is always good to be open-minded to new and developing software. But it certainly seems that some of the latest AI and fin-tech releases are simply taking over the world.