Today’s finance industry has never been seen before since the beginning of the world. This is due to the many technical and structural changes shaping the industry.
In consonance to this are reviews shared by enthusiasts on UK.collected.reviews. Also, the publications of assets management companies have only but corroborated this standpoint. If you are still wondering, here are 5 positive impacts of technology on the modern finance industry.
1. Mobile Payment:
One of the impacts of tech in finance is mobile payments. With the rate tech is moving, many people have resorted to mobile and online transactions using mobile payments. If you are not sure what mobile payment means, it is money made through mobile phones such as cell phones or tablets. There are very good reasons for this. The current statistics put global mobile users at 3.5 billion users with over 66% of these users said to be addicted to their phones. Being addicted means there are no creative ways to use smartphones especially in handling funds.
2. Mobile Banking:
Mentioning mobile payment and not mentioning mobile banking would be wrong. Banking and financial services have not been extended to mobile telecommunications devices, thanks to technology. In fact, some banks operate solely mobile and online banking without a physical office and this is because of the huge interest in mobile banking and nearly all-around embrace of the innovation is second to none. Mobile banking is different from internet banking through the use of the mobile app. This means internet banking uses websites while mobile banking uses more mobile apps. Nonetheless, both are under online banking.
3. Digital Money:
Also known as digital currency, this form of money is not held physically but rather kept electronically online. As technology rises, going increasingly dominant, fewer physical funds are being demanded and more transactions are being done over the internet. This has paved the way for funds such as cryptocurrency in the form of Bitcoins, Ethereum, doge coins, and so on. A great feature of digital money is that they are deregulated, meaning they are uncontrolled by the central bank of any government or country.
4. Public Cloud:
The fintech industry is gradually adopting the use of the public cloud. The adoption of cloud technology is expanding and several industries are beginning to dive into it. Benefits of cloud technology include effective information storage, efficient collaboration, access to smart updates, and business continuity.
5. P2P Transaction System:
Peer-to-peer financial transaction systems such as the one operated by Venmo and Zelle is becoming increasingly popular. Although it was initially targeted at consumers 50 years and below, it is now embraced by nearly everyone, open to all ages. The benefit of using a P2P transaction system is the reduced costs of sending money to your peers by eliminating the costs of middlemen and payment agents.
Financial technology is a merge of finance plus invention plus innovation. The world of money today has been larger than what it is thanks to financial technology.