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New financial technology is finding ways to enhance or even replace the traditional ways of handling money and managing your business. The online mechanism that allows you to pay your bills without having to travel far is a good example.
Online payment platforms such as Paypal have already gained traction, and this just made online businesses more vibrant and flexible. Banks and other financial institutions are starting to invest in technologies and platforms that make them more present online. In fact, in 2014 around $14 billion has been invested in financial technology worldwide, which pretty clearly tells how big of a trend it is becoming.
However, there is still a lot to discover and develop, and a lot of practical use and processes to be refined. Because of this, the next few years hold a lot of promise in the field of financial tech.
The use of artificial intelligence will continue to grow
The financial industry has increasingly been making use of artificial intelligence, but in smaller or peripheral ways. A lot of the repetitive tasks such as records keeping and stamping have now been automated, and this makes the whole process a lot faster and more efficient. However, the application of AI in very core parts of the financial industry is still set to explode in use.
There is also a recent development that has been informally known as deep learning. Deep learning allows machines and computers to process data that are usually hard to decipher such as emails, social media posts, online pages, and even images and video. This makes data analysis a lot more accurate and comprehensive.
Since the system for deep learning is not yet perfect, it will surely be the focus of the technology developers in the years to come. At the rate that they’re going, it really won’t take long until we see more real-time and more comprehensive processing of data in our day-to-day lives.
Cryptocurrencies will be more widespread
The use of cryptocurrency to make business transactions online during its inception was met with generally mixed reaction. There were those who recognized its potential, and they betted on it with their hard-earned money. There were also those who were a bit skeptical, and even warned that the use of cryptocurrency is just a fad that will just go away.
But the past year has shown that there can be a large support for a system that runs on cryptocurrency. As a result, even some skeptics were persuaded to jump on the cryptocurrency bandwagon, and investments on this now amount to billions of dollars. Perhaps it is now time to read resources such as the Bitcoin Revolution Review by James Walker in order for us to keep up with the times.
Digital becomes the norm even more
Currently, those that utilize digital resources in the financial sphere seem to have a competitive advantage over those that don’t. However, this edge is shrinking as more and more people are adopting new technologies. There is an expected massive move to digitize financial functions, and digitalization will soon become the norm. If this is a bit hard to imagine, look back at how keypad phones were eventually phased out by touchscreen smartphones. The touchscreen technology seemed to be just a competitive edge at first, but it soon redefined the whole market.
Financial technology surely has made lives easier. Indeed, the fact that it is still continuously improving is good news to everyone.