The finance sector has been virtually ever-present across time, just in different forms. In our modern world, innovations to make banking, payments, and transactions easier for clients are continuously popping up. This is especially true in the digital realm of banking.
How much did digital banking alter how we deal with finances? Let’s have a rundown.
Mobile banking has seen huge growth in recent years. Right now, the services we can get from mobile banking is no longer limited to just checking our balances. We can now apply for loans, transfer or receive funds, and pay bills using a mobile app.
Some mobile phones are created to even facilitate payments just by the tap of your phone. Premium and mid-range mobile devices now come with Near-field communication (NFC). This is the technology used in Android Pay, Samsung Pay, and Apple Pay. Now you can skip the hassle of going through long queues just to pay — you can just tap and go.
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Our banks can now provide services smarter than ever before. Using the large volume of data we have in this era, AI bots are now trained to determine the best investment opportunities and loan providers for you. You can now take risks knowing that every step of the way has been well accounted for, maximizing the chance of great payoffs for the money you invest.
A rising trend is in the finance industry is the concept of cross-border platforms for banks across the world. Blockchain technology has started to eliminate the need for middlemen in cross-border transactions such as currency transfers. Some banks are even pushing forward the notion of a single platform which would make everything from penetrating markets, making payments, as well as acquisitions way more efficient.
A long way to go
Huge strides have been made to improve the financial sector. However, there are still a lot of legacy systems in place we need to eliminate to truly achieve digital integration. This problem is not only present in the finance sector, but federal legacy systems, in general, also cost US taxpayers millions of dollars every year.
To further maximize productivity and minimize operating costs in finance, we should look into taking full advantage of the technologies we have right now, enduring the pains that come along with drastic changes.