Modern technology is paving the way for more than the exchange of information. More money is being exchanged too.
In 2016, it was estimated that $5.1 trillion worth of currency was exchanged every day. And yes, that's trillion with a 't.'
That can only get bigger as technology makes it easier for consumers to enter the financial realm. Financial technology trends are making it easier for people to trade, no matter their financial state. Those same apps can be powered by technology revolutionizing the ways businesses handle their finances.
Machine learning, AI, and blockchain technologies are doing more than automating company accounting. They're empowering industry leaders to take full control of their company's money.
Keep reading for five technology trends that will change how people handle finances.
1. New Apps For a New Future
Apps like Robinhood and Acorns are empowering people to participate in the stock market. With them, people can become their own broker. No matter how much money they have, these apps are tearing down some of the barriers to financial success.
The only money people need to start an account is enough to buy a stock. The rest is up to the person.
2. Blockchain Chaining Together Financial Technology Trends
Blockchain sounds scary and complicated. But in reality, it can make up the backbone of the tools most people use today.
It's not very different from a large accounting ledger. Whenever a computer exchanges a file with another computer, the blockchain checks if the first computer truly has that file.
Not only does that make accountants' jobs easier, but also opens up a wellspring of opportunity for developers. It can even help your business build credit by automatically upkeeping your debts and incomes.
3. Artificial Intelligence As Artificial Assistants
Siri and Alexa aren't the only artificially intelligent assistants out there. More nuanced AI technologies are adapting to the modern office to help employees. They're improving companies' operations.
New technologies, like automatic invoice processing, are allowing companies to fully understand their cash flow. When employees and can automatically notify the company when they spend money, they are more incentivized to do so.
4. Machines Learning How to Count
Machine learning technologies are also helping businesses understand their place in the market. Rather than people examining long data records, machine learning is putting together patterns people usually miss.
Machine learning can identify kinds of people that spend the most money. Sales companies can also use it to identify unique trends to help them find when they make the most of it.
5. Digital-Only Banking, the Next Paypal
Digital banks are taking the next step in saving clients money. Without the brick-and-mortar costs, digital-only banks can handle accounts cheaply. As cash exchanges fade out, it makes more sense to make every attempt to save your digital money.
Keeping Pace With Financial Technology Trends is hard
Not only does technology develop quicker than any other industry, but finance is dynamic. When the two meet, it's impossible to keep up on your own. And when you don't keep up, you miss out on opportunities to grow your business.
Financial technology trends are better kept up by professionals, which means we can help. Contact us if you're ready to never miss another opportunity and to integrate the latest technology in your business!