How Technology is Changing the Finance Industry

Posted: 16th January 2017 13:59

The world of finance has changed significantly during the past 10 years. Most of these changes are attributed to the developments in technology. Most of our lives have been impacted by technology. Finance and related services are no exception to this phenomenon. We are witnessing the biggest changes in the way we consume financial services due to the developments in technology.
ATM Machines
For many people, ATM machines offer the greatest amount of technological support when it comes to banking services. ATM machines are widely popular in all parts of the world. Most people depend on ATM machines to perform their regular banking activities. ATM machines greatly reduce the dependency on humans to complete financial transactions. These machines have eliminated human errors and also allowed consumers to take control of their day-to-day financial activities.
Online Banking Services
With the proliferation of Internet, most of the businesses have started offering their services through online channels. Most of the major financial institutions have also developed websites to offer banking and financial services to their customers. Today, customers can perform a wide range of activities online. You do not need to visit a branch office to open an account or request a checkbook. Customers can monitor their transactions, view statements, make wire transfers and conduct many other services using a bank’s website. These services are available 24 hours a day.
Mobile Applications
The introduction of smartphones has led to the widespread adoption of mobile applications to conduct consumer and business services. The use of smartphones have doubled and tripled during the past few years. This has prompted financial institutions to develop smartphone apps on major mobile platforms. Today, most major banking institutions offer excellent apps on major mobile platforms such as iTunes and Android.
Personal Finance Software
Technology has changed the way people are managing their finances. Today, savvy consumers are using personal finance software to budget, manage and even file their taxes. Software such as helps regular folks to get a handle on their financial affairs. TurboTax has been offering personal software to file taxes easily and cost effectively for several years. Quicken is another software that is also widely used by both consumers and businesses to manage budgets and track finances.
Non-Traditional Banking
Today, consumers are using non-traditional banking services instead of going to a bank. Most of these channels are online. For example, you can open a bank account, request online title loans or start a trading business via Internet. Most of the young consumers prefer non-traditional banking services instead of the regular channels. Major financial institutions are recognizing this trend and are promoting unconventional methods of reaching consumers. Technology is constantly changing how consumers and businesses conduct financial transactions. Unfortunately, most of the traditional finance jobs are going away because of the rapid progress from technological innovations. However, technology has increased the speed and efficiency with which consumers are handling their finances.
We have seen different areas where technology has drastically changed the way financial transactions are handled. The advantages are many, however, many finance jobs will be replaced by automated solutions. Technology and innovations will continue to change the way businesses operate in all areas including finances.