A significant if not the most important factor for a rapidly changing economic scenario world over is FinTech or the financial services technology. Nowadays it is extremely simple to spend, invest and manage your money from the comfort of your own space – your home, on your way to work or even on a holiday in a remote corner of the globe.
Today’s consumers are confidently moving to digital spending and investments necessitating the whole industry to transform itself and adopt new technologies. It is AI all the way henceforth.
What are the new trends in the financial sector?
- Physical Banks are losing their sheen
Due to the increase in online banking and more recently mobile banking, physical banks number has seen a steady decline over the last decade. It is not just online banking that is taking away customers but also other players in the market who allow you to procure loans, invest, save and even lend money without stepping out of your homes. Technology has improved so much that you can even trade with automated trading bots like the Q Profit System. You can read more about Q Profit System to know how technology can help even layman trade confidently and even make profit.
- Emergence of blockchain
The blockchain technology is the reason for the emergence of bitcoin as a powerful digital currency. This technology allows you to safely and securely deal in any kind of goods – money, ideas, royalty fees, real estate, investments etc. It removes the middlemen of yore while providing better online security.
- Encouraging a new financial outlook
With the advent of mobile banking, the life of the common man has become far simpler and less stressful. There is no more a rush to the bank to deposit a paycheck or repay a mortgage loan. You can now do it from your mobile phone at your convenience and from anywhere you are. This kind of freedom encourages people to actively participate in their finances and seek opportunities to invest and borrow with ease. Furthermore, the ability to see your finances at a glance aids them to lead a healthy financial life.
- Physical Currency bye bye
If you have invested in bitcoin then you must know that it is a digital currency that is not specific to any nation. With more and more transactions possible with digital currency the need for actual physical currency is diminished. And even for those without bitcoin, the plastic card has revolutionized the way we shop.
Thus, we see that there are interesting times ahead not just for the consumer but also for the industry with blockchain set to making way into the mainstream marketplace.