The finance and banking industry is full of innovation, and in the last decade or so, there have been some major improvements to how we do things. The finance industry used to be pretty old-fashioned and not dealing with technology, but now technology impacts it in a big way.
Some would even argue that innovation in the industry is going to take away jobs in the near future. Some finance jobs such as Wall Street traders are already seeing the impact of technology, and it is costing some jobs.
I have actually listed a few of the major changes that have occurred in the finance industry, and hopefully, it will be a major eye-opener for how much this industry has improved. They are in no particular chronological order. The advancements have all happened in the last decade, and I am sure that the next decade will have even more advancements with technology and software!
Innovative Personal Finance Apps
Personal finance is a crucial topic, and it seems as if a lot of younger adults are realizing that money is important. It is evident that this is the case because apps like Acorns and Mint are absolutely blowing up in the app market.
Fintech application development is not an easy task, but when an application is successful like those two that are mentioned above, the sky is the limit. Acorns and Mint help people manage their finances and get ahead in life.
Mint can look at your overall financial profile and give you a good overview of where you sit with your net worth and debts. With Acorns, it is very focused on your saving methods and investing for retirement.
You can even round up your card purchases with Acorns and use the excess change to save for retirement. Apps like this are definitely shining a light on how important personal finance is and how it can make the world a better place economically for individuals.
Artificial Intelligence In Finance
Also, it is worth pointing out that artificial intelligence plays a huge role in the finance and banking industry. Artificial intelligence is used for tasks like investing, assessing risk, and detecting fraudulent activities across the board.
For the corporate finance sector, artificial intelligence helps analysts assess their options with risk and see what makes sense mathematically. For instance, AI can be used to see predict and assess how much risk will be involved in obtaining or extending a loan.
In investing, artificial intelligence can be used to weigh out all possible outcomes of the market and see the probability of certain events happening, like if a stock will go down or up in the near future. Finance is continuing to innovate, and it will be interesting to see how much technology and applications will improve the lives of everyday people and finance professionals.
New technology like robot-advisors is already shaking up the industry and moving the sector to more technological innovation. If you found this post interesting, then please share it with someone that would also enjoy reading this post. Thanks for reading!
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