With the aid of cloud computing technology, financial institutions can streamline their operations, enabling faster and cheaper transactions.
Finance
The biggest trend in finance for 2024 is AI powered banking and investment platforms that help people manage their finances and make smart investment choices.
I believe that there has been no more significant change in the industry than the shift toward cloud computing and digital delivery systems. As we all know, software companies like Salesforce, Adobe, Zoho, etc. use technology to streamline their operations, making their products accessible by everyone online.
The future of finance may not be limited to the financial services sector; the trend in the software industry is likely to be carried forward into other business domains as well. This will ensure that money management can reach people who were previously excluded from it.
1. Mobile Banking: With the proliferation of mobile banking apps, customers can now make transactions through their smartphones. The apps allow customers to download an app on their mobiles, create accounts, link it with ATM cards, and manage online banking. The bank's website, mobile apps, messaging platform, and social media channels could easily connect with the customer base.
Customers can access loans, pay bills, check account balances, compare insurance plans, or even monitor investment portfolio. By giving the option to complete routine transactions offline, customers are offered convenience and speed.
2. Cryptocurrency: The adoption of cryptocurrency continues to grow rapidly in the finance industry, driven by the popularity of Bitcoin.
Although still emerging, some major players like Bitmain, Tencent Holdings, and Alibaba Group have already begun to explore its role in financial institutions. Digital currencies have a promising future in personal and business loans, credit card payments, money transfers, bill payments, e-commerce financing, digital stock trading, and online payment systems.
3. Artificial Intelligence (AI): The financial services sector expects to leapfrog past traditional human intermediaries and trust machine learning algorithms to provide more sophisticated financial insights to consumers. Investors can also use this technology for self-reporting, monitoring, rebalancing, and portfolio optimization that will help people avoid losses. This artificial intelligence is used to create predictions about the market. It helps companies and investors make informed decisions without asking them questions.
4. IoT: Internet of Things(IoT) has transformed the way financial institutions interact with their customers. It enables customers to track their accounts, set up reminders, view statement summaries, and execute trades from their smartphones. There have been several new technologies created to do this effectively, such as mobile wallets, digital wallets, or wearable devices.
5. Augmented Reality(AR): AR is now being integrated into many applications across various industries. Financial industry is an area where AI augmented reality could prove most useful in enhancing user experiences. Users would get to interact with financial concepts in a more realistic manner, which makes it easier to understand. They could be able to visualize different account statements, track their finances easily or even make investment decisions using AR technology.
6. Digital Wallet Integration: Digital wallets are designed to store personal information and aid in payment transactions. The development of cloud-based storage solutions using mobile apps stores sensitive customer data securely. As a result, businesses may use the wallets as an alternative to cashless transactions. Businesses also can offer customers digital wallets as a way to pay bills or buy things online.
7. Chatbots & Automated Customer Service: With AI-driven chatbots and automated customer service options, the process of assisting clients has become less tedious. In future, the services offered by chatbots will include transaction-related tasks and assistance with financial matters. Chatbots are frequently used to communicate and assist clients who need them.
