Technology has been continuously evolving at a rapid pace and is the main reason for the financial growth of any business. This is the digital era, where digitalization of the business processes, is a crucial step to perform. The innovations can never be on hold when it comes to technology, since the last decade, technology has evolved immensely, and in 2019, there are surely a few technology trends that are about to define finance.
The importance of the evolution of technology, where developing new software and solutions that coordinate and assemble the data and advanced analytics has never been so important. Various organizations focus on expanding their technology services along with a wide scope of reconfiguring the delivery channels and integration of payments. In 2019, we will see a speedy phase of evolution, where technology will take a turn to the future.
The extended services that have always been dreamt of will happen in 2019. The technology evolves, as so does the banking sector along with their investments in innovation and steady enhancements of digitalization. Below are listed five basic technology trends, which will play a vital role in the enhancement of digitalization, that will certainly affect the banking sector by defining the impact on finance:
1. Artificial Intelligence
As predictive banking has been a vibrant success factor in the banking sector, the continuation of predictive banking with subsequent innovation will take place in 2019. Artificial intelligence is one of the strongest technology trends, that boosts up the financial growth of any business. The financial institutions can now not only access their customer’s profiles but can keep a proper record of all the future activities as well. Building predictive profiles for their customers, keeping track of all the unusual activities along with the accessibility to approach their customers in real-time, is a factor that benefits the institution.
AI has been evolving since 1956, whether it be in the form of smartphone devices, navigation apps, personal home assistants, or streaming services. Artificial Intelligence has been a source of saving money and improving energy efficiency. The virtual agents in the banking sector can work regarding save time and energy consumption. The growth of Artificial Intelligence is rapid and will make a difference in 2019, by its’ results, raising the chart of finances for various businesses.
In the banking industry, the source of payments plays a vital role. As the evolution of technology has been taking place throughout the decade, the infrastructure of payments has also been gradually evolving. Bitcoin is considered as a blockchain technology, which is a type of cryptocurrency. Blockchain technology offers security, which is the main reason for being used in cryptocurrencies. The payment trends have evolved with the composition of the Internet of Things (IoT), blockchain technology, and mobile wallets. As the payment trends leap innovation, there will be a gradual increase in the importance of user experiences and the application of data.
The innovation of technology helps to ease the speed and processes of financial transactions, that is a crucial aspect in our finance industry. Blockchain has proved to be an important technical aspect that has been the ruling of the financial sector of our industries. Additionally, blockchain technology has made it easier to make international payments accessible and faster for the customers, along with the automation of contracts and agreements at the same time. In 2019, blockchain technology will definitely dominate the financial services and will be considered as the bridge for missing security and transparency in transactions.
3. Augmented Reality and Virtual Reality
Virtual reality (VR) has been in evolution since the past decade and is grasping over immense importance. Nowadays, we deal with virtual currency more than dealing with technical money. The money is usually stored on cards, online account, and even in our mobile wallets. The financial industry has certainly turned to adapt the augmented reality (AR) and virtual reality (VR). The financial institutions have already initiated to turn themselves to AR and VR to improve their core processes.
The financial institutions have implemented AR and VR through the execution of Big data visualization, which now allows bank employees to visualize holographic 3D models of data. Virtual advisors have now taken over the financial institutions, easing the processes of the industry. As the majority of the industry has adopted the online environment, the importance of VR and AR has increased immensely as well. Along with VR, augmented reality (AR) has been in an incredible approach as a gaming technology.
Automation has now been transformed to a whole new level, where it benefits the financial industry. The automation of the processes used for personal and business purposes have been automated through multiple software. ERP is one the biggest example that can be added here, to demonstrate the innovation of the technology. ERPs are one of the quickest yet a moderate way to handle financial status and matters. Multiple businesses are using automation for interpreting applications, banking transactions, and customer dealing. The entire business can be automated, considering the low-paid tasks to the tasks that a CEO handles.
Since technology is not stopping from evolving, the automation of the software is along with the progress. Data transfers can be made easily through automated systems and software. Data integrity, along with improved efficiency, has a reliable impact over finance. Moreover, in 2019, we will see a gradual increase in automation technology, that will give a positive yet steady impact on finance.
5. Internet of Things (IoT)
Internet is all over us nowadays. Whether it be related to work or entertainment, whatever data we use or share is over the connection of the internet. Our smartphones have the connectivity to the internet and thus enables us to get connected with different people all over the world. The prediction says that some Internet of Things (IoT) will reach up to 30 billion by 2020; the year 2019 is just the starting of this incredible milestone. This has made our lives incredibly easy; whether it be locking the doors, or getting any house chore done, we have found the perfect technology that has an impact on the financial industry along with its pros.
Cybersecurity can be a part of IoT, which helps in reducing the risks in financial services, and fraud detection have been made easier yet smarter. IoT also changes the meaning of transactions for the banking industry. Holistic insights are benefiting the financial industries through highly personalized user experiences.
Since technology has been evolving since the past decades; this is the era where it will take a new turn and have an astounding impact over the financial sector. Thus, the above mentioned innovative trends of technology have already started to grow, and within 2019, it will take over the financial industries and will benefit the banking sector as well. The organizations wait for the effective change to happen in this digital era; the capabilities and innovations will ease the customers and will have an immense impact on the industry of finance. These are all the technologies that also effects an online store like Michael Jackson Costume and Joker Jackets.