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Published on March 21st, 2019 | by Bibhuranjan

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Financial technology trends and other modern monetary solutions

With the technological advancements of the digital era, various industries have been revolutionized, and impressive changes have occurred in our daily lives as well. The financial sector is one of the areas where the influence of tech innovations has been most noticeable, a wide variety of great trends emerging over the last few years. Financial management and debt control have become easier to handle by the average individual thanks to new technologies, as well as other advantageous solutions meant to ease monetary challenges. If you are currently seeking to improve your spending, financial behaviors or simply learn more about modern money management habits, being aware of all the opportunities that stand at your disposal is key. What are the tech trends and financial opportunities available that you should know about at the moment? Here some of the hot topics of discussion in today’s financial climate:

Digital transformation

If you are like most of today’s consumers, your actions in the consumerisms department have probably become more digital in recent years, so naturally, seeking tech-savvy baking infrastructures comes as a normal decision. You will be able to observe that an increasing number of financial institutions are directing their attention and focus towards digital transformation actions. Different types of projects revolving around financial digitalization have been observed lately. A bank that doesn’t come with mobile banking opportunities, for example, is less likely to maintain your interest. Investments in digital innovations are being made constantly around the globe, and as a consumer, you are able to take advantage of the impressive transformations implemented.

Blockchain and AI

You have probably heard on more than one occasion the popularity revolving around blockchian technology and artificial intelligence. These movements have certainly changed the way finances are being seen in the digital era. AI & Blockchain continue to expand their frontiers, and are appealing to companies that wish to access competitive financial advantages by solving a wide variety of in-house problems revolving around money management patterns. AI is being implemented within an extensive range of organizations, and the main purpose for that is to cut down costs. Investments, spending and general money management behaviors can be perfected thanks to Artificial Intelligence tools. Blockchain, being widely known as the tech movement that runs cryptocurrencies is another trend that has made the financial sector more powerful than ever, bringing to the table a vast array of impressive advantages. Cross-border payments are simplified and made faster through Blockchain. Other granted benefits are higher accuracy for trades, and a deeper transparency in terms of financial operations carried out in the online. The impact of AI & Blockchain on the financial market cannot be denied, and there are multiple ways in which you can benefit from a safer financial control if you look into these popular technologies yourself.

Individual Voluntary Arrangements

While not exactly a tech trend, Individual Voluntary Arrangements have become quite popular in recent years, being a modern approach to financial problems and debt struggles. When you are no longer able to keep up with the various debt payments you need to cover monthly, seeking an alternative becomes necessary. Financial concerns have started to be minimized over the last few years, with new debt solutions being brought into the financial market. IVA is one powerful example here. Being a formal and secure debt consolidation opportunity, this method can be used to reach a single affordable monthly payment to an Insolvency Practitioner instead of having to cover multiple repayments with unreasonably high interest rates. There are various factors that have drawn popularity to Individual Voluntary Arrangements. Being debt free after a period of 5 years, affordable payments, being able to keep hold of your assets (house and car), and no longer being contacted by creditors are some of the aspects that trigger so much appeal. Financial institutions are trying to provide you with modern solutions to modern problems as you can read here, and you are able to access the necessary support by applying online. Even getting out of debt has become easy and convenient in the digital world.

Digital-only banks

Traditional banks are facing increased competition and digital-only players are becoming quite the important threat for these institutions. The new breed of digital banking providers are taking the spotlight, bringing into the market some impressive financial products and services that defy the conventional models you have become accustomed to in the past. As a digital savvy consumer, you are probably always targeting offers that can make your financial management actions more effective, convenient and reliable, and digital-only banks seem to have it all. With the rise of digital-only banking players, your expectations regarding digital financial interactions have probably increased as well, so opting for the most innovative and advantageous tools is normal. The competition has challenged physical banks to step up and expand their digital offerings as well, so now, consumers have a much wider range of opportunities to choose from.

Cloud-based financial innovations embraced by financial institutions

Cloud-based innovations have caught the interest of financial institutions for quite some time now, but only in recent years, more banks have started to actually embrace the opportunities and trends in this department. Clod data entry initially raised concerns among banks, due to security issues – hack attacks were the main worry here. However, because technology has been improved, and has become such an essential part of everyone’s daily lives, cloud computing has started to be accepted even by the largest institutions on a global scale.

As you can see, today’s financial climate comes with quite a few appealing technologies and opportunities that give you the chance to take better control of your finances, and manage your monetary concerns in convenient ways. Whether you decide to switch from traditional banks to digital-only banking approaches, you consider the possibility of opting for an IVA solution to handle your debt worries, or the topic of alternative lenders draws your interest most, you can say that today’s financial market is more permissive and full of opportunities than ever, and technology has had quite the influential power here.

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About the Author

Bibhuranjan

Editorial Officer, technofaq.org I'm an avid tech journalist and enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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