With the rise of fintech, the finance industry is being dramatically transformed. Let’s take a look at 4 of the top fintech trends that are taking shape:
Central Bank Digital Currencies (CBDCs)
Central bank-issued digital currencies are now shaping up to become a reality. In the recent past, China has unveiled a digital Yuan, which is a groundbreaking bit of technology, even for a major economy.
Some world leaders are hoping to implement a global digital reserve currency – but it isn’t a given that this will happen, because there is sure to be pushback from a variety of stakeholders. Consider the possible repercussions if governments were to eliminate cash and totally take control by forcing all financial transactions to take place digitally. That type of action would completely upend the entire nature of the world’s banking and financial systems. A smooth transition would be unlikely.
A Rush to Strengthen Cybersecurity Measures
Every organization that makes use of the cloud, or any form of internet connection, is potentially vulnerable to becoming the next cybercrime victim. This includes governments, charities and businesses — but any organization in the finance industry could be a target of particular interest to criminals.
Hackers are developing more sophisticated attack methods, and organizations’ leaders are becoming aware that they need to take action, including implementing accounting automation, to protect their assets. In particular, finance industry leaders are searching for better tools, software, and technologies that can help them safeguard their networks.
Robotic Process Automation (RPA)
Robotic process automation is a technological innovation that allows for automated mimicry of mundane office work. Humans used to perform tasks such as filling out forms and moving files around. Scripts and other RPA tools now enable these sorts of tasks to be performed autonomously across various software systems. In the finance industry, RPA technologies are being deployed in an effort to cut costs, reduce fraud and minimize the numbers of processing errors that take place.
Voice Payment Technologies
There has been a massive surge in quantity, quality and availability of voice-activated technologies. Many businesses in the finance industry are taking advantage of this to create new time-saving, convenient voice payment technologies and voice banking services. It is now possible to use voice commands to check bank balances, make bank transfers, and pay bills.
The Best Way to Learn More About the Latest Up-and-Coming Fintech Trends and Techniques
Are you intrigued by these up-and-coming fintech trends? Do you want to dig deeper and learn more about how these things are being implemented? And do you want to figure out how you can take advantage of the latest financial technologies to boost your own business interests? If so, consider enrolling in a top quality Master of Financial Technology program.
Employers are currently demonstrating a massive demand for professionals who have cultivated a keen understanding of financial technologies. They need to hire employees who can implement relevant up-and-coming methodologies that are shaping the future. Earning your degree in this niche is a proven way to become better qualified for seizing the best of the new job opportunities that are becoming available in this field.
Founder Dinis Guarda
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