The financial industry is at the heart of the global economy and has been for centuries. But what does the future hold? New technologies such as cryptocurrencies may change banking, though it all depends on how they continue to develop. Here are seven emerging technologies in the financial field.
1. Cryptocurrencies
Bitcoin and other cryptocurrencies are attracting a lot of attention in the financial industry. Most recently, the Gemini cryptocurrency exchange was launched by the Winklevoss twins. While some are skeptical about the future of Bitcoin and other cryptocurrencies, it is undeniable that they have a huge amount of potential.
2. Blockchain
Blockchain technology is the basis for all cryptocurrency transactions. While it has been around for a long time, it is only becoming more widely used now. Blockchain technology allows users to securely and transparently store information in a ledger.
3. Analytical Programs
More and more banks are using analytical programs to make decisions, which are set to continue being used. They will also provide better ways of analyzing data and information, allowing banks to get far better returns on their investments. This is an area in which there are always new developments.
4. Wearables
There has been a lot of talk about wearables in recent years and the financial industry is certainly interested. Wearables potentially offer a way to collect customer data, improving the way the industry operates. Smartwatches and smart glasses are expected to be particularly important for this. On the other hand, there are some concerns over digital security.
5. Biometrics
Biometric technologies are another area that is developing rapidly. These allow customers to be identified by their physical characteristics, such as fingerprint or iris recognition. This is particularly useful when it comes to authenticating customers and improving security.
6. Artificial Intelligence
Artificial intelligence is already being used widely in the financial industry. This technology allows computers to make decisions with minimal human input, making the finance industry more efficient. With artificial intelligence, there is also a lot of potential for developments in predictive technology.
7. Streaming Data
Streaming data is being used more widely in the financial industry, and it is set to become even more important in the future. This data allows companies to analyze what is happening in real-time, allowing for quicker and better decisions.
Conclusion
As with many other companies, the financial industry is already using a number of these emerging technologies. However, there is still a lot of potential for further developments. Cryptocurrencies, blockchain technology, and artificial intelligence are the most popular areas for new developments, especially since they have been used.
