Technology has changed a lot in financial systems around the world and in some cases, upturning entire sectors as in the case of mobile investment apps and stockbrokers. Here is an article on how technology shapes the future of finance.
Banks have been denying customers to take full control over their data. But nowadays, the open banking concept has seen popularity due to the increase in data protection laws that allow customers to access it. And move their data as they wish, but also due to the increasing cooperation between fintech companies and traditional banks.
Security is one of the most things stakeholders consider. Cybercrime has continued to rise at an alarming rate, and ransomware payments are gradually becoming a standard operating expense for many companies. In addition, there is an increasing focus on biometric solutions as a way of achieving the highest possible levels of security. Since biometric markers cannot easily be replicated or hacked. Fingerprints have been the standard, but public health concerns are shifting attention to contactless biometrics identification solutions as well.
Nowadays, people are now leaving physical payments going to mobile payments just like when they want to play online casino games on mobile phones. And these mobile payments are now widely available. In addition, mobile payments have become a priority in the financial services industry because of Apple and Google.
Solutions that facilitate money transfers are common, but international transfers remain a big pain point. Transferwise raised $319 million at a valuation of $5.5 billion and other fintech companies have raised large sums as well, but there is still a ways to go before international transactions become as seamless as local ones. The size of the Remittances market continues to rise and with it, the opportunity in mobile payments.
In conclusion, technology is shaping the future of finance pretty well. It brings new methods of payments which are mobile payments. And has increased the security of money.