• Gianmarco Panzini

Technological Advancements Revamp Financial Services

For the average person, finding the right help through a financial service can be rather intimidating. Thankfully, technological improvements within the financial services industry have made the search much easier and more manageable. Financial services in banking, insurance, credit, stock, investment, and accounting benefit from advancements in technology by supplying both users and servers with a more comfortable, responsive, and easy-to-use system. Technological improvements aid these industries through the ability to mine data, utilize artificial intelligence, automate payments, simple data entry and access, more efficient networking, and personalized researching. These tech advancements help both people searching for financial advice and financial advisors to create more efficient fiscal plans.

Improved customer service is the main goal for any financial service. Banking, credit card companies, and credit unions, benefit greatly from having easy to use, reliable, and informative programs and services. Digital account opening has made banking and credit unions more accessible and efficient for users to make deposits, payments, and manage investments. Instant updates and the use of cloud computing with artificial intelligence has improved the accuracy and practicality of risk taking.

Advancements in stock market tech allow its users the ability to buy and sell stocks at great speeds. Traders are granted high volumes of up-to-date information about stocks, allowing the buyer/seller to be well-informed on their investment, creating a more active and efficient stock market and paving the way for stock buying and selling programs. These automated stock programs also work to improve effectiveness and minimize glitches as the software advances.

The entry, access, and protection of data is extremely important for efficient accounting and insurance services. Accounting technology optimizes cloud computing and conversion software to make the process less time consuming and susceptible to human error. Insurance companies have also taken advantage of data storage to better track claims and utilize artificial intelligence to review claims for fraud. Advancements in data storage technology, like Blockchain, allow companies to securely enter, access, and protect their client’s data. Overall, technological progression within the financial industry uses data to create a more efficient, convenient, active, and secure digital fiscal environment.

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