Bridging the Gap Between Innovation and Investment

Technology and finance have been intrinsically linked for as long as most people can remember. This is especially true now that artificial intelligence is advancing at unprecedented rates, and being introduced into seemingly everything.

Whether it be automation within a financial network, artificial intelligence managing programs within a company, or blockchain ensuring that contracts are fair and paid out properly, these advancements are quickly becoming commonplace in the world of finance

Alongside these advancements, the advent of digital assets, and the proliferation of them throughout the population, are a key reflection of broader technological trends, as well as the market sentiments surrounding them. This is especially true if you are checking the Bitcoin price, or simply trying to integrate smart contracts into your business through the blockchain.

Technology has changed how everyday people and corporations conduct their business, especially in the realm of finance. Technologies such as digital mortgage tools are no longer uncommon, and trading cryptocurrencies is becoming just as popular as people adapt to digital assets, such as those found in FinTech (Financial Technology) applications including peer-to-peer payment apps.

While technology continues to advance for people in everyday situations, corporations are also evolving alongside them to adopt artificial intelligence processes. More than half of large U.S. firms plan to utilize artificial intelligence within the next year, and some AI is even replacing monotonous work done by humans as well. 

However, even with the advancements in technology, there are some concerns about how artificial intelligence will shape the world in the coming years. With AI capable of replacing human tasks, it will be up to big tech firms to fill crucial spaces in their workforce by harnessing the talents of up-and-coming engineers.

If you’ve thought of artificial intelligence replacing monotonous jobs, you aren’t wrong. With machine learning capable of scouring mass amounts of data, some tasks are already becoming obsolete by humans. But what are these technologies, and how do they work?

Financial Technologies such as digital payments and wallets are already gaining traction, as are peer-to-peer lending platforms, which allow people to borrow money without traditional banks, sometimes at better rates. Alongside these are blockchain and cryptocurrencies, some of which include smart contracts that are directly written into the codes of the technology itself.

Other technologies, including those such as chatbots in customer service, are also capable of handling customer inquiries around the clock, no matter what time, date, or holiday. AI tools can even help lenders assess creditworthiness by analyzing non-traditional data points, which can even include spending behavior and social media activities.

Some might find these types of intelligences overwhelming, or even at times overbearing. However, with increasing threats from advanced technology, both individuals and businesses may have to adapt more quickly than they would like in order to protect not just themselves, but their assets as well. Cybersecurity is quickly becoming critical; and while financial institutions must work to employ advanced encryption, multi-factor authentication, and advanced fraud detection techniques, these technologies must be passed down to the consumer to protect them from fraud as well.

It is hard to speculate how technology will continue to advance, especially now that researchers and engineers are making strides in adapting future technologies for more modern uses. This technology is not just enabling accessibility and transparency, but also its efficiency.

As technology continues to adapt, the world may see smarter chatbots, and consumers may even end up speaking to robo advisors that are completely digital in nature. Smart technology will also continue to advance, as will the security that comes alongside them. If anything is for certain, the innovations taking place could not just create new opportunities for people and businesses, but might make financial technologies even more secure in the process.