Key Ways That Technology Has Changed The Finance Industry

| August 10, 2015 | 0 Comments

It’s an undeniable fact that our lives are becoming shaped by technology. There have been huge advancements in the last twenty years; the world has truly changed. Technology has changed everyday life for humans, as well as affecting different aspects of the business world.

Where finance is concerned, technology has played a key role in advancing the industry. In the space of just ten years, we’ve seen new improvements in the finance sector. In fact, we’ve seen groundbreaking developments in just the last couple of years alone.

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One of the latest developments has been NFC payments. This is something that takes advantage of the fact people are constantly carrying around smartphones. NFC stands for ‘Near Field Communications’ and you might be able to guess what that already means. It’s allowing your phone to send data/communicate with other devices when close by. How does this translate to finance? Well, phones can now make NFC payments. This means you can go into some shops, and use your phone to pay for goods. Instead of carrying around a wallet, you can now use your phone to pay for things instead. It means you don’t have to worry about losing your wallet full of credit cards, and it’s very convenient. The next step is making NFC payments acceptable in every shop on the high street.

Another way technology has changed finance is through apps. Mobile and desktop apps have made huge changes to the financial world. There are mobile apps that let you check your bank balance online and make payments to friends. Then there are business apps like Stripe and Xero that allow ways to make business payments and manage your bookkeeping. There are even apps that include Stripe Xero integration, combining both into one! What apps have done, is make jobs a lot easier for people who are working in finance. An accountant’s job is a lot less stressful thanks to the improved software they can now use. Similarly, it’s meant businesses can now offer easier and safer ways for customers to pay them. I’ve already spoken about Stripe being used for making payments, but there’s also Paypal too. Lots of websites accept Paypal payments, making it more secure for people to buy online.

Speaking of online, internet banking is yet another financial development. For years, if you wanted to check your bank details, you had to go to your local branch. Even if you wanted to view your statement you had to go to a cashpoint or wait for it to be mailed. Now though, you can do all this, and much more, online. Internet banking gives people a safe way of viewing all their account details from home. In just a few clicks, you can see your statement, set up a direct debit, and view your balance. It’s fast, simple, and game changing.

In general, technology has changed the face of finance for good. Everything is quick and instant. There’s a lot more safety involved and ease of access. It’s not until you look back on how things were, that you realise how important technology has become to the financial sector today.

Category: Press

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