When you think of finance or financial services, what comes into your mind?
There are ideas that always probably pop up, like a slow working process, difficulties in proceeding the work, old techniques, long lines and many more, but have you realized that technology is becoming a new companion of these services?
The particular term for this entire process is known as Financial Technology. Let us have a look at some uses of technology in the finance department.
1. Cloud Computing:
If you are aware of the latest technology, then you must have heard about cloud computing. In the finance field, it is an easy way to get to know about your financial details. All the data would be available to you online. You can easily access it from anywhere in the world and can perform every process that you usually do when in an actual bank.
2. Mobile Banking:
The best feature that has been added into finance system with the help of technology is mobile banking. Some functionalities that you would be able to take advantage of due to mobile banking are-
- Easy available access to your bank account
- Easy bill payments from anywhere
- Money transfers have never been this easy before.
- Security alerts and many more
Tip: Safe mobile banking is a must. Check Crediful for tips about best practices to make sure your account is safe.
RPA stands for Robotic Process Automation. The usage of RPA in the finance domain is that we can use software robots in this field with the help of RPA. These robots can do any labor-based work.
4. Artificial Intelligence-
Artificial Intelligence refers to a well-managed algorithm which helps in automatically creating and managing the data, and it also helps in all money-related processes.
Whether it is a money transfer, any payment needs to be done or anything else, AI is the best possible alternative for such work.
There are various new features which have been added into finance stream with the help of the blockchain. Some of the features are-
- Interbank transactions
- Regular reporting
- Crypto banking
- Data security
- Loan-related features
Benefits of using technology in Finance-
There are a bunch of benefits of using technology in Finance. Let us discuss them all-
1. Easy to use-
The first benefit observed due to the usage of technology in the finance department is that it has become easy for everybody to use. Anyone, be it a young or elderly person, can use it. Now, banking has become highly accessible.
2. Faster services-
The next most significant benefit is that every bank now offers quicker services than ever. Money transfers, bill payments, loan approval or any such processes are now done in no time. Everything gets completed with a game of seconds.
The drawback of the use of technology in Finance-
Every coin has two faces, and that’s also true in the case of finance-technology partnership. If there are benefits of using technology in finance, then there are certain drawbacks too.
1. Security issues-
There is only one drawback of the use of technology in Finance, and that is the security issue. Things, like hacking and such problems, come under security breach issues. Accounts are easily hacked nowadays; however, there are some precautions that one must take to avoid such issues. Those steps are-
1. Create a strong password.
2. Two-factor authentication.
3. Secure your computer and such devices where your bank account is accessible.
4. Log out your account after the work is done.
5. Monitor account regularly.
Hope these tips will help you to have a clear understanding of the implementation of technology in finance handling.