Technology used within the finance sector is evolving rapidly as solutions such as the cloud, big data and the Internet of Things are becoming mainstream. Discover cloud finance by downloading the eBook.

New technologies such as cryptocurrency and blockchains are also changing the landscape of the finance world. They are opening the door for new innovations, including the use of artificial intelligence (AI) and robotics.

Given the high level of regulations within the finance sector, the uptake of new technologies is generally much slower than other sectors. But the use of the cloud is increasing and as the offering grows and evolves, more financial organisations will accept the cloud as a solution for some of their applications. As this continues to evolve, using the cloud will become the norm and organisations will experience the clear benefits of utilising the cloud.

The Impact of Cryptocurrency and Blockchains

Blockchain technology will allow finance professionals to spend less time tracking down and verifying data. It will allow them to focus on what can be done with the data. Due to the automation of the cross-referencing and double-checking processes, it could also negate the need for costly audits. The blockchain is accepted as a future technology in finance, as the cryptography used to keep the transactions secure also makes the system harder to tamper with, so security isn’t as big a concern. It will improve the way goods are held and transferred, streamlining systems and lowering costs.

InRobotics and Artificial Intelligence

With the move into advanced technologies in the finance sector, robotics and AI are also on the list for the financial service organisations to build efficiencies and reduce costs. The legislations within this sector mean that the introduction of such technologies should be monitored closely and be risk assessed. The current most popular use of robotics and AI in the finance sector is Chatbots. These are used to improve the customer experience and reduce costs. Adopting more of these new technologies will also help automate specific tasks. Chatbots have been integrated within the workforce and are now working alongside people but, in the future, they could replace the current offshore cost saving solution, that is currently being used in the industry. With so many changes and advances, the industry will start to become more connected to the cloud and its supporting technologies.

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