Emerging technologies have played a huge part in the development of the financial sector, from artificial intelligence and big data to blockchain and robotic process automation. All of these technologies have molded and shaped the traditional financial methods into the innovative banking solutions we use today. Although the future is unpredictable and none of us know exactly what it holds, based on what is out there, we can still make some assumptions about the role finances will play in a digital world.
The new roles of emerging technologies
The most obvious future prediction is that in the years to come, the emerging technologies we have started implementing now, will be deeply embedded in business models and the way companies operate. As automation starts occupying a more important role in finances, all operations will be simplified, becoming touchless. Once that happens, businesses will require excellent customer service in order to stay afloat.
The next thing that is expected to happen, and has been discussed quite a lot, is finance cycles going real time. Financial cycles used to be driven by periodic reports and monthly forecasting, but that is not going to be the case anymore. Today’s financial sector is driven by data-processing, which makes information available as soon as it is processed. The information will no longer be analyzed by specialists on a regular schedule, in order to gain insight; that information will be there, ready to be acted upon immediately.
Overall, the new operating model is going to be highly dependent on automation, with companies due to witness a disruption in their onshoring and offshoring operations. Companies will have to reevaluate what processes they should keep, what needs to go, and how the work they are carrying out can be brought up to date. Cloud-based specialized finance applications will be taking over traditional enterprise resource planning (ERP) as well, ensuring organizations receive constant updates on their finances.
Reinventing entire industries with digital finance
Digital finance has transformed how companies across every industry carry out their operations and how they interact with customers. In retail, for example, their decision-making process is now driven by data, allowing them to create bespoke promotional packages based on the customer’s behavior. The payment process has also been made easier and faster, a fact that adds value to any business.
Moreover, it has allowed the same thing to happen in other industries as well, including iGaming. Online casino operators can, with the help of AI, fintech, and big data, win new customers over better than ever before. Fintech offers full anonymity, which in return brings a lot more customers online to try out a variety of games and casino operators. Customers have the option now to try out the minimum deposit bonus ideas, which allows them to test games with only a small initial payment. That way, they get the best bonus without committing to any operator long-term.
As finance is entering its golden age of technology, companies have plenty of changes coming their way they need to adapt to. Although some of these predictions are not certain to happen in the next couple of years, it is better to be prepared. Digital trends will continue to expand and take over many traditional roles, so a plan on how to handle all these disruptive technologies is definitely needed.