Without a doubt, technology has given new life to the finance industry. From payday loans companies to the banking sector, the use of technology and the applications attached have streamlined the process of borrowing money greatly. Society thrives and exceeds its expectations when technology is integrated to a level where the more difficult or boring work becomes autonomous. But is this for the best and what will the future bring in regard to this? We investigate to see the various uses of technology in the finance industry and how it has changed the lending landscape.
There are various ways in which technology has transformed the finance industry. Ways in which technology has helped the finance industry evolve include:
- Creating new levels of new visibility. This is essential for the industry. If anyone can find you, anywhere, at any time, the scope of your finance business increases dramatically. This also increases the ability to provide new insights.
- Adding automation. This eliminates unnecessary work, making the more laborious tasks much easier.
Visibility Through Tech
Visibility through technology is one of the key factors that assist us on a day to day level. Technology gifts all industries, finance included, with the power of increased visibility. This allows you to view financial data in a timelier manner. For lenders and banks alike, viewing data such as credit scores, bank balances or any other determining factors for lending eligibility are immediately accessible, making the process exceptionally streamlined in a comparative sense. Other extremely beneficial technologies such as AI and predictive intelligence help users in making more informed, educated decisions in terms of forecasting, cash flow, and many more.
Why Technology Beats the Manual Process
We live in a world where manual work is becoming more and more uncommon. As many financial tasks are tedious, it makes sense that these processes are becoming automated. Automation simplifies these tasks, as well as removing any human error from the equation. People still have the ability to take photos of cheques if they need to, but this also removes the aspect of travel when going to the bank, which in turn, reduces costs and saves money. People are also enabled with the ability to take photos of their account details, rather than attending a physical location.
Another huge benefit is the ability to categorise expenses with online applications. Why sit around doing laborious tasks when you can do them digitally? A machine can easily allow you to download documents, scan documents and receipts and streamline the entire process for you.
Furthermore, this technology can apply rules and machine learning to consistently improve and learn. Compliance becomes vastly easier as a machine can do the hard work for you. By combining all of these elements, technology can play and extremely important role in terms of finance, helping speed up the processes involved and reducing human error. If you can apply technology to speed up any process, this is certainly advisable and especially true in the finance industry.