Ways technology has transformed the finance industry for the better

New technological innovations come up every day and influence various industries including finance. There are so many ways that technology has changed finance for the better. One of the most impactful changes of technology in finance is changing the way customer data is handled, which is a pivotal factor in decision making and debt review for financial institutions. Bankers depend on credit score information to make lending decisions while insurers want your driving record before they can issue a policy. Therefore, technological changes in customer data management have had a huge impact on finance.

The following are some of the most visible technologies that have changed the experience of banking and finance.

Electronic trading

Before the latest technologies, stock trading involved reading the numbers on the night news. The main problem with this form of information handling is there are so many investment vehicles and millions of people investing in stock need better ways of handling information, which had to be devised. Electronic trading has improved the process of trading stocks that you no longer have to call your stock broker every time you need to trade or get some information.

Electronic trading has changed the labor intensive system to a more efficient system that enables even smaller investors to participate in stock trading. Today, the computer matches the buyer with the seller and individuals can access a ton of information about the stock markets.

Electronic banking

With technology today, you can almost handle all day-to-day banking activities from your home or office. Financial software available online enables you to match up transactions, download information and even access your account using your bank’s online website. Today, most banks and financial institutions have mobile applications that you can download to your mobile device and use for banking activities whether online or offline. You don’t even have to go to the bank to deposit checks anymore, all you have to do is take a picture and send it to the bank for depositing.

Ecommerce

The internet was opened up for commercial use in 1991 and today, ecommerce is an important part of the business industry. Buying and selling products and services online has become the norm for many businesses. Ecommerce has created a convenient and faster shopping experience that enables even the busiest people to buy what they need when they need it. Ecommerce has also made the business world much more competitive since online businesses are no longer competing locally but with other entities around the world.

E-payment gateways

There are various companies that offer e-payment gateways for purchasing items online using your credit cards. Consumers can safely use their credit cards to quickly make online purchases using payment gateways on individual websites. All you have to do is enter the credit card information and the credit card company will transfer the correct amount of the merchant for the purchase of goods and services online. Technology has made making payments so easy that most people go cashless today.