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June 30, 2021

Top Finance Technology Trends of 2021

Photo by Burak Kebapci on Pexels.

During the last year, many financial institutions had to change gears to digital engagement and digitization. People turned to remote trading with personal trading apps and mobile banking apps to complete their transactions. The finance industry is currently shifting its technical setup and testing to see if its tools will fit the future. Here are some of the top finance technology trends to look out for in 2021.

Autonomous finance

With people constantly dealing with work and everyday life, it can be hard to pay your bills. To help you get them delivered on time, autonomous finance is a great way to take the weight off your shoulders and pay all of your utility bills and subscriptions every month. With the help of artificial intelligence and machine learning this finance, technology has become very popular. If you’re someone who wants more time for yourself and doesn’t want the burden of manually paying bills every month, then this technology is one to consider.

Digital-only banking

Say goodbye to long lines at the banks and hello to the world of online banking. This growing technology has become one of the biggest trends in finance, according to a McKinsey report. One thing the pandemic has shown people was how unnecessary some in-person services were. Banking happens to be one of them. Digital banking has made it easy for people to access their funds and make transfers at the touch of a button and with no physical contact.

Voice technologies

These days people have stopped picking up a phone to speak with a representative and have taken their questions and concerns to online chats. Voice assistants powered by AI are more convenient and easy to work with as customers with questions about their finances. Voice technologies have also made it faster and more accessible for people to pick up their phone and may payments through an automated system.

Open banks

As people begin to learn more about finances, many of them instead invest their man than continue keeping it in a bank. Many third-party financial institutions offer flexible high-income-generating investments, which are where consumers coined the term open banking. It should be noted that open banking gives third-party finance providers access to consumer banking data through APIs with consumers’ consent.

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