Technology is everywhere. From the moment you wake up, there are so many little things you do with the dependence on technology without even realizing it. The influence of technology on the finance sector is now being the hot topic of discussion as there is a lot of friction on every side. Heavy dependence on technology would involve the active collection of a lot of information. Customers are hesitant to provide too much information to a bot or an online tool. Banks and other financial institutions are worried about the security concerns. Even in such a situation bot trading platforms, trading automation tools, robot advisors are slowly making heads turn. For more information on the various facets of finance and the use of technology in finance, visit BullMarketz.com
The threat for the jobs
Some are viewing technology as a threat for the jobs in the finance sectors. There are chatbots used by the financial institutions to handle customers in place of the customer care teams. There are robot advisors providing investment advice. But the one thing that we should remember is that these bots and other tools are only designed to be a good assistant to the existing employees. There might be shifts in responsibilities and not job cuts due to this domination of technology in the finance sector.
Cryptocurrency system made headlines as more and more people started using these digital currencies to make payments and as trading instruments. Now for crypto trading as well as trading in the conventional markets like equity market and forex market, there are trading bots being deployed. These bots can perform a technical analysis of the assets being studied and place an order based on the conclusion drawn from the analysis.
Banks are relying on mobile apps
Mobile banking is the simplest form in which technology is ruling the finance sector. A majority of the bill payments, fund transfers, and transaction monitoring are today done with the help of mobile apps.