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Cornell Student Articles on Topical Affairs

Finance industry continues to be revolutionised by technology

We live in the opening stages of the digital era. Every possible aspect of life as we know it has been fundamentally changed and shifted in some way (many of them, in multiple ways). Take the finance industry, for instance. This is an industry that has always been decidedly driven by sensitive information and important data, and when technological advancement first disrupted the international finance sector, many thought it would have little impact on shifting how the industry unfolded from that point onwards. However, quite the opposite proved to be true, with technological elevation implementing truly incredible changes in the finance industry, from the inside out. Over time, digitalisation and technology became key contributors to the functioning and longevity of the finance industry. Today, technological advancement is the core of the finance industry, and it is a core that become stronger, smarter, and more capable with every new iteration. Finance, like every other industry thriving in this modern world, is hinged more and more on technological growth than ever.

The introduction of the worldwide web kick started a rise in technological proficiency that, frankly, has not stopped since. When the internet bloomed into a mainstream global sensation, websites became more and more common, detailing and supporting industries of all types – including that of finance (think Money Task Force, for example, a website that is dedicated to helping people work through the intricacies of the finance industry). Then, websites expanded into application extensions – or moved to apps altogether. The consumer experience with the finance industry was becoming easier and easier all the time, and it continued to do so (just as it continues onward and upward even now and going further into the future). All these outward changes were happening so quickly, but it was not only the industry from the outside that was shifting and realigning.

Aptly called fintech (i.e. finance technology), technological advancement in the finance industry was revolutionising the sector from the inside out as well, and it all hinges on providing consumers with a more capable and enjoyable finance experience. The finance industry is renowned for being frustrating to deal with. This much is true. However, in the wake of technological absolution and rapid digitalisation, imminent changes began to take shape that were wielding decidedly positive shifts in the industry. After the worldwide web was first introduced, it continued with the automation of finance processes and systems. It is no secret that dealing with finance forms and processes has been notoriously time-consuming. This is partially where the frustration of consumers stems from. But when automation was introduced, it took a lot of the sting out of these traditionally time-consuming concepts and processes, and made them far more pleasant to deal with.

Then came the handling of private and secure information. Blockchain-based security frameworks and multiple other privacy and security ideals came out of the woodwork to provide a much more secure approach to finance. Today, the current modern finance industry is one that, believe it or not, is just a taste of what is yet to come. That does not make it any less impressive, however. As the world continues to find comfort and familiarity with the exceedingly technologically-inclined state of the finance industry as of late, it becomes clearer all the time that while it is true there may be a long way to go before this industry reaches its prime (if it ever does so, that is…after all, there is always room for improvement, right?), the current state of finance as a global industry is nothing short of inspiring. Having always been a data-driven industry, it is exciting to realise that not only is that data smarter and more secure, more capable, than ever, but that this is not even the peak.

The digital era has brought with it many innovations and revelations that have each had their distinct impact on the world around us. practically every aspect of life as we know it has been changed in some way (some have even been changed in multiple ways). In the finance industry, for example, technological advancement has proven itself time and again to be a multitool in entirely revolutionising the sector from the inside out. From the automation of key processes and systems, to the introduction of immediate bank transfers across different bank, and everything in between, finance is an industry that has been positively transformed from the ground up in the wake of technological advancement. Convenience and efficiency now meet smart finance in just about every way that matters, and the further iterations just keep coming. This is an industry that has continued to find enhancement and support in all the right places, and it is all thanks to the introduction and ongoing advancements of fintech.

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