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Cornell Student Articles on Topical Affairs

How Technology Is Revolutionising Finance

We live in what will surely come to be known as the humble, if not impressive, beginnings of the digital era. This is a time where technological advancement and rapid digitalisation rule, and it has become a time where we are always reaching for more, addicted to the thrill of it all. Practically every aspect of life as we know it has been fundamentally changed in some way. From the way that we learn and teach, to the way we do business and act as consumers, and everything in between, life as we know it has changed – in most ways, for the better. While practically every aspect of life has been transformed, there are some aspects and industries that have been revolutionised entirely for the better. The finance industry is one of them, believe it or not. The finance industry has always been driven by data and other sensitive information, and so it is not entirely surprising (if it is surprising at all) that this is one of the most profoundly impacted industries when it comes to technological enhancement, from helping you manage bad debt and bad credit, to other innovative software that businesses can utilize, the landscape of finance is evolving from simply paper and pen.

The finance industry is the sector that, like it or not, is responsible for the handling of currency. And as we all know, it is the strange and somewhat unfortunate reality that money makes the world go around. And what makes that such a frustrating truth for so many people, is that the finance industry has not always been an especially efficient one. Until recently, that is. Now, thanks to the ongoing innovations in technological enhancement of the finance industry, there is nowhere to go but everywhere. The revolutions that have made their value well known over recent years are the very same ones that are undergoing their first or second waves of second iteration right now. It is a great lesson that while technological advancement has certainly made the finance industry (and the modern world, for that matter) much more convenient and efficient, it will only continue to get better and stronger as time goes on.

No stranger to mistakes and misgivings, finance is a sector that, despite always being data-driven and determined to ensure privacy and security, has not always managed to successfully do so. Unfortunately, regardless of the industry in question, human error is very much a reality, and it is no different in the finance industry. However, thanks to the ongoing innovations in technological enhancement and rapid digitalisation, finance becomes stronger every single day. And while in the past, finance has been an industry that is renowned for having been a frustrating industry to deal with at times, now it is far more convenient and efficient for all to deal with, no matter which party you happen to be when delving in finance. Whether it is researching the latest and most up-to-date investment banking interview questions, or the instantaneous transfers that have come into play, or any other manner of finance processes or systems, technology has had an active hand in transforming it all.

Aptly called finance technology (or, fintech), this branch of technological absolution is one that is geared specifically towards the finance industry. Bringing in innovations like automation of key systems and blockchain-based currency conversions that allow for a more private and secure method of transferring, paying, or spending money, have made fintech a modern marvel that has captured the attention and the approval of the modern world. We live in a world that is fundamentally driven by convenience and efficiency, mingled with speed and agility, and technological enhancement approaches like fintech perfectly encapsulate all these ideals into one capable approach to modern finance. Thanks to ongoing innovations and advancements in fintech solutions, taking control of one’s finances and keeping those finances private and secure has never been easier. The new frontier in finance is finally here, and it is inspiring and enlightening to realise that not only does it really not have to be as hard as it has been in the past, but that it no longer is – and will never be, from this moment on.

The world as we know it has gone through some incredible evolutions in recent years. We live in a modern world that is positively ruled by technological advancement and rapid digitalisation. We have become so familiar with these modern ideals that we crave them, and in some cases, are even reliant on them. The finance industry is one of the most heavily impacted industries when it comes to technological disruption. An industry that has always been geared towards the handling of data and other sensitive information, finance has always been one of the most tremendously important industries in all the world. When technological disruption finally found the sector, it instantly began to work its magic in wonderful ways. Now, finance is a much more capable and efficient industry, and it continues to evolve.

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