""Use and potential of technology in the financial sector"".

In your view, how important can blockchain technology be in the future of finance?

Source

When we look at how blockchain is becoming popular in the world and has a use case, then there is no doubt that blockchain has the potential to revolutionize the world of finance due to its decentralized nature of being transparent and secure. In the future blockchain technology in the future of finance will help in the following:

• Blockchain will reduce transaction costs by eliminating third parties

• Blockchain will enhance real-time settlement of trade and payment across countries

• Blockchain will improve access to financial services through the help of decentralized finance

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How are mobile financial services (e.g. bKash, Nagad) transforming the economy of rural people?

Mobile financial services like Bkash, Nagad,, and others are transforming the economy of rural people in the following ways:

• Through the provision of access to banking where traditional banks are not available

• Through enabling savings, payment, and transfer via mobile phones

• Through encouraging entrepreneurship by providing easy access for transactions for both small business

• Through reducing dependency on cash and increasing financial inclusion

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Is cryptocurrency challenging conventional currencies? How do you see its future?

Yes, cryptocurrencies do challenge conventional currencies in so many ways:

• Cryptocurrencies bypass central banks, enabling peer-to-peer transactions

• It offers potential hedges against inflation in unstable economies

• It promotes borderless transactions with lower transaction fees.

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What are the benefits or challenges of using artificial intelligence (AI) in the finance sector?

• The benefits of using artificial intelligence (AI) in the finance sector are as follows:

• Fraud detection through the use of real-time pattern recognition

• Customer service automation with the help of chatbots

• Market prediction and algorithmic trading

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Digital banking vs. traditional banking – which will survive in the next decade and why?

• 24-hour access and mobile convenience

• Lower operational costs and greater scalability

• Personalised services through data analytics

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