Use and potential of technology in the financial sector

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Blockchain technology's importance is crucial and beneficial to the future of finances. Since the Blockchain technology is ever evolving into a more preferred one than its predecessor, it's wise to check out its importance.

• Transparency: The awesome feature about any transaction on public Blockchain is that it can't be altered. This transparency importance helps to combat fraud in the system of financing.
• Seamless international transactions: Unlike the Fiat technology, Blockchain technology enhances any international transactions to favour both parties. The best part here is that it's faster and cheaper than its predecessor.
• Improved security against any cyber attack or fraudulent activities.

Mobile financial services have helped improve the livelihood of the rural people. Most of these rural people have little or no time to be in a bank to attend to certain issues. But mobile financial services provide them with services like standby customer service, seamless transactions, etc.

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Crypto currency is actually challenging the supremacy of conventional currency. In fact, I see overthrowing conventional currency in the near future due to its current moves. This is because the stress provided by commercial banks are eliminated using cryptocurrency exchanges or wallets. So, I see cryptocurrency gaining more ground in the civilization of man.

Utilizing Artificial intelligence into the fiance sector can have the following benefits and challenges.

Benefits

• AI can help automate tasks in the finances sector cutting down the bulky works.
• It can help to enhance proper decisions making in terms of market trends, access investments risks, etc.

Challenges

• Setting up robust AI infrastructure can be quite expensive
• Some AI models can develop bias from training data making it's transparency rate low.

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Digital banking will surely survive the next decade and beyond. The reason is clear that most people in this generation prefer digital banking to traditional banking. Imagine sending money to someone in another country, you'll require much paperwork when you are in a traditional bank. But who needs all that stress when digital banking serves us better than that. And the best part is that you can perform banking services at the comfort of your home or any location.

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