7 Ways Technology Has Changed the Financial Service Industry

The financial industry is one area where changes are hard to come by. They do happen, slowly and surely, but most often it is difficult...


The financial industry is one area where changes are hard to come by. They do happen, slowly and surely, but most often it is difficult for financial institutions to make changes to their traditional ways based on rules and regulations.

However, in recent years, financial institutions – even traditional ones – have begun to adopt the new technology. And, by adopting these new technologies, everyone can benefit – from borrowers to investors to just everyday individuals using banking traditional services.

Keep reading to find out just how technology has changed the financial service industry.

As a result of technology, changes of all kinds have taken a hold of the financial service industry – from the aspects of getting a loan to the process of connecting with an investor:
  • It has taken things global.By now, you’ve probably come across a bank that is strictly online. Traditionally, banks are either local only or they are spread out across a few states. But, technology has made this easy for just about any bank to do.

    Yes, banks can even be fully online now.
  • Data has gone virtual.Before, just like how banks kept several loan documents on hand, they also kept physical data on hard drives and things of that nature.

    But, technology has opened the doors to a new way of storing data – virtually – through tools like the cloud.

    This also helps improve security, save the trees, and help banks function better.
  • Security is improved.Of course, as technology grows, security is always a staple topic of conversation. Most often, it is in negative light as through technology hackers can develop more creative ways to get your information.

    But, let’s take a minute to discuss the positive aspect of security in our ever-changing world of technology.

    Companies, like cardzgroup, are always working to offer clients more improved financial services. Specifically, they do this through items like microchipped debit cards. These cards are harder to obtain the card information from a simple swipe because they generate a unique code.
  • Matching investors is easier.
    Once upon a time, if an individual needed venture capital, they had two options: ask a family or visit a traditional bank. But, the problem is that very few people have a family member with that much capital sitting around, and traditional banks will make you jump through “hoops.”

    But, a new peer-to-peer technology that is now possible as a result of technology, can easily match an individual with an investor looking for someone just like them.
  • Loans are more convenient.Traditionally, to get a loan, you make an appointment with a loan officer, sit down in their office, and fill out a load of paperwork thicker than the Harry Potter books.

    Oh, but it doesn’t stop there – not to mention that you already had to bring in your entire file cabinet worth of documents, from years’ worth of W2’s to every identifying document you own.

    Wouldn’t it be nice if you didn’t have to scrape up all those documents, much less carry all those papers to the bank?

    Well, thank technology for making that dream come true.

    Now, you can easily get a loan online and oftentimes, their regulations are more relaxed than a traditional bank meaning you can kiss about half of those papers goodbye. And, furthermore, you can scan everything in and only deal with your loan officer via email and phone, when it is convenient for you.

    Sounds like a dream, right?
  • We’re saving trees.Today, we hear about global warming and the harm we are doing to the environment left and right. But, before you roll your eyes and brush this off as just another heed to recycle your plastic water bottles, hear me out…

    At a bank, between deposit slips, withdraw slips, traditional loan documents and the various other papers lying around a bank, they are killing an innumerable number of trees.

    Of course, some of these papers are necessary, but thanks to technology, most things can be done electronically now – this is how companies like online mortgage companies and online banks exist.
  • Fintech is now an option, even for the little guys.In previous years, only investors with deep pockets could possibly afford to enter the financial services and banking industry.

    But, thanks to technology this is no longer the case. Now, even small, lean start-ups stand a chance against traditional financial institutions.

    The technology of the internet has allowed smaller companies to be solely based online, eliminating the capital they need for a brick-and-mortar location and several other expenses a traditional financial institution would require.
Technology is always bringing a new light to traditional methods of doing things. While, sometimes, it takes a bit of an adjustment to fully adopt the new technology or way of doing things, it offers both customers and entrepreneurs endless opportunities.

How have you seen technology change the financial industry service? Share your observations and opinions with us in the comments.

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