Digital transformation across the world, came at a fast pace, owing to the pandemic. The finance sector did not remain untouched from the impact of technology. Individuals shifted from long queues in front of the banks and other financial institutions to applying for financial services online. But how did the finance sector deal with such a change?

We will be exploring few of the driving force for modern and digital finance which are AI – Artificial Intelligence, Blockchains, Cloud Computing and Digital Data.

AI – Artificial Intelligence

Banks and other financial institutions deal with a massive amount of information. AI is used to analyze and predict the needs of the customer and the market trends. AI helps in making financial services available to remote areas, without any hassles and also, reduces time gaps in processes.

Blockchains

Blockchain technology or the distributed ledger technology, is the underlying technology behind cryptocurrencies. The idea was to set up a digital ledger through a peer-to-peer network that will not require supervision from central authorities.

Cloud Computing

Financial institutions have been heavily dependent on cloud computing. The reliance on on-site IT systems has now shifted to these experts who now take care of all the bank software. In addition, the companies outsourced for cloud computing also provide these institutions with cyber security.

Data

Digitization of all the data stored in banks and any other financial institution has made life simple for the people who are involved in analyzing and processing all the information. Digital data is also easy to store and access, while keeping security in mind.

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