Changes in the finance industry have drastically evolved; long gone are the days of waiting in shopping queues where folks pulled out chequebooks and filled in numerous ID forms that were required to do so as a formality at the local shop. Nowadays, businesses and personal transactions rarely need a signature, let alone a valid proof of ID.
Moreover, with the arrival of artificial intelligence, it is easier for shops to charge the customers as soon as they walk out the exit door, as seen at AmazonGo in the US. The use of financial services technology has implications for the entire financial service industry, and for all those associated with any form of money.
Why the need for a physical form of currency?
The way AI allows us to pay for small transactions via our smartphone has grown in popularity amongst the majority of its users. We are coming to the point we can even use a currency that has no backing from governments, such as cryptocurrencies.
Blockchain technology, which many companies and people are becoming increasingly wary of, holds much more than a promise of an alternate to currencies. It allows businesses and individuals to manage anything that has monetary value. In favour of most alternative currency users, payment in blockchain methods ensures all transactions are done virtually, with limited security risk while mostly eliminating intermediaries formerly required to facilitate operations.
Well not entirely, but there’s a good chance that it might get increasingly difficult to find a physical representation of banks around every corner. With so many service users going online to do their banking, banks no longer need to pay for physical space. Banks are rapidly getting replaced by other companies and online platforms that provide the same services.
Many financial service providers aren’t bound by general federal regulations and boundaries. Some have the freedom to create user experiences for their customers to innovate friendly and appealing ways for their clients to benefit from their services. Companies investing their efforts in encouraging individuals and businesses to use financial service technology are aiming to cater for all financial needs via technologically advanced platforms.
The financial experts at More Group are specialists when it comes to securing your financial assets, managing them, and reducing liabilities. Our tax accountants are experienced and ensure that clients are kept well informed about the on-going changes in the financial services industry.