An economic research report has found that 86% of financial service executives plan to increase their use of AI-related investments in the next 5 years.
Are you familiar with the use of AI in finance? What other trends will become popular in the next few years? Where will the biggest changes in the financial world come from?
Financial trends affect everyone’s future and being aware of them can better prepare you for where the money world is going.
Keep reading to learn about the finance trends you can expect in the future.
1. Finance Trends Toward Digital Payments
Direct deposit and online invoicing are examples of digital payments that have been around for years. While digital payments seem common, there are several businesses and industries that have not fully adopted this form of payment or only use it as a small portion of their business.
A study of bank executives showed that COVID-19 has increased the urgency for a majority of them to overhaul their payment systems for a more modern approach.
2. A Rise in Cryptocurrency
It seems that everywhere you look there’s news about the latest rise or purchase in cryptocurrency. The growth has been apparent over the last few years and continues to rise as the lack of regulation draws interest from new people.
Have you invested in any form of cryptocurrency? Are you aware of how it could benefit your financial portfolio?
There is an abundance of information and insight on this facet of the industry and being knowledgeable about how it affects your financial future is important.
3. A Shift Toward Automation
Artificial intelligence, or AI, has been on the rise in many industries over the last few years. Its widespread adaptation to the business world is due to the ability to save time and money for businesses.
The important relationship between AI and finance in the coming years will help shape the business world as we know it. The ability to replicate human tasks and streamline efficiency over time is important for the function of every business.
4. The Gig Economy
The gig economy has expanded over the past few years and will continue to do so in the future. You likely know someone that has a side hustle or second job as a part of the gig economy.
These workers have not had the support of financial institutions over the years due to the high-risk demographic that they represent. As the ability to start conducting more accurate risk assessments grows, this could change to be more favorable for gig workers and the financial services sector in the coming years.
Now that you have read more about the finance trends that you can expect in the future, you can capitalize on these trends today. Continuing to educate yourself on the importance of new currency or digital efforts in the finance world is a great start. Check out our blog for more helpful articles like this one.