Finance has always been an industry where the latest technologies find practical applications. From the earliest days of the telegraph being used to facilitate trading to the modern advancements of Industry 4.0, innovation and finance moved in lockstep. New technologies continue to drive finance forward in more ways than ever before.
Automating More of the Advising Process
Investors at all scales rely on advisors to manage and facilitate their investments. Modern investors rely on the knowledge and insight that advisors offer, and there’s also a meaningful back, and forth that helps define goals and identify the best strategies.
However, many organizations now offer so-called “robo-advisors” instead of human experts. This setup can save investors some fees but also presents a serious risk of not providing the necessary service. Most importantly, they aren’t getting truly personalized advice.
One company is taking this trend in another direction with the automation tools they provide for advisors. Concorde Investment Services creates tools that let advisors do their jobs better. Many tasks within advising can be automated for greater accuracy and efficiency, and that automation is what the solutions provided by Concorde achieve.
With less focus on the time-consuming yet essential tasks that Concorde automates, advisors can get to know their clients better, address their clients’ unique needs, and have ready access to the resources required to develop the most effective strategies.
Instead of using technology to take the personal touch out of finance, Concorde is making the personal approach more effective than ever before.
Using Machine Learning to Explore More Credit Opportunities
It’s no secret that modern credit bureau practices are controversial at best. The current system focuses on too limited a range of variables to paint a true picture of creditworthiness, and that focus has left many people without access to credit. Not only does this impact borrowers, but it also leaves lenders with fewer options.
A new approach is gaining steam and could replace existing algorithms used by credit bureaus. Machine learning can take massive datasets of financial histories and credit practices and parse out the details that make someone a credit risk. This analysis can help extend credit to people who are rated unfairly by current systems.
Machine learning is already being used in credit risk modeling today. However, the future could see these practices greatly expanded. Many innovative developers are currently working on third-party alternatives and supplements to the traditional credit rating — they could become the credit bureaus of tomorrow.
Banking as a Service on the Rise
Individuals and their banks have been undergoing a major shift for decades. People spend less time speaking with tellers and more time managing their accounts through apps. However, banking as a service (BaaS) is taking the next step in this transition, with many account holders never having set foot in a bank.
Alternative banks like Chime and SoFi have millions of customers and valuations in the billions. Experts expect these so-called “neobanks” to grow at an average rate of over 53% per year between 2022 and 2030, capturing a substantial portion of the market.
FinTech companies develop neobanks to offer a wide range of financial products and services without needing physical branches or any of the other bells and whistles of conventional finance. In the future, BaaS could become the rule rather than the exception.
Overhauling Borrowing with Digital Loan Originating
The next time you seek a loan, you might only have to speak to a real person when it comes time to sign — or maybe not. Digital loan originating refers to various new technologies and techniques that let individuals and businesses access loans more quickly and internet marketing bizleads virtual summit with terms more accurately based on their situations.
Digital loan originating is available through a variety of ambitious FinTech startups. Many link borrowers to lenders using software, and some blockchain lending services rely solely on smart contracts.
The loan transaction is easier on both ends, and everyone can benefit from reduced fees.
Who Can Tell What the Future Holds for Finance?
These developments are all underway right now in 2022. With the rapid pace of technological development, the chances are that there will bhad bhabie onlyfans leaked be another new set of innovations worth taking a look at well before the year is through.