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The advanced financial apps that are in use today are the natural outcome of increasing synergy between modern technology and the financial sector. With technology influencing every aspect of financial services, right from wealth management to data security, it comes as no surprise that it’s major impact is being levied on the apps.
On that note, here’s taking a closer look at the technologies that are in demand in the popular financial apps. And, in this context, let’s also discuss the apps that are benefiting the most from this.
Modern Technologies Used in Financial Apps
Even though the use of blockchain tech has spread to agriculture and healthcare, the financial sector accounts for more than sixty percent of the market value of it. The ability to securely store transaction data and other records with blockchain has led this technology to be adopted at a large scale in the financial apps. It not only makes the transactions encrypted, but also mitigates the prospects of successful cyber-attacks.
Robotic Process Automation
Robotic process automation is the process of assigning manual jobs to robots instead of humans for streamlining workflows through a financial app. The most widespread use of this technology is noted in communications through chatbots.
Data Analytics and Big Data
Market and customer data is highly valuable to any organization, especially the companies dealing in finances. Details about spending habits, preferences, and investment behavior can be extracted through huge datasets to develop predictive analysis.
Predictive analytics enabled by using data from the apps help in predicting customer behavior through algorithms and past information. This data also aids in fraud detection and forming marketing strategies.
Machine Learning and Artificial Intelligence
Machine learning and artificial intelligence are majorly used in almost all of the financial apps. As more advanced apps keep coming to the forefront, these technologies have even bigger roles to play in the future. The financial apps mainly use these technologies for regulatory compliance, fraud detection, wealth management, and credit scoring.
Instances of Financial Apps Using Advanced Technologies
Though the technologies mentioned above are used by almost all modern financial apps, the following are the three examples that stand out.
These platforms let initial-stage businesses to raise funds from anywhere in the world, regardless of the geographical boundaries. The crowdfunding apps owe their success to the developments in financial technology.
The application of modern technology to the insurance apps has helped the companies to offer data security customized insurance services. Furthermore, it has led to streamlining the insurance procedure through efficient policy management and claims filing.
Mobile Payment Apps
Mobile payment apps and gateways use advanced financial technology to let the users carry out a number of banking activities without the need to actually visit a bank.
As the existing technologies are being improved and more high-end options are coming to the forefront, the future looks bright for the financial apps. Their usability and relevance is only going to increase in the times to come.