The financial services industry is incredibly dynamic. The technology propelling this industry forward is quite remarkable that it progresses at a truly frantic pace. The rise of cryptocurrencies, digital deposits, and online payments are changing the way people spend, save, purchase, and sell. Let’s take a look at the top digital transformations and how our computer solutions company in Fayetteville, AR can help your business:
Blockchain Hits the Scene
Blockchain is the technology that serves as the foundation for cryptocurrencies like Bitcoin. This technology is valuable in the context of digital payments yet it also has potential in other realms. At its core, the value of blockchain resides in providing completely secure trades. Though these trades are financial in nature at the moment, the technology is applicable to exchanging anything from copyrights to royalties etc. There is no need for a middle man thanks to blockchain. Look for blockchain to expand into investment management and other niches as time progresses.
People are Bypassing Banks and Credit Unions
The number of brick-and-mortar banks and credit unions has decreased by nearly 50 percent since 1995. This development is attributed to the popularity of online banking. All one needs is a smartphone to transfer money, pay bills and even deposit checks. The rise of mobile money wellness platforms is particularly interesting. These mobile financial service providers allow for banking, budgeting, bill-paying and even crowdfunding from the comfort of home.
Thanks to the blockchain, there is no need for a bank or other middle man in financial transactions. Though blockchain is not used by the masses, it will soon spill into the mainstream sooner rather than later. This technology allows for secure financial transactions in which no one is overlooking the transaction and tempted to skim a bit off the top. If your company has any concerns over digital security, do not hesitate to reach out to our computer solutions team in Fayetteville, AR for assistance.
A Reduced Need for Tangible Money
Though money is necessary for the basics of life, physical currency is on its way out. Cryptocurrencies like Bitcoin are digital in nature. Though Bitcoin is not backed by a government, it certainly adds fluidity to our economic system. As technology continues to improve, people will pay with Bitcoin, implanted chips, retina scans, fingerprint scans, and so on.
It is now possible to deposit checks with smartphones. This is quite the new and unique experience. Financial technologies are empowering people to avoid banks’ long lines, send/receive money with ease and budget with precision. It is even possible to research and purchase an automobile or a house from one’s smartphone. The pace of these changes is amazingly quick. One can only wonder how these technologies will evolve.
If you have grown tired of attempting to manage all of your IT duties in-house, you are not alone. IT has become increasingly complex in recent years. Outsource some or all of your IT work to our team here at JMARK Business Solutions and you will find your operations run much more smoothly. We provide various computer solutions for Fayetteville, AR businesses, such as IT management, server management, digital security, network support, cloud computing solutions, help desk assistance, backup management, and so much more. Contact us today to learn more.