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How technology is changing the face of personal finance

June 19, 2020

With the rise of technology, financial firms have started incorporating advanced methods to save time and labor. These methods are changing how customer interactions, personalization, and data integrity used to work. 

And at the heart of all these changes are AI, Machine Learning, and Blockchain.

With better AI algorithms, institutes have managed to increase efficiency in customer problem solving with different Digital Voice Assistants (DVA) and chat boxes. In fact, chat boxes have become so sophisticated that it is impossible to know whether you are talking to a human or just to a computer program, making it possible for them to solve queries with their default programming even when human support is not available. 

DAVs are the next step of the chatbox where queries are solved verbally. A leading Swiss bank has incorporated this and was able to offer financial advice to its customers without the involvement of a single human element.

Machine learning has changed the way banks and financial institutes personalize.  

With the advancement of ML, establishments have better predicted the likes and dislikes of their customers and partners — increasing customer satisfaction.

And lastly, Blockchain has vastly strengthened data integrity. With sophisticated blockchain algorithms, it is now easy to keep data secure. Both customers and establishments have benefited from blockchain technology.

With this kind of upcoming technology, the fundamental challenges personal finance traditionally posed have been overturned and rendered obsolete, making the path forward easier and more obstacle-free.