Finance is one of the most important facets of the working world, and it’s thanks to technology that it’s come on leaps and bounds in recent years. There are so many different types of finance as well, from payday loans to credit cards, the possibilities for borrowers have just continued to grow. But how exactly has technology enhanced finance? If you’re interested in finding out more, keep reading…
One of the main benefits that technology has brought finance, is the speed at which it can be processed. Gone are the days of waiting five working days for a cheque to clear into your account, as you can now send money instantly through banking apps and have it appear within the hour. Being able to shorten a lot of processes has really helped finance improve the services that they provide too. You no longer have to head down to your local branch to complete hundreds of pages of paper forms and can simply head to their website and fill it all out online. Faster processes help the customers and the financial institutions, as it enables everyone to get the job done much more quickly.
As well as being able to complete processes a lot quicker, the processes themselves have become a lot more secure thanks to technology. Previously, everything was stored on paper, and then when it moved over to digital data storing, it wasn’t the most protected. However, with so many high level security programs and firewalls, data is extremely safe, thus making the processes all the more safer. Previously, paper versions of forms would have to be filed away or destroyed if being copied over to a digital space. But this left a lot of room for error, and customer’s data was very easily stolen, or accidentally released. So, with the use of technology, this has drastically reduced the margin for error and ensures all customer information is secure.
It’s no surprise that technology has decreased the number of overheads being paid in finance, as the automation of lots of processes means less work needs doing. Instead of having a whole separate team to type up the paper forms, they forms will already be in the system as they were completed online. You’ll also not need as much IT security as well because of things like the cloud. This is because the cloud allows you complete protection and is managed remotely by a third-party, allowing financial institutions to keep the costs for IT right down.
Better Affordability Checks
Whenever you apply for any type of finance, there are lots of affordability checks that are done to ensure you can repay or manage what you’re asking for. Financial institutions are able to do credit checks on any application within minutes, and they know that the information will be accurate and legitimate. They no longer have to phone around all different lenders and see what their records hold on a person, as it’s all in one centralised place. This means that what they offer an applicant is much more likely to be accurate and provide the borrower with terms that actually match their real affordability. So, technology has inadvertently helped the public when it comes to borrowing from lenders as well as making the process easier for them.
Technology is a wonderous thing, and it’s transformed the way we live our lives in a way that cannot be paralleled with anything else. As well as making finance easier for the general public, it’s also mage a huge impact on the way financial institutions work. Their security is second to none, and the thousands of processes they deal with on a daily basis have been made that much easier. As you can see, technology has given the world of finance many benefits, and it will probably continue to do so for years to come. Who knows what new advancements will be made in the future that might completely revolutionise the way we process finance?