2018 looks to be the year when technological innovations either cross paths or set a distinct impression on the markets. 2018 is also touted as the year artificial intelligence reaches new heights. Here we look at some of the important financial technological trends that will change the financial landscape in 2018.
- Digital Currency Everywhere
The growth of the internet coupled with the growth of the retail shopping and social media websites has greatly impacted traditional banking institutions. Say ten years ago, not many people used e-retail platforms, and social media websites were filled with young people. But now everything is literally a click away; in such an environment, it becomes necessary to provide rapid digital banking solutions as well. So we believe that huge amounts of investment and infrastructural growth will be seen in the digital currency sphere. Either that or huge financial institutions will likely buy smaller companies that dabble in the space of digital currency.
- To know more
Artificial intelligence is going to move away from the regular machine learning and “typical” robotics to the world of cognitive science and its implications on the real world in terms of sales, markets, investment predictions, stock market exchanges and so on. The world of cognitive science is intriguing as such but the development of AI will see a sharp rise in the financial world to predict what the user wants and where he or she will be looking to invest their money. The trend of using artificial intelligence to predict user behavior can be hit or a miss; we will have to wait till 2019 to roll by for us to see the results.
Design thinking has been a concept that has been around the block for quite some time now but the financial institution as such is late to the party. We are most likely to see traditional and digital banks utilize the potential of UX design along with the massive capabilities of Augmented Reality (AR) and Virtual Reality (VR). The essential outcome that financial and banking institutions will be seeking is real-time risk assessment and decision making. The communication channels will be decentralized to a large extent but 2018 is not the year where complete decentralization occurs. Financial powerhouses are still cautious about the rise of cryptocurrency and would likely see whether the completely decentralized system can sustain itself, as it has already proved that it can function quite well.