4 Tech Trends Revolutionizing the Current Finance & Accounting Sector

The impact of digitalization revolutionized several top industries as well as diversified business verticals. Meanwhile, the world is steering towards digital the sphere, the global population is also witnessing a huge transformation in the widespread banking networks. With advanced security features & one-click digital transactions, the online banking system has simplified all accounting operations & procedures for users.

The integration of Artificial intelligence, APIs, authentication features for secure mobile banking, password protection, etc. introduced a modernized phase of the financial industry in the digital world. Although the familiarity to mobile banking is not a big thing to be mentioned it is mandatory for all banks to extend their facilities for it. In simple words, all banks must prioritize online banking to serve their new customers & let them enjoy the hassle-free experience while availing their services on fingertips. With the growing significance of mobile banking & finance, the majority of banks & accounting firms are planning to introduce a solid mobile app & fully-secure online system to reach the utmost standards.

As per Chris George, a senior vice president of client strategy at NYMPBUS, mobile technology is dominating overall accounting strategies & concepts and that’s why the marketplace accepted its role in the rise of finance & accounting industry.

Today, the majority of banks demand of a feature-loaded software or mobile app to cater to their valuable customers. Therefore, in order to keep a pace ahead from other market competitors, they’re looking forward to coming up with certain add-ons & trends for mobile app development. Excited to get familiar to these trends? Here is a list of 5 popular trends for banking technology that every app developer must know:

Mobile banking will turn speedy & simplified

In the era of digitalization, the banking sector will witness a positive impact in terms of convenience & user experiences. According to Kick Borne, Mobile banking will continue speeding up banking procedures that are more secure & data informed. Additionally, many finance experts conclude to say that the entire wheel of mobile banking will revolve around consumer-to-business digital banking, customer to customer transactions & payments, crypto currency wallets, location-based service, no-password biometrics, & other add-ons.

Though mobile banking is all about easier & quick digital payments, banks understand the necessity of getting a user-friendly mobile app to reach out their customers & stretch out their user base. Hence, the top players of the banking & finance sectors are turning towards mobile app developers to exemplify their objectives!

Security gains prominence & strengthens via Biometrics

  • Secure banking is smart banking. With the integration of fully-secure user interface and functionalities, all mobile banking applications will serve as the safest digital platforms to make hassle-free payments & transactions.
  • Added with multiple layers of security, developers ensure building the innovative & high-performing mobile apps for high-level data security services.
  • As far as IDC predictions are concerned, the average spending via next-generation authentication based on security is expected to increase by 20% reflecting a trustworthy relationship between banks & their valuable customers.
  • With advanced security features like facial recognition & voice prints with tested authentication, functionality will bring down a user’s efforts while making digital payments. There is no need to remember lengthy passwords & patterns to step into the next phase of online transactions & payments.
Banks will leverage better services with external APIs

Application programming interfaces have been in use by the banking sector for the past few years. However, an idea of connecting applications to IT systems & software via API is in trend in the finance & accounting industry. It is known that APIs offer the innovative & advanced solutions to customers who are hassling with open banking.

The revelations by IDC defines that more than 50% of banks will provide around 5 external APIs by the end of 2018. Today, the majority of banks are shifting to Fintech agencies through open APIs and it will be interesting to know that modern banking regulations allow sharing of consumer data through them i.e. API.

Artificial Intelligence creditable for customer engagement

The penetration of AI technology gained immense popularity in all areas of digitalization. From gaming to eCommerce, the entire banking sector is taking the best advantages of artificial intelligence & integrating to serve exceptional user experience to their consumers. AI not captivate users but also simplify difficult phases of digital payments. With the combination of Chatbots & other online procedures, AI integration enables banks to deliver products & services to numerous users from a common group but with varied requirements, behaviour & expectations from their banking service provider.

In the nutshell, it can be said that the finance & accounting sector has gone through several changes with the arrival of technologies like Artificial intelligence, API, security authentication system, IoT & more. Therefore, it can be said that all today’s online banking system is solely inspired by all the above trends and expected to revolutionize in the next year.

4 Tech Trends Revolutionizing the Current Finance & Accounting Sector
Arpita Mishra

Associated with Nettechnocrats as a Senior Technical Content Writer, Arpita write technical contents for Nettechnocrats and Clients. She brings her years of experience to her current role where she's focused to her contents focused on balancing informative content with Google guidelinesbut never at the cost of providing an entertaining read.

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