Automation In Finances
Automation can benefit businesses in a number of ways, particularly smaller businesses that are low on staff. But with cloud software and the implementation of super-fast computing, could this be the future of Fintech as we know it. In this article, we will be looking into the benefits of automation in finances as we head into 2020.
Fluctuations In The Value Of The Pound
One of the biggest issues that the UK has faced since 2016 is the value of the pound. Since the severe drop in the value of the pound following the referendum result, this has gone on to change value a number of times since then leading to many being hesitant to invest. Though there is no definitive answer for how the price of the pound will change following the 11 pm deadline on January 31st there are many financial advisors that are skeptical of where this could go.
This is where automation comes in as copy trading platforms have allowed users to mimic the success of others on the platform with very minimal effort. This is key at this time of political uncertainty as to the Forex market, in particular, is fluctuating due to political uncertainty.
The Potential For Diminishing Investments
In addition to the fluctuation in the value of the pound, there is also the possibility of diminishing investments. Since the shock result of the referendum in 2016, the amount of investments has gradually reduced by around 11%. Though this could either improve worsen following the deadline on the 31st, this will begin to pick up again depending on the results of the transition period.
In addition to this slow diminishing of investments, there are many technological advancements being made to make trading easier than ever. With automated forex trading becoming more popular with so many, this makes trading easier for beginners as well as those that are more experienced. This form of trading is particularly useful for many as it allows them to make trades even when they are not at their computers. This is important for those with a busy lifestyle as it makes sure that they are able to make investments and have the best return of investment without needing to monitor the market throughout the day.
Artificial Intelligence And Automation
In addition, to automation when investing online, there is also the option of automation in the form of artificial intelligence. This has not only benefited the finance sector, but Ai has also helped the entertainment industry as well as record-keeping for businesses. This has helped businesses in particular when it comes to the finance industry as reports and invoices can be generated digitally.
This can then be filtered to show as much or as little information that you want, allowing you to automate the process and begin to spend the time elsewhere in the business.
Optimizing Speed Without Using Quality
Another main benefit of automation in fintech technology is efficiency. Automation allows for invoices to be created and information be collected quickly. This can then be compiled into a list and sent over a network to ensure that everything is quality checked with accurate information. By using an automated security system, you are increasing the efficiency whilst reducing the risk of human error when it comes to important documents.
The final way that automation can benefit you in terms of finance is through the use of cloud technology. With the automation of documents all being stored in the cloud, you can work securely. This is great from a security aspect as this will ensure that everyone can access the files they need with encrypted data. This, therefore, ensures that your company is protected against cyber hacks. This is also beneficial for those that are working outside of the office as files can be accessed over the internet, worked on and saved for other members of the team to use.
This cloud technology has also aided the retail industry as the popularity of online shopping has increased. With the implementation of blockchain technology and cloud storage software, all orders can be stored and accessed when needed to optimize efficiency and ensure that the correct invoice is sent to the right order.
This, therefore, reduces the risk of human error and makes sure that all transactions are correct. Additionally, an automated service such as this makes deliveries significantly easier. This is, therefore, less stressful for customer service teams and warehouse workers as every order is inputted correctly.
With this in mind, there are a number of ways that technology has helped to grow businesses and increased security in recent years. But as the new year continues could this all be about to change and see new and exciting technologies revolutionize fintech, only time will tell.