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Robert Berwick Explains the Impact of Technology on the Financial Sector

Financial Sector

With the unprecedented technological advancements that are being integrated into all walks of life, it is hard to find an area unaffected by these changes. Just consider, for instance, anything from the medical field all the way to areas like the transportation industry. Regardless of how different they may be, it is hard to deny the impact that technology has made over the past few years. 

Well, the financial sector is no exception to this sweeping evolution. On the contrary, one could easily make an argument that the world of finance is experiencing the largest degree of disruption. So, what are some of the most obvious areas in which technology has impacted the market? 

New Operations

In the past, starting a business was mainly limited by the capital that one can bring to the table from their own pocket, bank loans, or some external investing. Nowadays, however, the overall makeup of where people’s capital comes from has completely changed. Instead of relying on their own investments, businessmen and women can take advantage of things like crowdfunding, peer-to-peer contributions, outsourcing, and much more. 

Just think about the way in which cryptocurrency businesses have been able to obtain the mind-boggling figures that are needed for their creation. Well, in the vast majority of cases, investors do not even have to be present on-site to be able to invest. Instead, all that they need is a minor technological tool like a smartphone, computer, or tablet.

Accessibility to Investing

To add on to the previous notion, one must recognize that the unparalleled ease of access is directly impacting the accessibility of investing. According to an experienced expert in finance, accounting, and information systems, Robert Berwick, people can now become shareholders of their favorite corporations almost effortlessly. 

For example, if a person from Greenwich like Robert Berwick wants to buy stocks of a company headquartered in China like the Alibaba Group, per se, they can do so with nothing more than their phone. This is because there are now innumerable apps that let people buy and sell investments and various forms of assets without ever forcing them to reach out to a broker, investment agency, financial advisers, or similar.

Chatbots, Robo-advisers, and More!

Looking at this situation from the corporate side also results in a lot of benefits. In fact, one could easily recognize a dozen different advantages that large businesses will enjoy from these technological improvements. The most obvious would be the quick integration of tools like chatbots. For those unfamiliar, these are some of the latest results of innovation that let companies communicate with their client base even in the after-hours. 

They do this by relying on artificial intelligence and complex programming to be able to respond to live inquiries and answer in a comprehensive manner. The same concept applies to the so-called robo-advisers that can guide one through the process of investing. So, that same buyer from Greenwich might be able to purchase the perfect amount of Alibaba Group stock without ever asking a live financial expert for advice. 

Online Banking

By now, almost all of the major financial institutions have developed sophisticated online banking systems. The reason why they pursued this path is to increase their presence in their customers’ daily lives. After all, according to Robert Berwick, someone who can access all of their account information and recent transaction on their phone will be much more likely to do so early and often. 

Thus, people are continuously banking via their phones that now let them do everything from checking on some of the latest purchases to applying for things like car loans or mortgages. As far as who benefits from this the most, one could make an argument for both sides. The consumers benefit by having easy access to their data while the banks get to reach their buyers more and promote other products. 

Trading and Forecasting

As mentioned, the latest technological advancements are making it easier to get into investing. Additionally, it is important to recognize that they are also helping people make smarter buying and selling decisions. In other words, knowing which asset to pursue, how much of it to buy, and when to sell it is becoming much easier. Why? Because the amount of data that is available in the market has never been greater. 

So, people can run their individual analysis or use expert tools to derive better decisions on how to approach their trading endeavors. That way, the odds of making more money in the long-run and having high profitability are higher. From the corporate standpoint, this is helpful because it allows people to accumulate more money which, in turn, should motivate them to keep investing.

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