Do you know the reason why human civilization has flourished for so many centuries? Owing to the basic necessities- food, water, clothing, and shelter? Yes, that’s true but along with that the exchange of finances has been monumental.
In ancient times, bartering was the prime source of exchanging goods and services. Later people started to make use of metal coins, leather money, and then paper notes. Long gone are the days when we used to send a money order. Sooner everything was replaced by credit and debit cards and now in the era of digitization, money is exchanged in just a few seconds over a single click.
Why are we traveling through history?
From the barter system to digitization, we can see the radical departure of the traditional model of monetary exchange. In fact, experts anticipate the future of the money market to be more digital than today. Being the torchbearer of the money market, WebMob assumes the responsibility to walk you through this entire transformation.
So, let’s have a look at how digitization has paved the foundation for the future.
Substitution of Cash With Electronic Money
When was the last time you took out tons of cash from your bank to carry out a transaction? Seems like a long time ago, right? This is what digitization has achieved in this era.
Right from grocery stores to online shopping, digital payments through mobile applications have replaced it all.
People seem to have accepted digital banking as the new normal. There are even some examples of banks having fewer or no brick and mortar locations.
In the present age where right from money exchanges to loan applications when everything is possible through the smartphone in our pockets, is it even necessary to have a physical branch?
Around 94% of mobile banking customers use online banking platforms at least once a month.
Rise of the FinTech Industry
FinTech has played a huge role in the innovations and digitization of the finance industry.
It has offered faster, cheaper, transparent, and user-friendly financial services and products.
FinTech is altering the landscape of finance through online financial tools, money lending, tracking financial activities, creating investment opportunities, and automated chatbots.
Customers can compare shop, compare products and services offered by various financial institutions via FinTech platforms, and get answers to all their queries under one umbrella.
The industry has started to lay its roots in the market and will grow more rapidly in the upcoming days.
One of the biggest FinTech products is the digital payment, which holds 25% of the FinTech market.
The Introduction of Crypto-Assets
There has been a notable expansion of crypto-assets in recent years. The cryptocurrency allows the customers to exchange cryptocurrencies for assets such as fiat money or other digital currencies.
Due to the decentralization and speed of currency transfers, anonymity in money transfers, deflationary nature of digital currency, the cryptocurrency exchange market is booming in the market.
Applications such as crypto mining and cryptocurrency hardware wallets have proven beneficial for the customers, making the transfers much easier, and providing better security.
With the adoption of cryptocurrencies for real-world transactions, there would a huge digital transformation in the finance market for a better future.
According to Kaspersky, over 19% of people worldwide bought cryptocurrency before 2019.
Launch of Blockchain, Artificial Intelligence, and Machine Learning
There is no progress without technology and similar is the case with finance. With the utilization of technical prodigies like blockchain, artificial intelligence, and machine learning, the scope for digitization has taken a step ahead.
These platforms are providing greater efficiency, better market transparency, minimizing the risks, and low costs for compliance and regulatory insights.
They have also made the comparability of entities and securities through universal data standards possible and have eliminated duplicated or redundant processes through ledger consolidation.
The AI-driven adviser can bestow you with low-cost advice solutions for money related matters.
Owing to such exceptional advantages, these platforms are sure to move up the wealth management value chain, streamline services, and cutting costs.
WebMob offers a wide range of Money Market trading platforms strengthened by all these emerging technologies. Do check them out here.
The cost savings from banks’ chatbot usage alone will reach $7.30 billion worldwide by 2023.
More Change on the Horizon
Digitization has started taking baby steps in the finance industry and undoubtedly it is going to flourish more in recent years. With the infusion of technology, the working structure of the financial institutions has been completely transformed into a better place than what it was a decade ago. From digital banking to chats and complex models which manage our financial health and resolve financial issues, we can see that every aspect of the finance sector has been impacted. Perhaps, mankind would be oblivious to currency coins and paper notes in some years.
With so much development around the corner, WebMob can help you give that digital touch to your organization. We provide Money Market Platform, Digital Exchange, Decentralized Cryptocurrency Exchange(DEX), ERC20 based Cryptocurrency, Blockchain solutions, and many more trading platforms to help your organization grow. Be it any financial institution or any personal financial decision, our professionals are here to help you out anytime.
So, let’s connect today and help you be a part of the digital evolution with WebMob.