The Biggest Finance Trends to Look Out For

Because of the Covid-19 pandemic, the global finance industry shifted its position and is being positioned for recovery when the pandemic is behind us all. Initially, 2020 was predicted to be a big year for financial tech to make great strides, it still is.

It is important to be informed about the biggest trends in the finance industry despite the pandemic. So, here they are.

Artificial Intelligence and Automation

If you think about it, finance and accounting services are automated. We are talking about banking, payroll, audit and even more technical accounting consultation. One good example of this is online payments.

Everything is automated and people can purchase all the goods they want using their devices. One important reminder here is that manual finance and accounting services are not obsolete, and they never will be, for example with banking.

Believe it or not, there have been reports suggesting in a couple of years, we will no longer need traditional banks and they’ll be established online.

In finance, there is still a big need for human roles. AI and automation improvements in the future will focus on accuracy, real-time speed and scope. We are talking about another level of real-time transactions wherein people have full control.

Recession and Recovery

Many experts don’t want to say it, but the world is experiencing a global economic recession right now. Nobody expected the magnitude of the COVID-19 economic impacts so most countries were not prepared.

We are talking about millions of businesses shutting down for good and millions of people losing their jobs.

Travel and leisure lost billions of dollars globally. There is still a minimal sigh of recovery for this industry. On the bright side, several nations are starting to manage the COVID-19 pandemic in their respective region and people are bouncing back.

For example, New Zealand was able to contain the virus and minimise deaths. The country as of writing this article is Covid-19 free.

Australia is doing the same, there are many signs of significant recoveries for the economy with some businesses being able to open again. Australia is well on its way to an economic recovery hoping there won’t be any sudden surge.

Customer Experience and more Human-Centric Decisions

Financial organisations are looking to improve the customer experience for consumers. This is not just about hiring more customer support specialists. We are talking about making life a lot easier for consumers or customers through technological advancements. We might have covered AI and automation earlier, but it is more than just that.

This will include a lot of surveys to be distributed to consumers on their insights of aspects in need of improvement.

Check out our latest blog entry about Australia’s finance trends.