Describe one aspect that you think is important in the future of finance and how would...

Describe one aspect that you think is important in the future of finance and how would you like to contribute to its evolution?

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Expert Solution

The one aspect which is important for the future of finance is FinTech. Fin tech uses technology that has revolutionised the way financial industry and banking transactions takes place. FinTech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers.

Now, FinTech has introduced the concept of cryptocurrency. Bitcoin is the most popular form of cryptocurrency that enables digital transactions between two parties without the need of an intermediary. Every transaction is digitally recorded in blocks which act like ledgers and once a block is filled a new block is created. All blocks are connected to each other using hashtags and a linear chronological sequence of these blocks forms a blockchain.

Mobile technology is becoming increasingly popular. FinTech now describes a variety of financial activities, such as money transfers, depositing a check with your smartphone, bypassing a bank branch to apply for credit, raising money for a business startup, or managing your investments, generally without the assistance of a person

I can contribute towards the evolution of Fin tech by learning new skills on how to apply this new technology of Machine Learning or Artificial Intelligence. We should embrace this new technology and change the way financial transactions take place today .

jeff jeffy answered 1 year ago

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