4 Ways Technology is Transforming Financial Services

Banks and insurance companies have relied on the same business models for decades. Technology has affected the industry in a few ways, such as computer spreadsheets replacing paper ones. However, the rate of change in IT and customer expectations are driving massive change in the financial industry. For example, we’re seeing mobile payments websites and peer to peer lending websites hitting the mainstream and becoming a viable alternative. Here are four ways technology is transforming financial services.

The Rise of Alternative Lending Arrangements

While many people still apply for a home loan or credit card from their bank, you have far more options than were available just a few years ago. You can refinance your debt or get funding for a new venture via a loan through a crowdfunding site. The internet also makes it possible to apply for loans with alternative lenders.

For example, you can now easily access bad credit loans online through direct lenders and brokers. Some even offer both sources of capital through a single portal or app. The application can be approved in hours or even minutes, and the money could be in your bank just as quickly.

Or you can simply ask for donations to pay for expenses. This is true whether you’ve suffered a tragedy or are seeking money for your new business venture. In the latter case, you might incentivise the donors by offering them one of the first working prototypes off the production line or just give them branded swag.

The Impact on Insurance

The insurance world has started to change in the face of decentralization, and the consumer market is also evolving. For example, people serving ride-sharing app customers can buy insurance by the kilometre to have commercial vehicle insurance only when they have a paying fare. Insurance is having to adapt to provide coverage for other services offered through the sharing economy like renting out your house for the weekend via a rental site.

On the flipside, advanced sensors and smart tech allow for closer monitoring of assets and actual risk. Car insurance companies are starting to offer insurance based on your actual driving habits. A device plugged into the car tracks how hard you accelerate and brake and where and when you drive. This can reduce your insurance rates if you’re a safe driver, and the data it collects may be invaluable in defending you in an accident claim. Other devices track the location of vehicles, allowing trucks and cars to be recovered as soon as they’re reported missing.

Health insurance companies are asking people to track health and workout data via wearable computers. Wearable sensors can report when someone has passed out from heatstroke or a head injury. Insurance companies incentivise the adoption of this technology to reduce the risk of having to make payments.

The Impact of Artificial Intelligence

Artificial intelligence is affecting everything from rapid A/B testing of marketing content to providing smart search engine results. It is being used to mine social media comments to read social sentiment in real-time. It has led to robo-advisors offering financial advice to clients of major investment firms and monitoring of financial data for small advisors. It is being used to streamline infrastructure, connect buyers and sellers and monitor for fraud.

ConclusionTechnology is Transforming Financial Services

Technology is revolutionizing every aspect of the financial world. It doesn’t just alter how we interact with institutions or streamline back-office processes. It has opened up the financial and insurance market to new players and resulting in brand new services to meet customer needs and wants.

rĀthe Mobile App is Not Afraid of RWA "Ruckus" – Invites Authors from Fallout

Austin, TX, January 15, 2020 –(– rĀthe™ would like to extend an open invitation to all (emphasis on the All) Romance Writers of America, RWA, (and former) to distribute their work on the rĀthe publishing platform.

The entire premise of a select few deciding what will and won’t get published is a concept rĀthe founder, Emily Maxx, has never bought into and is one of the many reasons that drove her to make rĀthe a reality.

rĀthe, through its content rating system, has a defined methodology to determine what will be published, without bias, to the ground-breaking mobile app.

Emily Maxx believes everyone has a voice that deserves to be heard, including on Social Media, of which rĀthe is not the referee. Emily Maxx states, “We truly believe in the age-old adage ‘beauty is in the eye of the beholder’ and the same is true for content.” She continues, “Nora Roberts aka JD Robb – you are THE litmus test for many conversations in the current and ongoing designs for the rĀthe portal which we are constantly improving!”

rĀthe is a revolutionary electronic publishing platform designed to package, market, and distribute short stories, novellas, and novels to mobile app users in sequential bite-sized increments called Episodes and writers publish their content for free while earning an equitable share of the revenue.

rĀthe™ mobile app users explore all content with no strings (first Episode of every Title is free) and pay a micro amount for each additional Episode (10 cents or less).

Authors interested in self-publishing their stories can do so at or make contact via email at [email protected]

Contact Information:
Dr. Katharine Hodgdon
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