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Beyond 2025: How Technology Will Supercharge Finance In The Coming Year
- Advancements in financial technology have brought a change in banking and financial services globally.
- New developments that will shape financial services in 2025 include digital data factories, AI fraud prevention, and digital currencies.
- Financial institutions will become increasingly dependent on digital data, which can provide insights on customer needs and risks analysis.
- AI and ML technologies are becoming essential for fraud prevention, with an increase in the number of financial entities using these technologies for fraud detection.
- Central banks in advanced economies have become increasingly supportive of digital currencies, which could be the start of replacing traditional fiat currencies.
- The adoption of cryptocurrency among consumers has seen widespread popularity, with over seventeen percent of American adults having invested, traded or used cryptocurrency before.
- Cross-border transactions have been crucial in sending local and foreign currency abroad and for completing transactions more seamlessly.
- Super apps are personalized digital applications that can help users complete a range of transactions without having to switch between platforms or mobile applications.
- Blockchain technology will help improve transparency among enterprises and bring about faster and more efficient audit processes and securities settlements.
- Technology will change the employability of many workers in the near future, creating new skill sets and eliminating older roles.
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