It is an interesting situation. Our financial system, which has been built up and slowly evolved over time, is being rethought because the digital boom has changed nearly every aspect of our lives. Bringing the digital world to the financial world and the scientific world into the technological world is enough to make anyone’s head spin. The way that these topics cross paths is thorough, expected, and at the same time, boost their own individual benefits. When they all come together, they produce more efficient systems. Keep reading to take a look at how these topics intersect.
In almost all cases, the sciences help to drive technological development. Artificial intelligence — a hot topic in technology today — is one of these great crossover topics between science and technology. While AI is deeply related to technology in how it is utilized and applied, it is also incredibly scientific in how it works. For example, deep learning operates just as a human brain does with its neural networks. Understanding and recognizing those connections can help us to make larger connections between topics. According to Deltec Bank, Bahamas-“When you take a step back, science is a core subject that can help to facilitate the rise of both technology and finance and create new developments that propel us forward.”
At a rapid pace, technology is now being created to serve practically every need that a human being has. Technology and finance now go hand in hand. You’ve likely seen the word “FinTech” to describe the type of computer programming used to support banking and finance. Yet, well beyond FinTech, you have consumers utilizing technology together with financials. They are utilizing both AI (read: science) and search features to access their bank accounts, portfolios, and more. They are monitoring any relevant information and keeping them up to date. Technology has been a crucial piece of how both finance and science has changed drastically over the last 50 years. The advancements we see today in the digital world are owed to technology that we now take for granted.
The future of finance (specifically with banks) feels a bit uncertain due to how rapidly technology has changed. Both the technological and scientific advancements have created timeliness within the financial sector that did not use to exist. For example, transactions are often instant which allows them to travel farther than ever before. From other states to new countries, money can be moved with the mere click of a button. It is an instantaneous process — which used to take weeks — that is now complete in the blink of an eye. Furthermore, customers are voicing their desire for systems to be online, cheaper, and more sustainable. And in that case, when you cater to the customer, you’re looking at integrating new elements from the worlds of science and technology.
How do these three come together in a digital world?
The combination of these three topics has led to outstanding progress in the world of banking and the financial sector. It is this combination that gives the industry room to grow and to become more efficient. Particularly, the use of cryptocurrencies and AI are paving the way for big changes ahead. They are supporting the ultimate convenience and efficiency for the customer, which demonstrates just how vital it is for there to be crossover in various industries. The convergence of science, technology, and finance is key to ensuring that customers not only have a positive experience in the digital world but that progress and new developments an also be made.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.