Exploring the role of technology in finance highlights the industry's evolution and lays the foundation for the future of the industry. Innovations like digital banking, crowdfunding platforms, and cryptocurrency have revolutionized our approach to money management and are continually reshaping our financial landscape. By contextualizing these changes and anticipating future developments, organizations can be better empowered to anticipate the products and services that can better align with consumer expectations.


Technology has fostered innovation in the financial industry at a rapid rate over the last few decades. For example, traditional banks first introduced online banking in the 1990s, allowing users to make remote transactions. In that same decade, PayPal enhanced e-commerce by enabling people to make online payments safely. Following this, other advancements, such as mobile wallets, peer-to-peer lending platforms, crowdfunding platforms, and cryptocurrency, have further advanced how people and businesses can manage money efficiently.



Major technological trends are driving a financial revolution impacting how we perform transactions and protect our money. Because of this shift, it's imperative that companies consider the following trends to rethink how they can best meet their customers' financial needs:


Financial Technology (Fintech)

Fintech encompasses the technology, business models, and products that are transforming financial services. With fintech, the financial industry has introduced the following online tools, services, platforms, and capabilities to change the way we borrow money and pay for products or services:

  • Cashless payments
  • Virtual currencies
  • Robo-advisors
  • Crowdfunding platforms

Fintech makes it possible for people to complete tasks such as donating to an online campaign, signing up for insurance, or transferring money to friends on mobile apps. It enables individuals to make payments and transfer, borrow, and receive money even if they lack access to a traditional bank.


Blockchain and Cryptocurrency

Cryptocurrency is virtual or digital currency people can use in place of traditional money. Blockchain technology links collections of records together and makes them highly resistant to alteration, making it easy to exchange cryptocurrencies securely. 

Blockchain makes cryptocurrency immune to counterfeiting and eliminates the need for a central financial authority. It also uses strong encryption algorithms to protect cryptocurrencies while making unchanging records visible to participants. This transparency enables users to verify transaction accuracy and authenticity independently. When users exchange cryptocurrency, each can easily view the information they need while their private details, such as passwords, remain secure. 

Many people view cryptocurrency as a potentially advantageous alternative investment opportunity, but some are skeptical because it is still new. If cryptocurrency continues gaining popularity, it could significantly transform traditional banking systems.


Artificial Intelligence and Machine Learning

Artificial intelligence (AI) is a computer's ability to imitate human thought and perform advanced tasks in real-world scenarios. Machine learning (ML) is a subset of AI, and it consists of the algorithms and technologies that help systems identify data patterns and make accurate decisions. AI and ML are transforming the financial industry with the following digital applications:

  • Trading
  • Loan approval
  • Financial monitoring and advisory
  • Fraud detection and transaction security
  • Chatbots for efficient communications
  • Risk analysis
  • Bankruptcy and tax evasion prediction
  • Robo-advisement
  • Enhanced decision-making
  • Personalized products and services
  • Greater compliance and transparency



New technology in finance transforms the ways we use and manage money. Technological advancements make it easier to view, transfer, borrow, spend, invest, and receive funds. Consider how the following technologies may impact your personal or business financial management and transactions:


Digital Only Banking

Digital banks are financial institutions with no brick-and-mortar location, so their services operate entirely online. Changing consumer preferences, the pursuit of convenience, and technological advancements drive the evolution of digital banking. Customers often find digital banking more efficient and convenient because they can manage their money without traveling to a physical branch or dealing with inconvenient business hours.

Web platforms and mobile apps make it easy to deposit, access, transfer, track, and invest money from any location and at any time.


Since digital banks eliminate the costs associated with maintaining physical branches, they can increase cost-efficiency for customers through lower banking fees and higher interest rates on savings accounts. With the rise of digital-only banks, it's important to consider the following challenges:

Consumer reservations: Some consumers may mistrust digital banking or prefer the in-person interactions that brick-and-mortar banking offers. For this reason, it's important to offer digital services people can trust and friendly customer service they can rely on.

Security concerns and regulatory compliance: As digital banking grows, regulatory bodies and governments must establish regulations to protect consumers, maintain data privacy, and sustain financial stability. Strictly following these regulations ensures your company is compliant and trustworthy.

Rising preference for digital services: While some consumers are wary of digital banking, most people prefer it. This rise of digital services requires traditional banks to adapt and offer online services to compete in the changing market.


Decentralized finance (DeFi)

DeFi is a concept that uses blockchain technology to decentralize traditional financial services and systems. It eliminates the need for mediators such as banks, allowing customers to perform financial activities directly using decentralized applications and smart contracts. DeFi shifts how we use financial services, and it offers the following benefits:

  • Increased global accessibility
  • Enhanced security
  • Greater financial inclusion
  • Enhanced personal finance control
  • Smart contracts for cryptocurrencies
  • Accessibility

DeFi could democratize access to financial services because of its global reach. This technology creates a global financial ecosystem that transcends the limitations of traditional banking systems, allowing users to manage their money and cryptocurrencies securely without intermediaries.



Automation could gradually shift the job market in the finance industry. As AI automates repetitive and routine tasks, finance professionals gain more time for higher-priority activities. AI streamlines tasks such as report generation and data entry, reducing human error and making processes more efficient. Since more companies are implementing AI, finance professionals should develop and grow the following skills:

  • Risk management
  • Financial planning
  • Strategic decision-making
  • Communication and collaboration

Developing and refining these skills can help professionals optimize their extra time. AI frees teams to focus on meaningful, nontechnical priorities, so most employers will expect employees to bring their creative thinking and problem-solving skills to the table.



As the financial landscape continues to evolve, embracing technological advancements can help you stay ahead. Whether you implement AI technology to streamline your processes or adopt online platforms to make your services more convenient, you can drive your business forward with the right technology.

Data security and compliance are significant challenges in the technologically advanced finance industry. Using safe, reliable financial tools and products helps your company comply with regulations and protect data belonging to you and your customers.



The financial industry is a rapidly changing landscape, and adapting to new innovations is the key to meeting your clients' and customers' needs. 

Array offers reliable financial products for your consumers that you can depend on. We prioritize security to ensure your data and customer details are protected. Our embeddable financial products help increase user engagement, unlock new revenue opportunities, and drive conversions. Because our products are easy to implement and deploy, you can launch effective solutions in a fraction of the time.

Contact us to learn more about how our embeddable financial products can help you stay ahead in an advanced financial environment.



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Editorial Note: This content is the author’s opinion, expression, and/or recommendation(s)


Alex Pagan
Post by Alex Pagan
May 7, 2024
Alex Pagan is a seasoned sales professional known for his expertise in communication, team management, and customer-focused strategies. Currently a Senior Account Executive at Array, Alex's career journey began in media and finance taking those experiences with him with the leap into financial tech.

In the fintech space, Alex has led business development efforts, fostered strategic partnerships, led go-to-market teams, and empowered partners with financial solutions.

With over a decade of experience, Alex is passionate about helping fintechs embed powerful financial and privacy tools to support their customers' financial health, create more engaging experiences, and increase revenue.

Based in Jersey City, Alex loves connecting fintech entrepreneurs with potential partners/investors and is always looking for opportunities to network.