Economic technology, or financial technology, has dramatically changed the financial and business scene in the United States throughout the last 20 years. The widespread use of mobile financial apps, online banking, and digital payment systems has completely changed how people and businesses handle their money.
The rise of massive online retailers like Amazon has influenced consumer behavior and has contributed to the demise of conventional storefronts. Additionally, traditional views of money and finance have been reshaped by the rise of cryptocurrencies and other technological currencies.
In addition to improving productivity, these advances have created rules and regulations that have forced a look of the current financial structures. The future of the US economy will be greatly influenced by how innovation and regulation interact as the country continues to adopt economic technologies.
Sources-
https://www.weforum.org/agenda/2020/11/heres-how-technology-has-changed-and-changed-us-over-the-past-20-years/
I personally think that the Fintech industry has greatly improved the world we live in in almost every way, and because of this I am pursuing Finance and Computer Science degrees with the intent of starting of Fintech business. I completely agree with you when you say that the rise of online retailers has "contributed to the demise of conventional storefronts," and this may be the only downside(fiscally not socially, that a whole different story) of the "Digital Revolution".
ReplyDeleteI am excited to see the technological impact on the economy in the next 10 years. I wonder if we will see as influential of changes as we have seen in the past 20 years. Just like how online retailers have had such an impact on consumer behavior.
ReplyDeleteRyan, I think that this is very interesting and I agree with some of the other comments in terms of what it will look like in the future in terms of how business and banking is accomplished. I think that it is cool where we are as I like my direct deposit of money when I work as it is consistent and hastle free for me to get my money. It is even cooler that I can do that on an app as well as shop with that money on a separate app.
ReplyDeleteRyan, I think it is important to pay attention to what online banking has done for consumers. The article that I focused on this month showed that jobs in financial services are reaching a period in which they are declining. It will be interesting to see how many jobs will be lost due to the advancement of technology and the ability to do banking and making decisions are around banking so quickly and quite literally at the push of a button.
ReplyDeleteThe technological advances made with online banking over the last 20 years have definitely been monumental for our economy and its ability to evolve. It will be interesting to see what advances we can make over the next 20 years. I agree that consumer behavior has been greatly impacted by the ability to shop online.
ReplyDeleteThis was a great read. Technological advances have skyrocketed in the past few years and this has been a great standpoint for our economy. We are now able to do things we never thought we could do just a couple years ago. This article really highlights how that is possible and makes it that more interesting.
ReplyDeleteIt has been really interesting to see how tech advances have changed banking. I wonder how A.I or if A.I will continue to grow into the online banking world, or financial world. The next 20 years will be monumental in the online world.
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