{"id":46383,"date":"2024-05-10T15:53:44","date_gmt":"2024-05-10T14:53:44","guid":{"rendered":"https:\/\/dev.solifi.com\/blog\/emerging-technology-and-why-it-matters\/"},"modified":"2024-05-10T17:08:33","modified_gmt":"2024-05-10T16:08:33","slug":"emerging-technology-and-why-it-matters","status":"publish","type":"blog","link":"https:\/\/www.solifi.com\/de\/blog\/emerging-technology-and-why-it-matters\/","title":{"rendered":"Top Trends in Finance: Emerging technology and why it matters"},"content":{"rendered":"\n

Are you part of the 78-90% of secured finance lenders who are not already taking advantage of emerging technologies to enhance their operations?  <\/p>\n\n\n\n

The industry’s take-up of these technologies is slow. When leaders in the secured finance space were surveyed about their usage of emerging technology, which you can read more about in our latest eBook, the overwhelming response was that lenders are not yet capitalizing on emerging technologies. This presents an opportunity for lenders looking to carve their space in a competitive market. <\/p>\n\n\n\n

But firstly, what are some examples of emerging technology in finance? <\/p>\n\n\n\n

Blockchain<\/strong><\/h2>\n\n\n\n

This is a distributed ledger that facilitates the storage and sharing of information. What makes it different from a normal database is that it is decentralized, meaning no singular entity has control over it, which removes the risk of server failure wiping out the database. It is a shared database, offering complete transparency to those who can access it. Currently, cryptocurrencies are the most popular use for blockchain, but there is a lot of potential for secured finance lenders, especially those seeking supply chain management solutions.  <\/p>\n\n\n\n

Machine learning<\/strong><\/h2>\n\n\n\n

As a type of AI, machine learning can be great for lenders who want to streamline their operations using technology that can learn the trends in your data and assist in tasks such as decision-making and pricing. Machine Learning can also help with security, identifying patterns that suggest suspicious activity, and reduce risk by using probability based on historic data. <\/p>\n\n\n\n

Generative AI<\/strong><\/h2>\n\n\n\n

Building on machine learning is generative AI, which aims to be more \u201chuman\u201d. Both involve using algorithms to complete tasks, but generative AI is considered to be more sophisticated. Rather than just fine-tuning your processes and problem-solving, generative AI can create entirely new content. ChatGPT is a popular example of generative AI.  <\/p>\n\n\n\n

While many leaders don\u2019t believe they are currently leveraging the power of these technologies, they are using them more than they realize. Some of these technologies are embedded into solutions that lenders have already implemented.  <\/p>\n\n\n\n

Even so, lenders are still nervous about fully committing to these technologies. When secured finance lenders are asked the question, \u201cWhy aren\u2019t you upgrading to the latest technology?\u201d The answer is most often: COST. However, what if we told you that emerging technology can save you money in the long run? <\/p>\n\n\n\n

It is not surprising that, by using tools that can start doing some of your resource-heavy tasks for you, there is an opportunity to save money. This is partly due to the reduced manpower you need but also because these technologies use complex algorithms and historical data to ensure that you get the right results every time. Using these new tools, you can use technology to not only take care of challenging tasks but to fine-tune your current processes to make them much more streamlined.  <\/p>\n\n\n\n

If you\u2019re ready to start your digital journey, get in contact with<\/a> us today. <\/p>\n\n\n\n

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