The short answer to the question posted in the title is yes; the future of finance indeed lies in digital. For example, automation technologies have enabled many companies to save on wages and to optimize their processes. Likewise, big data derived from digital technologies is allowing businesses to make better decisions.
To analyze the effect of digital on everyday transactions, you need look no further than the rise of digital currency. While it still has a long way to go before being completely accepted, its advantages and potential are evident. Decreased transaction costs, more buyer anonymity, and the lack of national borders are just a few. (To learn more about this type of currency as well as the future of finance in general, Northeastern offers a masters in finance online.)
It is good to keep in mind that finance is made up of multiple fields and jobs. Nearly all of these jobs, if not all, should see healthy growth in the years to come. The Bureau of Labor Statistics predicts that actuary positions should grow by 18 percent through 2024. The bureau also points out that knowledge of computer science, programming languages, and statistical analysis tools will serve actuaries in good stead. More points for digital.
Another finance-related job is financial analyst, which should see 12 percent growth through 2024, according to the BLS. An essential component of this job is computer skills that require adeptness at using software to forecast financial trends, build portfolios, and more.
No matter the job in finance, be it securities sales analyst, management analyst, economist, actuary, or financial analyst, digital knowledge is essential and non-negotiable. To get a taste of what is possible if you are just starting out, maryville has a variety of bachelor degrees you can earn online, including accounting, cybersecurity, and even healthcare practice management.
The Big Picture and the Human Touch
While digital is indeed the future of finance—and its present, in many ways—its short-term impact may remain relatively minor in some areas. Take currency, for example, since it was discussed in an earlier section. Physical cash and the involvement of central banks in currency are not going away any time soon. So, digital currency is rising and existing along with these more traditional financial currents.
In fact, this type of parallelism holds true for jobs as well. Take a financial analyst. This person helps businesses and people in their investment decisions. They look at investments such as bonds, stocks, and even real estate, and part of their job is to use current and past data to inform their predictions about the future. They must also prepare written reports and effectively communicate their findings. A huge human component exists here; even if this communication takes place through video chat, an obvious digital technology, old-fashioned communication techniques such as negotiation, empathy, conflict resolution, and clarity are still necessary.
The bottom line is that as finance becomes increasingly digital, the most successful individuals and companies should be those that do not lose sight of the human touch. If you wanted to give a long answer to the question that the title poses, you would say something like, “Yes, digital is the future of finance, but the human element is, too.”