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May 6 8 min Why Can't the IsMF Model be Digitalised? In a progressive and socially responsible world, embracing technology is crucial for effectively delivering financial products and... Mar 19 5 min Another threatened by AI? By Pia Kothari Unlimited access to open-source artificial intelligence software allows users across the face of the internet to simplify... Nov 23, 2022 3 min Lead or be led by Rishika Gupta In human interactions, you may feel there are few people whom you get along with easily, and few people that no matter... Nov 17, 2022 3 min Negotiation across your career by Rishika Gupta When you’re in college and just starting out on your career, questions of self-doubt can plague your mind. When you’re... Sep 4, 2022 5 min Design Think(ing) to Innovate by Sakshi Chavan Design Thinking is about taking a human-centred approach to innovation that draws from a designers toolkit to integrate... Aug 19, 2022 3 min The Importance of Strategy Importance of Strategy EduSPACE : The Blog Explore the knowledge ecosystem and learn more, email us to share your articles!

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EduREPORTS EduREPORTS is a programme where we publish the research reports created by the graduating cohorts of the WorkEx Bootcamp and independent research submitted from our community on diverse topics such as technology, social welfare, and more. AI – A Necessary Evil? by Krisha Makharia Artificial Intelligence (AI) is rapidly transforming the way we all live, our personal life, our occupation, our education, our relationship with other human beings and non-living beings, how we get to fulfil our aspirations etc. AI (and generative AI) is the next biggest transformation we are all witnessing and luckiest to be part of this historical journey. Read More Consumer Pricing Behavior: An In-depth Analysis of Price Perception and Decision-Making by Samaarra Agarwal Consumer pricing behavior is a key and complex component of the contemporary market. Here, we analyze how people make decisions in their quest of value, which sits at the nexus of psychology, economics, and marketing. Read More Economics' Perspectives on Modern Finance by Dweej Desai ​ Read More Emerging Technology Trends in Finance by Rian Sanghavi This research paper explores the profound impact of emerging technology trends on the finance industry in the 21st century. It delves into key technological advancements such as big data, blockchain, machine learning (ML), and artificial intelligence (AI), examining their applications in finance and accounting. Read More Evolving Marketing Tools and Techniques by Nikita Khaitan Understanding the Switch from traditional to digital marketing. Nike as a case study and the role of AI, big data, and metaverse. Read More Indian Asset Management by Rishabh Keshiv Sehgal This report will cover various types of asset classes present in India, and deep dive into India's Asset Management industry with a comparison against global markets. Read More Mathematical Modeling of Business Processes by Angel Saraogi Understand how money, banking and the financial system intersect and work. Enhance decision-making, reduce costs, manage risks, and increase efficiency in order to boost competitiveness and success. Read More NGOs in the Indian Landscape by Dodda Teja Adarsh India as a country: Our eyes reach the stars, our feet are going down quicksand. With a robust state network system and a far-reaching executive, India is still not even close to even achieving universal access to basic services. This glaring gap is taken care of by the intricate NGO sector. Read More Nuclear Power: Boon or Bane by Janki Padia Several academicians believe that a mixed assortment of alternative energies will be needed if we are to replace fossil fuels and 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial levels and to secure net-zero emissions by 2050. However, nuclear power is not an easy pill to swallow, not even in the progressive or climate circles. Read More The Relationship between Finance and Economies by Veer Sharma Studying the system interactions and linkages between banking, finance and governance. Read More Artificial Intelligence: Boon or Curse? by Prachi Saswade Artificial Intelligence is used in almost every sector in the world today, extensively in the business world. There are many discussions about the impact of AI, both positive and negative. Read More Digital Communications by Yash Vadhar The marketing aspect of a business that exits in order to address people’s needs and wants by promoting certain products or even a business for that matter. Whilst all that even in current times stays to be true, there are advancements and developments that have now led to the innovation of a new type of marketing, known as Digital Age Marketing. Read More EduTech - The New Age Education by Anoushka Sen EduTech is a developing industry in education, that has been propelled by the COVID-19 pandemic. Learn about the key players, untapped areas, impact, and future prospects of the industry. Read More Essence of Digital Marketing by Zaynah Buhariwala How many of us bother to watch an entire advertisement between our much-loved YouTube content? The old paper board advertisements are now replaced with electric billboards, which change every 2 minutes. Insta ads and more, the future of marketing. Read More Finance, Banking and the Economy at large by Divyes Chakravarty Gain an understanding of how money, banking and the financial system intersect and work. The different concepts, principles and intricacies of money and more. Read More International Banking by Tarun Natarajan International banking is a complicated system that comprises of multiple structural subgroups, each of which performs a specific role. This study will be on the unique characteristics of international banks and the wide range of duties they perform. Read More Money, Banking and Finance by Ananya Jain Money and banking are necessary components of every current economic system, since they facilitate production and consumption activities, as well as financial transactions inside and beyond national boundaries. Since the end of the fixed exchange rate system (1946–1973), financial market transactions have increased in volume and scale globally, while the frequency and ferocity of financial crises have increased considerably. Read More Navigating the New Marketing Frontier by Maya Dave The landscape of marketing and communication has evolved significantly in the digital age. In a world driven by technology and data, it is crucial to explore and evaluate these techniques to make informed decisions in marketing and communication strategies. Read More Technological Advancements in Solar Power Generation by Samyukhta Kannan Bell Laboratories created the first silicon solar cell in 1954. This breakthrough sparked a flurry of new discoveries in the field of solar energy. Solar energy is the radiant light and heat from the Sun that is captured and used in a variety of methods. The technological advancements since have shown the growing potential to use this as a reliable energy source. Read More Reach out with your Research Name Email Phone Upload Your Report (PDF) Upload supported file (Max 15MB) Submit Thanks for submitting!

< Back Emerging Technology Trends in Finance by Rian Sanghavi This research paper explores the profound impact of emerging technology trends on the finance industry in the 21st century. It delves into key technological advancements such as big data, blockchain, machine learning (ML), and artificial intelligence (AI), examining their applications in finance and accounting. The paper investigates how these technologies are reshaping traditional methods in financial management and accounting, emphasizing the advantages and potential challenges. In conclusion, a comprehensive summary and analysis present a nuanced perspective on whether these new tech trends benefit the industry or require careful consideration. 1. Introduction In the 21st century, the financial industry has witnessed a transformative wave of emerging technologies. This paper aims to investigate and analyze the impact of these technologies, providing a comprehensive understanding of their applications in finance and accounting. The focus areas include big data, blockchain, machine learning, and artificial intelligence, exploring their evolution, adoption, and implications for the financial sector. 2. 21st-century Relevant Tech Trends Big Data: The advent of the digital age has led to an unprecedented generation of data. Big data, characterized by vast volumes of structured and unstructured information, has become a game-changer in various industries. In finance, big data analytics plays a crucial role in risk management, enabling real-time analysis of market data. It facilitates improved operational efficiency, personalized customer experiences, and strategic planning. The sources of big data are diverse, ranging from transaction processing systems to social networks, and its applications extend beyond finance to sectors like healthcare, manufacturing, and transportation. Blockchain: Blockchain, a decentralized and distributed ledger technology, ensures transparency, security, and immutability in digital transactions. While initially associated with cryptocurrencies, blockchain has transcended its origins. It finds applications in supply chain management, where it enhances traceability and reduces fraud. In healthcare, blockchain enables secure and interoperable sharing of patient data. Intellectual property protection, provenance tracking, and smart contracts are additional areas where blockchain is making a significant impact. Machine Learning (ML) and Artificial Intelligence (AI): Machine learning, a subset of artificial intelligence, focuses on training computer systems to learn and improve from data without explicit programming. ML algorithms analyze large datasets, identifying patterns and making predictions based on learned behaviors. The applications of ML are diverse, ranging from recommendation systems and fraud detection to natural language processing and autonomous vehicles. Artificial intelligence, encompassing a broader range of technologies like natural language processing and computer vision, has left an indelible mark on various industries, including healthcare, finance, manufacturing, customer service, and transportation. These technologies continue to evolve, contributing to the digital transformation of businesses and society at large. 3. Application in Finance Traditional Approach to Financial Management: The traditional approach to financial management, which emerged in the 1920s, was rooted in the objective of earning more funds to foster business growth. This approach, often synonymous with corporate finance, prioritized maintaining accounting and legal relationships, sourcing funds from diverse channels, and addressing episodic rather than day-to-day financial challenges. Cash management was a critical component of this traditional method, ensuring the company's ability to meet daily obligations. Advantages of Tech in Finance: The evolution of financial management approaches, globalization of commerce, and increased reliance on information technology have given rise to modern finance. Fintech, a portmanteau of financial technology, encompasses a spectrum of technologies aimed at improving and automating the delivery of financial services. The integration of technology into financial services has witnessed significant acceleration, particularly driven by factors like the COVID-19 pandemic, which expedited the shift to online financial transactions. One notable aspect of this technological evolution is the accessibility of the stock market. Companies like Robinhood have democratized stock trading, offering commission-free trades through mobile apps. While this accessibility has increased market participation, it has also raised debates about potential trading frenzies and the need for scrutiny to ensure balanced markets. Cryptocurrencies, with Bitcoin as a prime example, have continued their volatile journey. The digital currency has not only attracted investors but has also permeated popular culture, capturing the interest of high school students worldwide. The pandemic has accelerated the adoption of online financial transactions, pushing the boundaries of online banking, payment systems, and other digital financial services. The tech trends influencing the financial future include increased accessibility to stock markets, the rise of fintech companies, and the continued volatility of cryptocurrencies. In the realm of financial services, the adoption of software solutions has become widespread. Financial technology (FinTech) firms leverage these solutions to enhance efficiency, speed, and customer experience. The success stories of companies like Ant Financial in China underscore the pivotal role of technology in reshaping the financial landscape. Benefits of technology in financial services are multifaceted: Coverage: Mobile connectivity technology has expanded the reach of open banking services. Unlike the traditional banking system limited to big cities and towns, signing up for financial services today is as easy as a few clicks on smartphones or tablets. The geographical barriers have been broken down by technology, enabling broader coverage. Convenience: Technology brings unparalleled convenience to users. Almost everything, from signing up for services to making inquiries, payments, accessing loans, and transferring funds, can be done through mobile banking technology. User-friendly mobile applications, exemplified by companies like Square Inc, eliminate the need for physical visits to banking premises. Speed: Financial technology solutions operate swiftly. Transactions are completed in seconds, a crucial aspect in today's fast-paced world. This stands in contrast to the days it used to take for traditional banking systems to process transactions. The speed of financial technology is a vital asset, especially in a world where time is of the essence. Safety: Addressing safety and security concerns in the financial services sector, technology has developed fraud and breach detection methodologies. The risk inherent in the traditional banking system has prompted the implementation of robust security measures in the digital realm, ensuring the safety of funds and private data. Customer Experience: Overall, financial technologies have significantly enhanced the customer experience. Smart contracts, mobile payment systems like Venmo, credit card platforms such as PayPal, and chatbots have made clients' lives more straightforward. Artificial intelligence technologies, driven by big data, enable personalized experiences. Reduction in human error and the ability to handle most queries online contribute to an improved overall customer experience. The transformation brought about by technology is evident in the financial services sector. The integration of artificial intelligence, machine learning, and data analytics has revolutionized the industry, making financial services more accessible, convenient, and secure. 4. Application in Accounting Traditional Accounting Methods: Traditional accounting, often referred to as "accrual basis" accounting, calculates profits based on when invoices are sent or received, irrespective of the actual flow of money. The approach involves meticulous record-keeping, including business assets, stock valuation, and other financial transactions. Tech Advancements in Accounting: The accounting industry has undergone a significant transformation in the last few decades, primarily fueled by the introduction of computer-based accounting software. These tools automated the record-keeping process, eliminating the need for manual ledger systems. The 1990s saw the rise of desktop accounting software, which offered increased accuracy, reliability, and efficiency in managing financial data. The subsequent shift to web-based and cloud-based accounting solutions marked another leap in the evolution of accounting technology. Cloud-based platforms provide users with real-time access to financial data, enabling collaboration among team members, accountants, and clients. This shift to the cloud has been instrumental in breaking down geographical barriers and facilitating seamless communication in a globalized business landscape. Robotic Process Automation (RPA) has emerged as a powerful tool in automating repetitive and rule-based tasks in accounting. RPA technology employs software robots to perform routine tasks such as data entry, invoice processing, and reconciliation. This automation not only improves accuracy and efficiency but also allows human accountants to focus on more complex and value-added activities. Artificial Intelligence (AI) and Machine Learning (ML) are at the forefront of the latest advancements in accounting technology. AI-driven systems can analyze large datasets to identify patterns, anomalies, and trends. In accounting, this capability is harnessed for fraud detection, risk management, and predictive analytics. Machine learning algorithms continuously learn from data, enabling them to enhance their accuracy and predictive capabilities over time. The integration of AI and ML in accounting software also brings sophisticated data analysis capabilities to the forefront. These technologies can sift through vast amounts of financial data, providing valuable insights for strategic decision-making. For example, AI-powered analytics tools can analyze customer behavior, predict market trends, and offer recommendations for optimizing financial performance. 5. Accounting Trends to Watch in 2023 Automation and AI Integration: The trend of automation and AI integration in accounting is expected to continue gaining momentum in 2023. As technology advances, routine and time-consuming tasks will be increasingly automated, allowing accountants to focus on higher-value activities that require critical thinking, analysis, and strategic planning. This shift is poised to enhance the overall efficiency of accounting processes, reducing the risk of errors and improving decision-making. Cloud-Based Accounting: The popularity of cloud-based accounting solutions is projected to persist and grow in 2023. Cloud technology offers several advantages, including real-time access to financial data, collaboration among multiple users, and enhanced security measures. The flexibility and scalability of cloud-based accounting make it an attractive choice for businesses of all sizes, allowing them to adapt to changing business environments and regulatory requirements seamlessly. Focus on Sustainability and ESG: Environmental, Social, and Governance (ESG) considerations have become increasingly important in various industries, and accounting is no exception. In 2023, there is a growing emphasis on integrating sustainability and ESG factors into accounting practices. This involves not only reporting on financial performance but also assessing and disclosing the environmental and social impact of business activities. Accountants are expected to play a key role in developing frameworks for measuring and reporting on sustainability metrics. Advisory Services: The evolution of technology in accounting is reshaping the roles of accountants. With routine tasks becoming more automated, accountants are expected to shift towards providing advisory services. In 2023, the focus on advisory services is likely to intensify, emphasizing the importance of financial planning, risk management, and strategic advice. Accountants will be positioned as strategic partners, leveraging their expertise to guide businesses through complex financial decisions. 6. Conclusion In conclusion, the technological landscape has significantly transformed the finance and accounting sectors in the 21st century. The exploration of big data, blockchain, machine learning, and artificial intelligence has revealed their multifaceted applications and profound impacts on traditional approaches. While these advancements offer unparalleled benefits, careful consideration is essential to mitigate potential challenges. The financial industry's future lies in embracing these technological trends, adapting to change, and continuing to provide value to clients in this dynamic environment. The nuanced analysis presented throughout the paper suggests that the new tech trends are generally beneficial but require prudent usage for sustainable growth in the industry. As we move into 2023, the fusion of technology and finance is poised to shape a future where accessibility, efficiency, and innovation coalesce to redefine financial services and accounting practices. The industry's success will hinge on its ability to navigate the evolving technological landscape, leveraging advancements for positive transformation while addressing challenges responsibly and ethically. Previous Next