5 important changes that financial experts predict in the near future

Technological innovations combined with changing of financial market's trends caused by the consequences of the COVID-19 pandemic are leading to economic problems and changing the global financial landscape. The ability to make forecasts can be of great importance for investors and ordinary users of financial services. In this article, we will look at several forecasts and related events that can determine the future of the global financial system.

1. Decision-making based on data that increases the efficiency of decision-making in the financial market Up-to-date data and more reliable business information, according to almost 88% of financial experts, are the most important components for decision-making. A survey conducted by Deloitte among 784 global financial leaders showed that 40% of respondents either planned to use or have already used advanced data analytics.

It is impossible to overestimate the value of clean, high-quality data, especially for enterprises seeking to save costs and improve business efficiency. Financial teams focus on reliable analysis of expense data, finding useful information and improving the process of making everyday decisions. This improves business results.

2. Greater emphasis on the closed-loop economy
The existing problems of human influence on the environment have already reached an unprecedented high level. And therefore, the existing linear economic system will be replaced by a closed-loop economy, in which the full value is extracted from any product before it is recycled and used again.

The result will be a dramatic reduction in environmental impact, waste and energy consumption, as well as an increase in overall production efficiency. In a world where resources are limited, this becomes inevitable. According to the linear model, as the economy grows, the impact of waste generated as a result of commercial activities and product disposal, including greenhouse gas emissions, also increases.

3. Application of an ethical approach in the development of projects for the financial market
Kai Yang, director of data processing at HSBC, predicts that as the authorities take a more proactive stance on the fairness of banking procedures and models, ethical frameworks will become a more common aspect of a responsible approach to financial services.

Customers demand greater transparency regarding the use of their data, so an ethical culture must be implemented in economic and financial business systems. Financial services companies will work to develop data ethics and create a stronger foundation for their implementation in the financial services sector.

4) More personalized financial products
Farouk Fercici, Director of data analysis at Envestnet, predicts that banking will use artificial intelligence to target product offerings and cross-sell products, create a personalized and unified customer experience and reduce costs.
Financial institutions will use artificial intelligence to improve and automate data quality monitoring, especially for product data that is used in the creation of regulatory reporting. Financial organizations will use artificial intelligence to segment product offerings by target market and distribute them as multi-channel customer interaction.

5) Automation of planning and forecasting
Nowadays, automation is the driving force behind decisive transformations for financial institutions. Previously, managers had to review their data systems and bring in team members from other departments to complete their work when it came to financial forecasting, budgeting and planning. This disparate approach lacked cohesion among all participants, and it was ineffective.

Currently, financial automation tools dominate and modernize traditional forecasting methods. Financial teams can now analyze their performance using a single internal platform, rather than looking for data from the outside. Some programs even integrate communication tools directly into the platform, improving the teamwork of all participants. Your entire technical stack can be integrated into a single solution using the appropriate FP&A application.

Manually extracting metrics from individual data systems is no longer required. Just as corporate trends are more focused on current and clearly pressing issues, such as social responsibility and the introduction of digital technologies, the financial landscape will begin to respond to many fundamental problems in a rapidly changing world.

It is obvious that financial institutions will actively introduce new ways of interacting with customers, blockchain, artificial intelligence and other advantages of modern technologies. Speaking about the introduction of new financial technologies and methods of working with consumers of financial services, we can say that in the near future we are waiting for changes that can affect the life of the whole world.

The HAQQ blockchain and IslamicCoin are a reliable base for creating sustainable financial systems in which the forecasts that experts talk about can be implemented with maximum efficiency.

HAQQ blockchain is a blockchain network that fully complies with the rules of Shariah, has its own digital currency and a Fatwa issued by well-known Shariah scholars.

Evergreen DAO Fund, funded by the issue of Haqq base tokens and managed by network participants, is designed to support innovative projects for the international Muslim community. High bandwidth makes Haqq an ideal tool for implementing digital crowdfunding campaigns.

IslamicCoin is a digital currency conforming to the norms of Islam and Shariah, functioning in its own blockchain Haqq, which means "Truth". Already at the stage of closed sales, IslamicCoin aroused huge investor interest and was able to raise more than $ 200 million in just a few weeks. Unlike technically outdated Bitcoin and Ethereum, which have a lot of problems, IslamicCoin uses the full power of the most progressive blockchain technologies and is based on the most fair and reliable ideology and rules of conduct.

Successful investors choose ideologies, technologies and prospects based on something more than minor fluctuations in price charts. For almost 20 years of the existence of a new type of digital money, cryptocurrencies have not brought a drop of real value into this world, have not made people free, independent and happy.

And this means that it's time for a new type of finance based on responsible choices and new values!