Three Ways Technology Changed the Finance World in the Last Few Decades

The financial sector is arguably the most important sector in every advanced economy. Not only is the private sector almost entirely built on it, but entrepreneurship won’t be possible without a developed financial sector. Even more, trouble in the financial sector can bring down not just a single country’s economy but the world as we saw with the great recession. It is hard to understate the importance of the health and growth of the financial sector.

But, the financial sector today isn’t the same as it was 30 years ago. An unbelievable amount has changed thanks to technology, and most of it is for the better. In this article, we’ll go over the most prominent changes in the finance world due to technology.

1. Unprecedented Access to the Stock Market

Anyone keeping up with the financial world has probably extensively heard of the GME debacle. Regardless of how you characterize it: You can think it was a group of malevolent actors who tricked a bunch of clueless internet users into pumping a stock way beyond the price market fundamentals would predict and then dumping it. Or you might think it was a grassroots movement by concerned citizens that tried to stop evil hedge funds from profiting from killing a beloved retailer.

Either way, it is undeniable that such a move wouldn’t be possible just ten years ago. Thanks to the modernization of the stock market and services like Robinhood, people have unprecedented access to market data and the stock market. They can buy and sell stocks in one fraction of the time and price they would just ten years ago.

2. Ease of Capital Transfer, Especially Mobile Payments

It is not only easy to transfer capital to the stock market but much more. We can make transfers across the world through Paypal in less than a minute. We can use our phones to send money to our friends instantly without needing to go to the bank at all.

This is not incredibly convenient, but it has opened up whole new worlds to people:

Without easy and secure online payment systems, business delegation across states and countries would virtually be impossible. This would make businesses far less efficient and the world poorer.
Without easy and secure online capital transfers, online shopping wouldn’t be a thing. This is almost unimaginable in today’s world.
Without mobile payments, hundreds of millions of people from poor third-world countries wouldn’t have access to banking services, which is an essential part of helping get people out of poverty.

3. Anonymized Payments through Cryptocurrency

Again, although cryptocurrencies are a divisive topic from concerns of speculation to the environment to security, it is undeniable that cryptocurrencies have not only left their mark, but they’re here to stay.

With a market cap of over 500 billion dollars at the time of writing this article, Bitcoin has taken the world by storm. Its power to enable instantaneous, secure, and anonymous payment transfers is extremely valuable to millions of people in the world. And the crypto world doesn’t seem to be slowing down any time soon.


The finance world has changed irrevocably in the past few decades and is set to only change more. The tech world in general and financial software development, in particular, will be extremely relevant to the future of many businesses operating in the financial sector today. And in such a competitive environment, if you don’t adapt and change quickly, you’ll go out of business pretty fast.  


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