For many consumers, handling their finances—from building household budgets to evaluating big purchases to managing retirement savings—can be intimidating. With minimal time and a layperson’s knowledge of accounting and investing, many people would welcome new, more sophisticated technology tools to help smooth essential transactions and facilitate smarter financial decisions. Further, with constant stories of data breaches, many of us worry about identity theft and wonder how technology can help us protect our hard-earned assets.
Fortunately, the members of Forbes Technology Council have the inside track on how the tech industry is working to both provide consumers with helpful, convenient financial services tools and better secure financial transactions and accounts. Below, 18 of them detail emerging tech trends in financial management that may soon be making big impacts for consumers.
1. AI-Powered Financial Assistants
AI-powered financial assistants will become increasingly sophisticated in the next five to 10 years. These assistants will be able to provide personalized financial advice, automate savings and investments, and even detect and prevent fraud. This will empower consumers to make more informed financial decisions and better manage their money. – Samarth Shah, Google
2. More Secure, Seamless Experiences
In the next five to 10 years, technology will transform financial transactions through secure, seamless experiences. Biometric authentication, decentralized identity and instant card issuance will make transactions faster, safer and more efficient. Consumers will manage their finances with ease, confidence and minimal friction. – Anudeep Parhar, Entrust
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3. Interconnected Digital Payments Systems
In the next five to 10 years, digital payments will become seamless and interconnected through artificial intelligence and blockchain technology. AI will automate payment processing and fraud detection, while blockchain will enable secure, low-cost cross-border transactions. Together, they’ll reduce barriers, lower costs and expand access to financial systems worldwide. – Lyle Pratt, Vida
4. User-Friendly Banking Through GenAI
Generative AI is helping to shape a new era in banking, making processes smoother and more user-friendly. It’s improving how we manage data, boosting accuracy and automating tasks to save time. One key benefit is GenAI’s ability to create clear, behavior-based risk profiles, which makes Know Your Customer (or KYC) procedures much more efficient and hassle-free for everyone involved. – Alex Ford, Encompass Corporation
5. Data-Driven, Customized Solutions
The biggest impact technology will have on consumer financial management will take place through what happens behind the scenes. The data exhaust created by consumer activity will be harnessed and used to develop more targeted, customized solutions in sectors ranging from financial services to insurance to retail. Transaction data is rapidly becoming the fuel for AI models to deliver improved levels of personalization. – Vivek Jetley, EXL
6. Finance Providers Embedded In Businesses
Partnering with embedded finance providers will give companies an edge through seamless, value-added services. For consumers, this simplifies financial management and reshapes expectations, fostering convenience, integration and personalization. In the long term, traditional financial institutions and tech ecosystems will blur into a more intuitive and interconnected financial landscape. – Rick Watkin, KUBRA
7. More Consumer Control Through AI And Blockchain
In the next five to 10 years, AI and blockchain technology will revolutionize financial transactions. AI will provide hyperpersonalized financial advice and automate budgeting, while blockchain will enable faster, more secure peer-to-peer payments and transparent decentralized finance (or DeFi) systems. These technologies will enhance convenience, reduce costs and empower consumers with greater financial control. – Dax Grant, Global Transform
8. Software Systems That Better Support Accountants
Historically, many accounting software systems were built by engineers who lacked accounting expertise; these systems often actually added more clerical work and didn’t really improve accountants’ efficiency. With AI and automation as the building blocks, we’re now in a position to enable accountants to focus on more strategic and value-added tasks like forensic accounting and advising business partners. – Charles Crouchman, Redwood Software
9. Increased Use Of Biometric Data
I look forward to the increased use of biometric data, such as fingerprints, facial recognition and voice recognition, in financial transactions. This advance will enhance security and simplify account access and payment authorization for consumers, eliminating the need for traditional passwords. – Pooja Sathe, Lenovo
10. A ‘Verify First’ Approach To Transactions
As online attackers become more sophisticated, zero-trust architecture must be adopted. Doing so allows banks to take a “verify first” approach by focusing on authenticating and approving each transaction. Through verifying each request before resources are allocated and ensuring a checkpoint at every level of access control, consumer financial transactions will be even more secure. – David Bennett, Object First
11. Digital Twins Of Financial Profiles
Digital twins of financial profiles will enable consumers to simulate and visualize the outcomes of different financial decisions, such as adjusting investments or repayment strategies, before making commitments. This technology will empower smarter, data-backed financial planning and decision-making. – Mark Mahle, NetActuate, Inc.
12. Programmable Money
Programmable money, powered by AI and smart contracts, will transform consumer financial management by enabling automated spending rules, conditional transactions and self-executing savings plans. Consumers could set funds to auto-allocate based on stated goals, trigger payments upon contract fulfillment or restrict purchases to ethical vendors, enjoying unprecedented control and efficiency. – Andres Zunino, ZirconTech
13. CBDCs
The adoption of central bank digital currencies is one of the most significant ways technology will affect consumer financial transactions in the next five to 10 years. These government-issued cryptocurrencies will make payments quicker and safer by removing the need for intermediaries. They also have the potential to increase financial inclusion and reduce transaction costs. – Piyush Ranjan
14. Widespread Real-Time Payment Systems
Real-time payment systems will become more widespread, enabling instant money transfers across banks, apps and borders. This will improve cash flow management for consumers, eliminate delays in accessing funds and support a more connected global economy. – Abhishek Shivanna, Nubank
15. Social Commerce
Social commerce will merge with personal finance in unprecedented ways. We’ll see collaborative financial planning platforms where trusted circles can collectively manage shared goals, split complex expenses and pool investment opportunities. Think Venmo meets crowdfunding meets robo-advisor, but with AI orchestrating optimal group financial decisions while maintaining privacy and control. – Marc Fischer, Dogtown Media LLC
16. Hyperpersonalized Financial Products
Advancements in big data and predictive analytics will enable hyperpersonalized financial products—such as loans, insurance policies and credit accounts—that are tailored to individual behaviors, needs and goals. Consumers will benefit from customized offerings that align with their financial habits and aspirations, enhancing convenience, efficiency and accessibility in managing personal finances. – Vamsi Krishna Dhakshinadhi, GrabAgile Inc.
17. Quantum-Resistant Encryption
Quantum-resistant encryption will revolutionize consumer financial transactions by safeguarding sensitive data from quantum computing threats. Financial institutions will adopt advanced cryptographic techniques to ensure long-term security for transactions, protecting against future vulnerabilities as quantum computing becomes mainstream and ensuring trust and reliability in digital finance. – Manasi Sharma, Microsoft
18. The Integration Of The IoT And Financial Technologies
In the future, spending will be invisible yet smart because of the integration of the Internet of Things and financial technologies. Your connected devices will perform transactions for you; for example, your fridge might place an order for groceries, and your car could schedule its next service. However, this development will first require powerful security and ethics-based management frameworks. – Sandro Shubladze, Datamam
