Changing trends shaping money management in 2023

AI and blockchain create a powerful synergy, redefining the way we perceive and engage with Fintech. This dynamic duo is empowering individuals and businesses with new tools, making the future of Money Management bright. 

Automation and AI-driven financial tools:

AI is taking over the world! Oh, no! Well, not yet. The growth of automation and artificial intelligence is a trend revolutionizing money management. From analyzing large sets of financial data to minimizing human error and saving people time, AI is transforming many financial processes. The rise of ChatGPT technology has revolutionized the field of artificial intelligence. Natural language processing is making the future of the financial landscape extremely exciting.

At Expensify, we’ve been embracing this change, and don’t plan to stop. We’ve been utilizing a custom AI model for our receipt-capture SmartScan technology for over a decade. We also use natural language processing for Concierge, our AI-powered support. This means the more a customer interacts with Concierge, the better Expensify understands your goals.

Like many others, we are also experimenting with GPT-4. Expensify has already incorporated GPT-4 to help moderate public rooms on New Expensify — a tool that is built for financial collaboration. Further, Concierge Travel is being updated to use AI to help book and manage travel for customers. Expensify uses AI, augmented with humans to carry out the more complex tasks. This is how SmartScan and Concierge have flourished to date. With the addition of GPT-4, Expensify believes it can take much more customers’ plates, much more quickly and efficiently. As new technologies like GTP-4 grow in popularity, we will keep them in the forefront of our long-term planning.

Blockchain:

Blockchain is enabling many new use cases within the financial sector. The technology is allowing global payments more options. It is also enhancing auditing capabilities and decreasing transaction costs. These advancements are benefiting consumers and companies alike. Real-life Blockchain applications increasing has become a financial services trend this year. Companies like MultiChain are enabling enterprises of all sizes to build and deploy blockchain applications. 

Expensify was the first FinTech company to use blockchain in a novel way. We created a technology we call Bedrock before Bitcoin was introduced to the world. This private blockchain technology allows us to replicate data between databases around the world, enabling fast processing for millions of users at a time. We built Bedrock as a networking and distributed transaction layer atop SQLight – the fastest reliable database in the world. We own and manage our own hardware which has the capacity to scale for decades. This is another of Expensify’s blockchain technology differentiators. The AI powering Concierge runs as a plugin of Bedrock, and is running on our custom 384 core bare metal servers.

The money management space is in flux, and Expensify recognizes the importance of future-proofing our solutions. Only time will tell what trends shape our space next. Maybe it’s augmented reality, maybe it’s space travel, maybe it’s something we don’t even know about yet. Either way, we know there will be expenses, and Expensify remains well-positioned to capitalize on them. And in the meantime, explore our money management tips to stay in check.