Wall Street Expected to Dominate Cryptocurrency Trading in Future

A New Era for Wall Street

Cryptocurrency continues to gain mainstream acceptance as many investors look to go digital. Interest among Wall Street power brokers appears to be gaining momentum after Goldman Sachs made known its intention to open a bitcoin trading section.

Similarly, the New York Stock Exchange’s parent company, Intercontinental Exchange (ICE), is thought to be working on a bitcoin trading platform of its own. The Wall Street Journal revealed that ICE had discussions with some financial companies regarding the project, which is still under development. While ICE is believed to be working on adopting cryptocurrency, there’s still no further information concerning the project yet.

Of these companies, Goldman Sachs seems to be the most serious about getting involved with cryptocurrency. The American multinational investment bank and financial services company is also considering offering a Bitcoin Futures.

If it ends up doing so, the New York-based organization will join the likes of the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE), which are already providing Bitcoin Futures contracts to their customers as one of the few firms to allow exposure to the price of cryptocurrencies without owning them.

It may seem too soon to talk about the Wall Street allowing investors to invest in cryptocurrency, but the move by the likes Goldman Sachs and Intercontinental Exchange represents a significant shift from a sector that was once very unwelcoming to digital currencies. Indeed, their involvement may yet prove to be a game changer.

Wall Street’s Anticipated Domestication

Newsbtc.com reports that UK’s Barclay’s Plc had revealed its plans to embrace cryptocurrency per clients’ demands. Several other firms within the financial services sector are also said to be pondering similar moves. The Newsbtc piece suggests that investment banks are open to the possibilities of trading cryptocurrency, provided it enables them to meet customers’ needs.

Beyond broking, custody, and everything in-between, Matt Levine, a former investment banker with Goldman Sachs maintains that banks must consider it a necessity to trade cryptocurrencies, so long as clients expect to be rendered such services.

The emergence of the Bitcoin futures contracts is believed to have made the market more accessible to money managers. Levine reckons banks may one day domesticate cryptocurrency if clients demand is high enough.

It may take some time before Wall Street finally dominates cryptocurrency trading. However, the perception shifts in the financial services industry suggest that day may not be very far away after all.

More so, the fact that Bitcoin Futures makes it possible for investors to speculate on the currency’s price without actually needing to own it could lead to more widespread adoption shortly.

Checkout Unique Finance and get a bonus from me.

Why Social Trading is the Future

Social Trading Online Community

Social trading is being hailed as one of the best things to have happened to the online trading community in recent times, for good reasons. Its emergence has been made possible thanks to the internet revolution, which has enabled traders everywhere to access information and tools that were not attainable previously.

In times past, investing in commodities, forex, and indices required professional know-how and skills. Now, instead of depending on your own wisdom, you can rely on the knowledge, experience, and trading habits of other advanced traders to gain from the market. That’s the concept of social trading. But just what is social trading?

What is Social Trading?

Put simply, social trading (also known as copy trading) is a service that enables investors to copy the trading operations of professional traders. The service makes it possible for beginners to link their trading accounts to those of expert traders and replicate their trades automatically. No knowledge of the financial market is required to execute social trading.

With social trading, newbies follow the trading practices of successful traders in real time and copy their trades. Individuals build a network of traders by following advanced traders in the same way it is done on social media platforms like Twitter. Investors can trade socially on trading platforms that have copy trading functionality.

Some of these platforms include eToro, Zulu Trade, xSocial, and the MetaTrader 4 from MetaQuotes. Outside of these, many other brokerage firms allow novices to connect their accounts to those of advanced traders. Consequently, when the professional trader that is being copied exits the trade or triggers other trading feature such as the stop-loss order or take profit, the linked account replicates this practice automatically.

Social trading networks like eToro spot a “Leader Board” which lists the names of traders from top to bottom (with the most successful being at the top) based on their trading performance. This board helps make it easier for novices to identify the best performing traders to follow.

Why is Social Trading the Future?

We live in an incredibly busy world with an often frantic pace of life and busy minds. The fact that we spend most of our time rushing, trying to catch up with all of the tasks and responsibilities of the modern life means we have less time to invest in improving our trading skills.

This means that finding someone who is really great at trading is our best chance at gaining from the markets. Social trading enables traders to entrust their funds to capable hands where they know the money will be much safer.

It takes skills to beat the market regularly. Professional traders have the time to hone their skills and know where to access the right information. And while being busy may not always intrude into the rest of people’s lives, it affords them less time to acquire the necessary skill.

Social trading offers traders the opportunity to invest their funds smartly while still going about their busy lives. Those whose lives will continue to get more hectic than ever will always take the chance. The emergence of new trading tools will make social trading a lot more convenient.

Checkout Unique Finance and get a bonus from me.

World Finance: How Institutions Can Prepare for the Future of Banking

The Future of Banking

Finance is being taken over by tech. Advances in technology are quickly transforming the industry, and may ultimately change the face of world finance as we know it. Banks and insurers used to have less motivation to push boundaries, as the highly profitable, relatively static business models they adopted worked so well.

Today, however, leaders of the industry who had achieved excellent results and brought advanced experience into the financial and business world are being confronted by a new wind of technologies that may disrupt their markets. Peer-to-peer lenders, crowdfunding, bitcoin, mobile payments, robo advisers, etc., are bringing about rapid liberalizing of finance and trade.

The current situation and forces have led to questions being asked about the future of finance. Unless the big names of financial services rethink their business models in some very fundamental ways, they may find themselves losing market share to today’s ever-aggressive innovators. These innovators have come up with ways to offer better products than traditional financial organizations as you would see below.

Modern Technology Use Cases in Financial Services

Technology is driving innovation in the world of finance in several ways. These include:

  • Remittance: This is one of the problem areas for conventional financial institutions. Cross-border payments have traditionally been a slow and expensive process, with some transfers taking up to three days to arrive. The blockchain enables innovators to challenge this process by significantly speeding up confirmation times and simplifying the payment process, all while reducing costs. Blockchain also enhances transparency in the financial industry. This helps to minimize risk and human errors.
  • Chatbots and Customer Service: Another issue that customers often face with traditional financial institutions is that they offer poor customer experience. Chatbots help to correct this, thereby improving client satisfaction and lowering cost.
  • Machine Learning, Artificial Intelligence, and Fraud Detection: Machine learning and artificial intelligence make fraud detection easier, as they help enhance efficiency through the mining of unstructured transaction and account information to give a 360-degree client view and facilitate faster transaction authentication.

How Traditional Financial Institutions Can Prepare for the Future

If the aforementioned disruptive technologies are an indication of things to come, then financial institutions must make efforts to move with the times by generating more innovative ideas to take their business forward. This can be done by:

  • Embracing technology: To ensure continued success, banks will have to adopt technology to keep up with the rapid shift in digital economics. Unless banks train staff on the use of and invest in tech, they may find themselves lagging behind their non-bank competitors in the foreseeable future.
  • Adopting blockchain: Financial institutions should look to take advantage of blockchain if they aim to provide customers with quicker and inexpensive ways to transact.
  • Staying social: Banks can improve customer satisfaction by not only providing engaging content but also by providing customers with several platforms with which to contact them and respond promptly to inquiries.

Checkout Unique Finance and get a bonus from me.

All You Need to Know About Artificial Intelligence (AI)

What is Artificial Intelligence?

Artificial Intelligence is one of the most hotly discussed topics in the tech world today. Hardly does any tech conversation take place nowadays without the mention of Artificial Intelligence. This raises the question, what exactly is artificial intelligence?

As the name implies, artificial intelligence refers to the ability of machines to perceive and comprehend complex information. In other words, Artificial Intelligence is a technology that is built to function in a way that imitates how humans operate.

Applications that utilize artificial intelligence attempt to make the user experience feel much like interacting with humans. Like humans, artificial intelligence also develops skills through learning. AI programs learn and adapt by taking in information, processing it, and saving such data for future reference.

By their very nature, AI systems exhibit certain behaviors that are associated with human intelligence, including, learning, planning, problem solving, reasoning, and motion. Others behaviors demonstrated by the programs include perception, knowledge representation, manipulation, among others. To deliver useful and accurate information, the AI system is trained on the data it is fed.

The advances being made with artificial intelligence in recent times is thanks to improvements in machine learning, which involves educating computers to perform tasks based on examples instead of depending on programming by a human.

What Are the Uses of Artificial Intelligence?

The journey has been long. Nevertheless, artificial intelligence is gradually evolving into something that’s useful to human society. The knowledge displayed by machines have many applications in our community today. Some of these include voice-based personal assistants such as Siri, Facebook bots, Google Voice, as well as Alexa.

Artificial intelligence also has application in suggestive searches, behavioral algorithms, as well as self-controlled and self-driven cars that feature sophisticated predictive functionalities. Robots are also being used as personal assistants by humans to help perform tasks such as ordering foods, clothes, or even booking movie or flight tickets.

AI is also used in smart cars such as those being built by Tesla and Google. Other areas where AI is applicable include customer experience, entertainment, buying prediction, etc.

Types of Artificial Intelligence

Typically, there are two types of artificial intelligence: narrow artificial intelligence and general artificial intelligence.

  • Narrow Artificial Intelligence: Narrow AI systems are those that have been taught how to perform specific tasks without being directly programmed to do so. Examples of this machine are those used in Siri and self-driving cars. These systems are so called because they can only be taught to perform specific tasks.
  • General Artificial Intelligence: General AI systems are those found in humans, which are adaptable and flexible. General intelligence can learn how to execute different functions such as haircutting, bathing, building spreadsheets, etc. This type of intelligence does not yet exist in a software form.

 

Checkout Unique Finance and get a bonus from me.

The Benefits of Having a Personal Loan: When Do You Need One?

 

There is nothing unlimited in this world. All things are finite, be it the material things or the ones that are more metaphysical. Because of this fact, we need to find ways on how to avoid becoming short of the things necessary to survive, grow, and thrive in this life. So save time by knowing where to go for what you need.
Not having enough of something we need to expand our life style or cause, constraints us from being more productive, and it stops us in our tracks from improving our standard of living. One of the best examples of this issue is not having enough money, or a project being under-capitalized.
We all know how limiting this feels, however, not to worry because there are personal loans that are specially designed to save the day, and your time.
In this article, we’re going to talk about the benefits of having one. We’re also going to tell you when is the perfect time for you to get a personal loan. Once you’re done reading through, you’ll find it easy to compare the best personal loans available.

 

 

Easy Application Process

One of the best things about personal loans is that they’re easy to get. They are different from other loans because the process of applying for one isn’t that complicated.

There are even some personal loans that will only take you as little as 24 hours for you to get the money. That’s how cool these loans are, making them perfect if you need to have emergency funds ASAP.

Few Documents Required

Another cool thing about personal loans is that you don’t need to present a lot of documentation. This is what makes this type of loan fairly easy to get.

Compare that to the piles of documents required in getting a car loan or a home loan. There are some personal loans that only require you to submit a few basic documents, just like your proof of income and proof of address.

This is one of the reasons why most people prefer applying for personal loans. There’s much less risk involved in the part of the lender, that’s why they don’t need a lot of documentations.

Multipurpose

Personal loans can be used for a wide variety of purposes. The money might either be used for emergency reasons such as medical and miscellaneous expenses.

Or you might need it to fund your latest home improvement endeavor. You can also use it to upgrade your car or to buy the latest gadgets.

Whichever you want, you have the freedom to spend it on whichever way you like. The flexibility of this type of loan is what makes this a perfect choice for people who need money to fund whichever project they need to spend it on.

No Collateral Needed

You don’t need to worry a lot if you’re unable to pay your personal loans. Why? It’s because there are no collateral needed.

The collateral is the asset or property that you’re going to surrender to the company if you are unable to repay the loan. In the case of personal loans, you don’t need any of those.

This makes it a very attractive choice for borrowers because there’s no risk of you losing your properties.

Shorter Loan Tenure

Compared to other types of loans, personal loans usually have a shorter amount of loan tenure time. There are personal loans which can be repaid in as fast as 12 months.

However, if you need more time to repay the loan, you can opt for the ones which have a longer tenure time. There are those that can be repaid for as long as 60 months.

The Perfect Time to Get a Personal Loan

The perfect time for you to get one is if you are avoiding risking a large or valuable asset. Remember, you don’t need to offer any collateral when applying for a personal loan.

This makes sense if you don’t have any assets to use as collateral. These personal loans also have a far smaller interest rate compared to other loans. So if you want to save up on interest, then this is what you need to get.

 

Final Thoughts

Having a personal loan is indeed the best way to borrow money. Not only do you not have to risk any property, but you also get to save money thanks to the lower interest rates. You also have total control as to when you want to pay it because you can pay them within a year or as long as 60 months.

With all of these being said, having a personal loan is indeed one of the best, if not the best way to acquire and borrow money to fund whatever endeavor or project you need to spend on.

Checkout Unique Finance and get a bonus from me.

Three ways to manage your money more productively

Assessing Your Financial Situation

Managing your personal finances isn’t as easy as it seems. Rising prices and an uncertain economic climate make the challenges even greater, which is why it’s important that you take steps to get a firm handle on your money needs, assessing your situation, and making the appropriate changes. The key is simplification, and with the right steps, it’s much easier to manage your money more productively and safely. If you’re looking for ways to keep your finances organized, here are the top three tips that might just keep your wallet full and your financial worries at a minimum.

Record your expenditures

It may sound almost redundant in the days of online banking and mobile phone consumerism, but making a note of what and where you are spending your money can be hugely beneficial. Being able to see just where you’re spending your money (and the amounts) will go a long way to giving you a much greater insight into your monthly budget. Budgeting needn’t be a complicated process, and it doesn’t have to mean denying yourself treats either. It’s more a case of simply knowing how much money you have coming in, and how much is going out. It sounds basic perhaps, but far too many people have higher outgoings than income, and that’s where the problems start. Look at your list of purchases over the last month and see if there are any regular buys which are simply not necessary, and make adjustments to ensure that your money coming in is not overshadowed by the money that then goes out over the course of the month.

Use a personal finance advisor

Having a personal financial advisor is essential if you’re looking at investments or are wondering about your future. Depending on your needs, the right financial advisor can help you to manage even the most complicated of situations and is very well-placed to help you make long-term targets. The right financial advisor will start with a fact-finding check that will cover the full scope of your situation and give them a greater insight into your potential financial growth. There are a variety of financial advisor types, and finding the one that best suits your situation is the first step to a better, more stable future. Look for specialists in your area of interest, and browse a dedicated portal like Buffert (Buffert.se) so that you are better able to take advantage of a dedicated level of experience and insider insights. Those insights will not only mean that you gain access to better advice but also give your finances an extra layer of added protection as well.

Balance your rent/buy costs

It can be very tricky to weigh up the cost benefits of either renting or buying goods and services. Buying items is often (but not always) cheaper in the long-term, whether it’s property, a car, or an entertainment system in your living room. Is it worth spending money on a lawnmower if you only use it for two months of the year? That’s where your initial cost analysis will come in handy. Check your expenditures and make sure that you are not paying out for something that you simply don’t need. Taking the lawnmower as an example, it might be much cheaper to rent one from a local garden center (or even a neighbor). Cost analysis is essential when it comes to making a final decision between renting and buying, and the larger the cost value, the more important that decision becomes.

When it comes to your money matters, the most important thing is being honest with yourself about your current situation and where you want to be in the coming years. Having the facts will make all of your decisions considerably easier, and you’ll stand a much better chance of being able to build a comfortable bank balance that will protect your future.

Checkout Unique Finance and get a bonus from me.

All You Need to Know About Cryptocurrency

Financial Technology and Arising Digital Currencies

A cryptocurrency is a digital currency that is designed to serve as a medium of exchange. In other words, a cryptocurrency is a form of money that can be used in making transactions online. Cryptocurrencies are designed such that they use cryptography to secure and validate transactions.
The prefix crypto- stands for “cryptography.” Cryptography is the process of converting clear information into an unintelligible text which is hard to crack. Asides helping to authenticate transactions, cryptography also protects data from theft or alteration.
Cryptography was used by the Allied Forces to send and receive secret messages during the Second World War. However, it has since evolved into a tool which developers now incorporate into cryptocurrency to help secure information.
The difference between cryptocurrencies and fiat currency such as the US Dollar or Great British pound is that governments do not support digital currencies in the same way that they do conventional currencies.
Bitcoin was the first cryptocurrency to be introduced and remains the gold standard for digital currency, as the value of all other digital coins are based on and tied to the price of Bitcoin. Consequently, a change in the price of Bitcoin can bring about a change in the price of other cryptocurrencies. These other currencies are generally referred to as “altcoins.”

How Do Cryptocurrencies Work?

Cryptocurrencies work by using decentralized technology to enable adopters to execute transactions and store funds online without revealing their private information such as name or use a bank. Users save their money in “cryptocurrency wallets.” Each wallet has an address which can be used to send funds into it.
Cryptocurrency transactions are recorded on a distributed ledger known as the blockchain. The blockchain stores information regarding transactions between two crypto adopters in a secure, verifiable, and permanent way.
Units of digital currencies are created using a process known as “mining,” which involves the use of sophisticated computer software to solve complicated math puzzles. Coins aren’t generated until a problem is answered correctly.

What Are the Most Common Cryptocurrencies?

The most common cryptocurrencies today include:
• Bitcoin: Developed in 2009 by an individual who assumed a fake identity under the pseudonym, Satoshi Nakamoto, Bitcoin was the first cryptocurrency to be created and is the most common cryptocurrency on the market today.
• Ethereum: Ethereum was initially released in July 2015. Currently, it is the second most well-known digital currency after Bitcoin. The underlying currency of the Ethereum network is the ether.
• Litecoin: Litecoin is one of the top cryptocurrencies in the world today by market capitalization. The currency was released in October 2011 and has since gone on to prove its mettle as a faster and cheaper alternative to Bitcoin, the currency around which it is modeled.
• Ripple: Ripple was released in 2012 as a fast money transfer network and cryptocurrency. The system is intended to serve as a global settlement network that allows users to send funds in any currency to any currency within seconds.
• Bitcoin Cash: Bitcoin cash was initially released in August 2017. The currency is built upon the Bitcoin model and is designed to offer faster transaction speeds and lower fees.

Checkout Unique Finance and get a bonus from me.

How Will the Use of Robots Impact the Banking Sector

Bot Banking Are you Ready for the Future

Robots are gradually changing the face of modern banking. Think the ubiquitous ATM, virtual tellers, or even robo advisors in wealth management, which may soon become a common sight in the financial services industry. Their potential invasion into the banking sector has many observers worried about how it could affect the industry.
Proponents of these technologies argue that they have the potential to reduce costs, expand skills, and improve customer experience. Skeptics, on the other hand, are worried that the rise of the robots could mean the beginning of the end of human participation in the banking industry.

Benefits of Using Automation, Robots in the Banking Sector

While people still perceive robots as threats, a study conducted by IT and consulting firm, Cognizant reveals that this need not be so. The research found that automation and technology should not be feared as they actually offer benefits that may not be possible otherwise. Findings from the study revealed that front-office and customer-facing automation brought about at least 15% cost savings each year.
Other benefits of automation were found to include more standardized process workflow, lower error rates, improved management of repeatable tasks, as well as a lesser need for multiple systems or processes to complete an operation. Indeed, the fusion of digital technology and automation into the banking industry has enabled managers to offer more streamlined and efficient products.

Humans and Technology Can Coexist

Many people worry that the rise of automation in the banking industry could lead to a massive trend of unemployment for bank workers because these technologies would do the work of many employees at a cheaper cost. They opined that as technological advances are made, jobs that previously required manual oversight will be in short supply, leading to a fall in demand for human workers in the banking sector.
Such concerns have lingered on for years. However, research carried out by Accenture suggests it may be wrong to conclude that the rise of automation in the financial services industry could lead to job displacements in the sector in the long run. The study shows that contrary to such widespread beliefs, organizations who embrace intelligent automation may see their revenues increase by as much as 32 percent by 2022. More importantly, employment could also rise by 9 percent over the same period.
This, it is believed, will be occasioned by job change and evolution. More so, humans will be needed to teach, monitor, and maintain these technologies. On its part, automation will boost human skills and judgment. Not to mention that banking sector jobs that require creativity, judgment, and empathy will still need humans to be in control.

Checkout Unique Finance and get a bonus from me.

How to Manage Recurring Bills and Subscriptions

Subscriptions Almost Guarantee Repeat Business

Your business can learn (to earn) a lot from subscription services, such as Netflix and Tidal. These services are transforming the way companies earn money and ensuring that consumers receive their products and services in perpetuity. More businesses are choosing this method of billing and shipping because it almost guarantees repeat business and it’s completely automated, which saves money on staffing costs and more.

Managing Subscriptions and Recurring Bills

Subscriptions work like this: basically, customers sign up for goods or service deliveries online via your website. This can also be done over the phone, but that requires a greater financial investment because you’ll need to hire a dedicated salesforce. Keep in mind, anything can be sold on a recurring basis, not just television and music streaming services. Goods, such as groceries and clothing items, can also be sold on a recurring basis. Customers finalize their order by entering their billing information, and they’re automatically billed on a regular basis (weekly, monthly, yearly, etc.).

This process isn’t complicated when you take advantage of subscription billing software, which operates on the cloud and is nearly infallible. The software requires little IT knowledge to set up and creates a self-service sales portal on your website. It even comes with all those small idiosyncrasies that drive sales, such as free plans, free trials, cancellation buttons and more. Fulfillment software simplifies the process for you and the consumer, which means any business can harness the money-making power of recurring billing without too much technical experience.

Step One: Determine Your Pricing Plan

There isn’t a single pricing plan that’s guaranteed to drive sales. You’ll need to do your best to create a pricing plan that’s profitable to you, but also fair to your customers. You’ll need to consider your costs, the value to your customer, and your customer’s needs. It may take some trial-and-error before you find a pricing plan that works.

Here are some ideas to help you get sign-ups fast, so you can build revenue quickly:

  • Offer a free plan or a free trial
  • Offer a coupon or incentive for upgrading
  • Considering offering different pricing plans for different levels of service
  • Guarantee that payments are secure and offer a few methods for paying (credit card, Paypal, etc.)

Step Two: Make it Easy to Cancel

Customers don’t want to feel scammed or cheated, but that’s exactly how they will feel if you’re lacking a return policy or easy cancellation. Those customers will report you to the Better Business Bureau and leave negative reviews about your business, which has the potential to ruin your reputation. The last thing you need is negative reviews showing up in search results for your company, so keep a strong commitment to customer service.

This doesn’t mean you shouldn’t attempt to retain customers who are considering cancellation, but you shouldn’t thwart them either. You are welcome to offer customers incentives to retain them, but if they choose to cancel that’s their prerogative and you must honor that. You can show you’re committed to customer satisfaction by making it easy to cancel or return products.

Step Three: Engage with Customers to Increase Satisfaction

According to a 2011 American Express survey, 78 percent of consumers have abandoned a transaction or canceled an intended purchase due to poor customer service. This unhappy customer’s negative experience can have a negative impact on your business. In fact, Ruby Newell-Legner, author of Understanding Customers, reports that “It takes 12 positive experiences to make up for one unresolved negative experience.”

Good customer service goes a long way in retaining customers and soliciting positive reviews. A negative review isn’t the end of the world, but it is more impactful than a positive review; therefore, it’s essential to provide quality customer service to ensure the good reviews outnumber the bad ones. Here’s some tips for providing quality customer service:

  • Show empathy
  • Be adaptable
  • Communicate clearly
  • Train your staff to be knowledgeable
  • And, remember: the customer is always right

Recurring billing can be extremely profitable, and it only requires a few steps to get off the ground. The most important thing is that you understand your target market, and do your best to provide them with exemplary service. According to the White House Office of Consumer Affairs, “On average, loyal customers are worth up to 10 times as much as their first purchase.” The only way to ensure loyalty is to give loyalty right back.

 

Checkout Unique Finance and get a bonus from me.

What Are the Pros and Cons of Bots? automate all services

 

You And The Robots

is here to stay. At least it seems that way. Ordering in food or flowers or getting your alarm going in the morning has never been easier, or more fun. As with every new development, there will always be a few negative things that will try to mess it up. The advent of bots has come with a number of advantages as well as disadvantages.

Bots have found their way into many spheres of our lives.

  • Marketing
  • Education
  • Healthcare
  • Lifestyle
  • Customers services

These fields and more have developed automation services or tasks that can be dealt with by virtual assistants. Socializing on social media has brought some significant reasons why you may need to find out how you can block bad bot traffic. That aside, there are many good things associated with bots.

Advantages

Bots have brought with them a world of good. Have a look:

  • They save time for the server and the customer or client and are also very convenient.

They save time and money for the business and this results in higher profits for the business. If you factor in online shopping, you will understand how much time you save by being able to do your orders from home. You do not need to make time during the course of the day to go shopping. All the browsing and testing and the time wastage that physical shopping brings can be avoided.

Should you get home in the dead of the night and you are either too tired to cook or there is nothing in the fridge, you can turn to the internet for a solution. Stores are open 24/7 and you can have food delivered to you at any time. That is quite a leap from the time when you would have to make a call or find that no stores were open past a certain time. As long as you can access the chatbots all you need to remember is what you want to eat. In addition, you can browse for restaurants that are open in your area without having to call anyone. Thus, no one knows where you are unless you choose to tell them.

There is nothing that tires a person as much as something that one has to do over and over again, every day. Imagine having to physically take down files, then put them back and having to repeat that throughout the day or even the week! One is bound to get bored. Automation takes care of such tasks for you as yousimply order your bot. You can then move on to other tasks. You get more done that way.

If you need your incoming information organized, bots help to make that happen in record time. The same happens with data organization.

When you are dealing with a lot of activities that are interrelated, it is easier and faster when there is a bot to handle them. Pushing buttons and getting information from myriads of sources and coordinating directions can be achieved so much fasterwhen one simply has to give orders.

Disadvantages

Below are a few disadvantages of the use of bots:

  1. They cannot be effectively set to perform exact tasks and they can misunderstand instructions. One can set up more that one bot to deal with several tasks though.
  2. If a customer makes an order that is beyond the bot’s scope of knowledge, that could be a problem, especially if there is no human to interpret the order or deal with such a situation should it crop up.
  3. Some things cannot be taught. A chatbot, for instance, does not have the capability to interpret additional features of an order. It is only a human who can make adjustments if need be. It is therefore necessary to have a professional on hand to deal with issues that the bot may misunderstand.
  4. The human touch is still necessary. Most human beings still prefer to deal with a fellow human with whom they can engage in some small talk as they take care of their order. It is also not possible as yet to automate all services. Some things like deliveries can only be done by humans.
  5. There is the possibility of abuse from unscrupulous humans. You must have heard about how people get trolled online by others. For the longest time, it was assumed that there are a lot of humans on social media sites who have nothing better to do than start fights.

On the issue of trolls, it does seem that some humans are up to no good where others are concerned. However, it is a relief to know that such bots can be identified and furtherinteraction with them avoided. It is also good to know that one can get such reported and blocked as they tend to come up in the form of social media accounts.

Bots may be relatively new as of now, but there are developers who are working hard to make them better. Right now, the jury is out on whether they are really helpful or not. Many enterprise owners have embraced the use of bots in their businesses, especially for customer care purposes. That is definitely a sign of great things to come.

Conclusion

Bots are beginning to make their presence felt and not just in the social media circles. It would appear that they are most prone to abuse in those circles as people can easily make botaccounts for trolling purposes. That said, the development of bots cannot be pushed aside. It is just a matter of time before they take over all things to do with the internet. As the developers work on making better bots, you may continue to enjoy the privileges of shopping online and getting your data synchronized in record time.

Checkout Unique Finance and get a bonus from me.