Technology has progressed many aspects of our lives, if not all. Through technology, the stock market also opened up for a broader audience. This is the result of Internet brokers and reduced transaction costs.
However, with new financial technology (FinTech) companies entering the stage, more services are being offered for technological advancements. A good example of this is the stock tracker app. In this article, we will zoom into several aspects of technological advancements in the financial industry.
For many people active in investing, Excel has been the software to track their holdings. In the past, people needed to manually update the number of holdings as well as the stock’s price. This already progressed through online sheets and macros that allow for information retrieval from the Internet. A good example is the use of Google Spreadsheets, where you can combine the information retrieval and create your charts and updates. Through a combination with other macros, you can create a personalized and interactive dashboard that shows insights into your holdings on a real-time basis.
When it comes to investing, a stock tracker app is simply the next step. Instead of tracking the investments through a broker, you can now plug all your investment into a single source. This allows for a holistic perspective that is complemented with data from other sources. For example, you receive the latest news related to your holdings and can set specific notifications that apply to your holdings. This allows you to stay engaged with your holdings without the need to continue checking the market.
While lower transaction fees and broker access have liberated the market for many people, there is still a road ahead of us. For example, many people in developing countries do not have access to a bank account. This, in turn, prohibits them from conducting any financial transactions.
Blockchain technology aims to overcome that, as no Know Your Customer (KYC) is needed to create a wallet. This allows people that do not have a birth certificate to access the financial market as well. They will be lifted out of poverty and can start transaction across different (crypto)currencies and buy coins and stocks accordingly.
One of the companies that brings it all together is Delta, this is an application that allows you to track both stock and crypto holdings. The broker connections are made through API, which ensures only data is shared that is accepted by the broker. Hereby your information stays secure and now transactions can be conducted on your behalf. The connection with your crypto holdings happens differently. You only need your public key to show your holdings. This is public information and does not require you to provide any other (private) information. Next to that, you can continue to stake your holdings and participate in consensus mechanisms (e.g., Proof of Stake).