Technology continues to transform our lives everyday. With apps for every aspect of your life, it is safe to say the technological advancement movement will continue for some time to come. In terms of financial management, technology has continued to provide new and simplified solutions to everyday tasks and issues. Today, personal banking and money management has been transformed to match the changing tastes of consumers and financial institutions continue to plug funds billions of dollars into the different areas of mobile technology and apps. Now, more consumers prefer banking with tech companies instead of traditional banking institutions. From mobile to contactless payments, there are new modes of payments allowing consumers to skip the queues and that is just one example. Here are some ways technology has transformed money management in recent years.
Personal Money Management Apps: Keeping You Accountable
Taking control of your personal finance is easier using technological advances. The use of personal money apps continue to extend in the market even as we speak. Gone are the days of keeping a pen and paper ledger with the invention of mobile apps allowing customers to keep track of their finances on the go. Some of the more common personal money management apps available for download include Mint, Wally and Acorns. From building credit to automating payments, there is an app available for mobile users. By 2019, mobile banking payments is forecast to surpass $92 billion dollars and 85 percent of banks have made investments in technology paramount. Most recently, we have seen an explosion of digital currency in the finance market and applications such as Coinbase now allow traders to exchange cryptocurrency within a few minutes making it almost instantaneous and simple to keep track of your transactions in the digital world.
The rise of budgeting technology has garnered attention for a few reasons, with one of them being the ease they have brought to consumers in managing their money. Its applications are endless and even applicable to the older generations in managing their retirement funds. Budgeting software brings such solutions for you which can not only lift the financial burden from your shoulders but also suggests a tailored budget for you to achieve your set goals. Everything is mobile which means you can check your balances and assess your progress at a glance – in as little as 60 seconds. Having instant access to your financial information has transformed personal finance for the better and within seconds, make your payments or check your credit score before applying for a credit card.
Contactless Payment: The Tap And Go Technology
With contactless payment systems, you can just tap and go without the need for cash or a pin. This contactless payment is supported by RFID technology which means you can effortlessly make payments with a tap by either a transit card, Google Wallet or Apple pay. Since its launch we have seen technology such as Google Wallet and Apple Pay rise to become some of the most popular technology used in the world, as society moves away from a cash based foundation.
The most inexpensive and easy method of payment is now by using our own mobile phones. In recent years, wearable technology has exploded on the scene and opened the gateway of ease and convenience for consumers. With the help of smart watches, contactless payments have become easier where you can just tap your smart watch and pay without carrying your debit card or even a wallet.
Changing The Wealth Management Landscape
Traditionally, the concept of wealth management seemed out of reach and daunting for the average investor. However, thanks to the progress in technology, anyone can access a plethora of information and resources giving them the best options for investing their funds. For those seeking to invest with retirement in mind or simplifying looking to earn a return on idle cash, technology has enabled investors to become more involved and more financially educated about their investments. Now investors can simply perform the transactions themselves, removing the need for a middle man and with the wealth of resources available, they are more than capable of making well informed investment decisions on their own.
For those with wealth advisers, the flow of communication has become undoubtedly easier and clients now have access to their investment information 24/7 without requiring their adviser to be on call all the time. Online investing is now available to the individual consumer across the globe. With the help of digital investment tools, even novice investors can receive personalized recommendations with the use of their information and preset algorithms.
Technology continues to change the way we approach our personal finances each and every day. Simple transactions such as paying for a meal are now cashless, while previously time consuming tasks such as monthly budgeting and planning is now achieved within minutes. Gone are the days of physically heading to the bank for account checkups or loan approvals. If examined closely enough, you will notice that every aspect of money management in your personal life has a string of technology interwoven and it shows no signs of slowing down.