How Technology is Revolutionizing Your Personal Finances

Credit card on keyboard

Technological disruptions have affected different industries in different ways. Finance and personal finance have also been invaded by technology and as a result, there has been a complete turnaround in how people manage their income and expenses.

This has led to a growth in the now technology led personal finance management realm. This is characterized by mobile device apps for income and expenses tracking, banks going mobile and cutting down investments in retail banking and more innovations.

Listed are some ways that technology has changed the world of personal finance.

Your bank is on your mobile phone

Chime Banking is a prime example of your mobile phone based bank. This is a unique get paid early app that is an app based bank. Like any other bank account, it provides its holder with an ATM debit card for quick and convenient withdrawal. In addition, this bank is the epitome of convenience without any monthly charges or minimum account balances applicable unlike traditional banks.

With Chime Banking app, you can actually receive salary payments from your employer much earlier than from a traditional bank by avoiding the time lag caused by checks.

In addition, it helps track your expenses and also sets up a savings account for you that is automatically credited with 10% of your pay every time you are paid.

Emergence of budgeting and expense tracking apps

The app building ecosystem of the technology world is disrupting and revolutionizing every sector of the economy and every aspect of our lives. In the personal finance realm, apps have emerged that help and individual monitor their income and expenses. These apps monitor both bank accounts and credit cards that one owns and connects to these apps.

Some of these apps also automatically assist their users to save and make investments in the

money market with funds saved via the apps.

Enhanced security

As the internet has grown, there has been negative effects especially felt in the personal finance realm. The most prominent of these negative effects has been identity theft. Identity theft has led to people losing money as a result of fraudsters who illegally gain other people’s information and use it to steal their financial assets such as credit and debit cards.

With mobile apps, one can monitor their credit and debit card use and block its use once they detect that it is being used in transactions that they have not authorized.

The growth of the mobile wallet

Mobile wallets such as Android or Apple pay are increasingly pushing debit and credit cards to the back. You can easily complete your financial purchases conveniently with only your mobile devices. All you need is your fingers and your devices.

Completing bank transactions from the comfort of your house

Just a few years ago, you had to physically present a check at your bank branch for the money to get into your account. Now, all you need is your mobile device. Take a photo of the cheques and just like that you have successfully deposited your cheques.

These are a few ways that technology has revolutionized personal finance. With more advancements in the pipeline, we can only wait to see what the future brings.

 

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