The current unprecedented rate of technological advancement is completely transforming industries across the world, with new innovations constantly improving processes and services. In the financial services industry, this trend has been particularly prevalent, and it continues to grow and evolve.
Some of the most innovative technology to have come out in recent years relates to managing finances, and there are now plenty of useful tools which anyone can use to help them remain financially stable. Here are some of the most effective modern technologies for managing finances.
Before the advent and release of online banking, people had to visit their bank to check their balance and transfer money. For those who lived nowhere near a bank, this could certainly be a time consuming task. Nowadays, however, online banking has given everyone access to essential banking services from the comfort of their own home.
Online banking is now incredibly secure, with fraud detection technology used by all major banks, and procedures in place which allow only the owner(s) access to their bank account. This has paved the way for businesses and individuals to manage all their finances from their computer, saving a great deal of time and effort.
Developments in online software have also made accessing loans far easier, as it is now possible to apply for and receive a loan online. This means that those who need money can, in many cases, simply access the lender’s website and fill in an application form to get the money they need.
The lender’s website also serves as a platform for managing the debt to the lender, as well as for repayment. This means that those who have taken out a loan can constantly monitor how much they owe (with interest added on), and manage repayments accordingly.
Perhaps one of the most revolutionary and widely used technologies of the last decade, mobile applications have completely transformed the way people access and manage their financial data. There are, for instance, budgeting apps which can compile all of your income against your outgoing expenses, and create a budget which they will automatically track your expenses against to paint a comprehensive picture of your finances.
It is the accessibility of apps which makes them exceptionally useful, as they can be taken anywhere and accessed at any time, making it difficult to lose track of financial data and transactions.
Finally, there is a wealth of new accounting software which is incredibly adept at helping people stay on top of their personal finances. Quicken’spersonal accounting software, for instance, allows you to consolidate personal finance accounts, business accounts and investments, meaning that you can manage them on one platform. Like online banking, this saves heaps of time and effort in the long run.
It is likely that software such as this will continue to be developed in the future, allowing for much easier management of every part of your financial life (banking, debts, savings etc.). As such, it is well worth looking out for technological developments in this field, as they could revolutionise the way finances are managed on a day today basis.
There is plenty of technology to be excited about in relation to managing personal finances. It is likely, however, that the surface has only just been scratched when it comes to the potential of financial technology. Given that finance management technology has progressed so rapidly in the last decade, it could well be the case that the next ten years will boast some of the most innovative and powerful management technology, allowing everyone to manage their finances with ease.