Attitudes towards money and finances have changed substantially in recent years with more and more of us using the internet and mobile technology to access our finances quickly. But as this trend continues could this be impacting us in more ways than one? In this article, we will be discussing this further by looking into the impact of technology on the finance industry over the last decade.
Changes In Attitudes
One of the biggest impacts of technology is the attitudes that come along with it. As fintech continues to be integrated into everyday life there are changes in attitudes towards online finances. With online banking, as well as banking on the mobile, becoming much more popular, this is a trend that we only set to escalate in this new decade. Do not be fooled, however, as bank managers and other members of staff need to be present should something go wrong with the electronic system as experience will be needed.
Money Management Apps
In addition to changes in attitudes, there is also an increase in the number of money management applications. With a number of apps providing new and exciting solutions, money management apps have made the process easier. This has also spread to applications for 6-month loans and other forms of emergency finances as applications over the internet have revolutionised the industry, but with tighter regulation, FCA compliance handling as well as increased restrictions on borrowing and lending by the FCA and other regulatory bodies, could this be set to change in the next 10 years?
In addition to the apps themselves, technology such as automation and Ai has revolutionised the way that finances are managed. With direct debits coming straight from your account and into savings, as well as designated budgets for a wide range of different spending habits, it is now easier than ever to make the most out of your finances, just by using your mobile phone. With this in mind, there are also a number of other apps on the market that require a subscription. These are slightly different as they provide money management advice from specialists, this not only provides you with guidance, but it allows you to monitor finances more closely.
Access To Information Quickly
Another benefit that technology has had on finances is access to information quickly. This is beneficial not only access to emergency finances but also benefits banks as well as third-party lenders. With all financial information stored within an online credit score, it has streamlined a number of processes such as eligibility checks for mortgages and other loans. This is highly beneficial for businesses as well as customers as technology continues to streamline these processes. Whether this is soft or hard checks for loan types as well as credit score checks throughout the year, this helps lenders, as well as customers, keep track of their credit scores.
In addition to this, technology has made it easier to track any negative impacts on your credit score and report them. Whether by email or over the phone you can report elements such as this. This not only benefits you, but it allows the corrections to be made within a few working days, this will ensure that your credit score is accurate. This will help you to apply for loans or emergency finance in the future, allowing you to gain the funding you need in no time.
The Implementation Of Digital Currencies
The final way that technology has revolutionised online finances is the implementation of cryptocurrency. Whilst this is still an emerging technology this has seen a vast amount of popularity in recent months. Should this trend continue to change online finance, we will see more and more businesses begin to adopt this. This will not only revolutionise retail as we know it, but this will open up online retail to those that do not bank with a traditional bank. Whether they use Bitcoin or one of the other major cryptocurrencies, these could be the future of finance and therefore it is important to be prepared.
With this in mind, there are countless ways that technology has helped to revolutionise finances as we know them. Whether it is the development of apps, automated systems and intelligent Ai systems, this is all set to streamline processes and make saving easier than ever before. This is regardless of whether you decide to run your finances from your phone or on a desktop. Which of these technologies will you be incorporating into your everyday routine, to help you save for an upcoming event?