Financial Technologies That Could Help You Manage Your Money
Technology is now intertwined with our daily lives that the way we do certain things are no longer the same a few years ago. Phone calls are slowly being replaced by video calls and people no longer have to go to an actual store in order to shop instead they can order almost everything online. These changes are also evident in the financial industry because of startup companies known now as FinTech or financial technology. Here are some ways financial technology has helped people in how they manage their finances.
- Personal savings. This used to be a struggle for a regular professional working throughout the weekdays. Thanks to new technologies, there are now mobile tools and apps in the market which everyone can use in order to help them with their savings. There are fintech companies such as Blast, Digit, USAA and Qapital that helps in transferring a small amount of their salary into a savings account without them even noticing it.
- Senior citizens. Fintech tools are not just designed for young people but there are also those that were developed specifically for the use of the elderly in order to help them manage their finances. The best thing about these tools is that the senior citizen’s financial security is priority in order to avoid other people from taking advantage of them.
- Voice banking. A few years back, when Siri and Alexa were introduced to the public, everyone has been waiting for the day when voice banking will be used in the financial aspect. This technology is currently in use by banking institutions such s Mercantile Bank of Michigan, U.S. Bank and Capital One.
- FinTech is slowly starting to make its way in the insurance industry. This is an opportunity many startups are trying to grab by developing tech solutions that will help insurance companies improve their current technology system such as payment technology. It is expected that blockchain technology will be utilized in this front. As expected by expert like Nadeem Shaikh Anthemis, these technologies are bound to disrupt the financial industry.
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