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How Technology is Making Money Management Easier

Over the last few years, the finance industry has undergone a considerable transformation. We have seen an enormous number of new and innovative services introduced which give people the ability to save money, manage their money, or get out of debt without going through a complicated process. This is excellent news for people who struggle to manage their money.

In fact, even the less tech-savvy of us can use money management technology to save time and money. But how is technology making money management easier? If you want to learn more about how technology is making money management more straightforward, keep reading below:

Current Technology

As mentioned above, technology has dramatically changed over the last few years. One change we’ve seen is the introduction of mobile apps that allow us to make payments in our own country using our mobile phones. As well as this, we have also seen the introduction of international money transfer apps. An international money transfer app like Ria enables us to send money or make payments instantly to people in other countries.

Another piece of technology that is worth talking about is geolocation and QR codes. Companies have begun using the combination of these technologies to offer customers personalized discounts and on-the-spot deals for stores or locations nearby.

Online Technology

Here are some of the ways that technology is being used online to help people manage their money:

  • E-commerce – people can shop online instead of visiting a brick-and-mortar store. Thanks to this, businesses are having to compete more than ever before. This is excellent news for consumers as it helps to keep prices low.
  • Alternative lending websites – these websites give consumers more choices. They no longer have to go to a bank to borrow money. Instead, they can find a lender online. Online lenders often have much better rates than brick-and-mortar lenders.
  • Online banking – this has to be one of the best innovations we’ve seen, as it allows people to track their finances easily.
  • Online investing – investors can buy and sell shares online. Evidence suggests that 45% of investors choose to invest online.

What Will We See in the Future?

We’ve seen some fantastic innovations over the last few years, and we expect to see more innovations in the not-too-distant future. Here are some of the inventions we hope to see very soon:

  • Wearables – while wearables such as smartwatches are already a thing, we will see them become much more intelligent, making it easier for people to manage their money on the go. We will also see devices being built into clothes. These types of technology will reduce the need for a smartphone.
  • Eye scanning – by 2024, it is predicted that technology like glasses will be able to perform eye scans for early detection of medical problems. This may change how people buy insurance in the future, as instead of buying a policy to cover all illnesses, people will choose a policy covering a particular condition. This could save them a significant amount of money.
  • Driver monitoring – over the next few years, all new vehicles will be equipped with driver monitoring systems. These systems will monitor how safely a driver drives on the road. Car insurers will use this information to create personalized insurance plans for a person.

We all worry about money at some point in our lives, and with the cost of living rising, the number of people worrying about money is only likely to increase. The good news is that technology has made it easier than ever for people to keep track of their incomings and outgoings. Smartphones and the internet have given us the tools we need to manage our money, no matter where we are in the world. In the future, we expect to see even more technology and apps becoming available to help us manage our money better.