As the use of technology heightens, it has found its way into personal finance. It makes this mark at a time when a vast majority of the Americans have to deal with financial headwinds. Lack of emergency funds, student loans, and rising credit cards are just some of the many tough conditions Americans are facing.
However, the presence of technology is likely to turn around thing for the better; thanks to the everyday advancement. How will it impact personal finances?
Let us talk about saving and investment. For anyone who wants to accumulate wealth without pressure, financial technology comes in handy. There are dozens of apps to help you deposit, withdraw, receive or transfer funds. Online banking has made this all possible besides being able to monitor your transactions. The concept has its particulars of efficiency, availability and time.
The most unique thing about financial technology is that you do not have to be tech-savvy. Apparently, this is what a majority of money-nervous Americans need. This includes older Americans and those in rural areas. It is even better for low-income earners who can hardly access banking services for lack of sufficient income.
Traditionally, many people have had to receive their payment in cash or in a cheque. This is no longer the case. Financial technology has introduced plenty of other options applicable to receiving payment. There is also the choice of credit cards, which you can swipe.
Did you know there are also apps to help you make bills online such as student loans, daycare, TV subscription, pay an Uber driver or basically place an order for a pizza? Just by using budgeting apps. Yes, you do not have to stress out yourself about the budget. And surprisingly, all these are achievable as you ride on a train or bus so long as you can access the internet.
Nonetheless, the need to exercise security over the use of online apps cannot be over-emphasized. The good thing is that the use of the magnetic strip is no longer a consideration. Instead, it is the chip on credit cards, which gives them an extra security measure.
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