(ThyBlackMan.com) Does managing your money stress you out? When people are asked this question, a great percentage answers, “Yes.” Financial stress seems to be part of a modern person’s day-to-day life. With high unemployment rate, dropping real estate values, and increasing prices of goods, it may be hard to balance the money coming in and going out. NIX Solutions suggests that people stop manually trying to figure out their finances and start taking advantage of technology and exploring fintech.
Technology that’s integrated into finance services shows drastic growth with no signs of slowing down. According to an Accenture report as cited by Sillin in 2017, the clients’ investment in Fintech had grown to a whopping 67 percent from 2015.
According to Bill and Melinda Gates Foundation, even countries suffering from extreme poverty can now benefit a lot from mobile banking. With proper use of fintech, people can open their first bank account and start building their finances with ease.
Ways Fintech Can Help Organize Your Finances
Fintech, which is comprised of the words financial and technology, introduces efficient and effective ways for you to conveniently track your investments and other financial activities online. You can have a more personalized and optimized experience in financial management.
Fintech gives power to your smartphone, thus allowing you to make purchases and compare prices through your mobile phone. You can compare loan rates online and save money. Here are six more ways fintech can improve your financial life:
Online banking. To start, online banking is cost-effective. Online banking gives you the chance to avail reduced fees and a relatively higher interest rate for your savings. This automatically bypasses geo-boarders as you need not go out of the house to make transactions. You can make a purchase, deposit, and transfer money using only your phone, making it highly convenient and less laborious.
Better budgeting. You don’t need to rely on traditional methods to budget your funds. Fintech allows you to do it by utilizing highly developed applications. Some of these budgeting apps can even be linked to your bank account, so you’ll know how much you have left to budget. Budgeting apps can keep you in the right track by reminding you if certain activities exceed your budget and anticipated income. You will be warned about fees that consume most of your paycheck.
Better savings. Fintech helps you in managing your money effectively, so you can save. Certain mobile apps uses certain tools and algorithms to optimize your savings. These mobile apps need to be informed of your monthly anticipated income, so that it will know how much money you can afford to save in a given time.
Effortless investment. Fintech generally makes your financial life better and a lot easier. There are certain apps that will remind you of your financial goals, providing you with useful strategies to achieve them. An application can create a portfolio which shows you the overall framework and objective of your investment plan. It may also include the risks that come with such investments as well as the time in which you can make withdrawals. Some Fintech apps are smart enough to round up the price of the purchases that you make with your debit card, automatically adding the remainder to your investment.
Quick paying options. You no longer need to wait for eons just to claim the check and get your payment. Mobile apps allows you to transfer money seamlessly from one person to another or from one person to an institution. You can also pay bills using your phone which saves a lot of your time and effort.
Better loan offers. At times, loans can cost an arm and a leg and can be particularly laborious. With the emergence of Fintech, mobile applications now allow you to make comparisons in terms of better loan offers. The more offers you see, the more likely you are to arrive at a better one. Having a wide range of choices lets you land on a loan offer that actually has the best terms.
We must be able to make use of technology as a medium to make our lives better and not the other way round. Hence, we must not forget to still be cautious especially when making transactions online. If you want to learn more about fintech, you can talk to a NIX Solutions expert. Connect with them via:
Twitter: https://twitter.com/nixsolutions
Github: https://github.com/nixsolutions
LinkedIn: https://www.linkedin.com/company/nix-solutions-ltd
Facebook: https://www.facebook.com/nixsolutionsltd/
Staff Writer; Doug Short