Fintech is no more an unknown or a fancy term to businesses or customers. It has become a part of everyday money management chores. You may not realize but the fintech industry has changed the ways we use money. Now barely someone goes to the bank and do payments with cash. In this era where everything is online, digital cash and digital money have changed our spending and saving ways. Let’s discuss some of the advantages of fintech innovations that have evolved the money management system.
Unique Ways Fintech Helps To Change Money Management Systems
Read through the blog to realise how you can utilise or must be already utilising the benefits of fintech in your daily lives.
1) Budget Making
Now there is no need to find your expense diary all the time you spend money. Just sync your bank account activities with the budget-making apps. Such apps track your expenses and give you brief information about your expenses. Moreover, these apps categorise your expenses so that you make a budget by judging your spending habits.
This way, you will be able to decide where to spend more, how to limit expenses and from where the savings can come.
2) Automatic Savings
Warren Buffet said it correct, “don’t save what is left after spending but spend what is left after savings.” To follow this rule from the finance master. There are many apps available that enables automatic savings from your account every month.
You just need to add an amount and the date of deduction. Your account will be debited automatically. The amount will be credited to savings apps where your money can grow well.
3) Hassle-Free Investment
Gone are the days when you had to go to the bank to make investments. Thanks to fintech, now you can invest worldwide with just a few clicks and minimal convenience charges. Moreover, you will be able to track your money growth while sitting at home. These investment apps help you make your portfolio through their mobile apps too. And, an assistant will be provided for your assistance too.
4) Send Money Instantly
No more long hours of waiting to get the payment credited in your bank. Now, pay through internet banking or mobile banking methods to make the payment that immediately gets credited to the receiver’s bank. Thus, fewer people are seen carrying cash these days.
5) All-Time Available Bank Statements
Do you still go to the bank to check your bank statement? Well, we do not think so! Because that is not required anymore. Each bank has its own mobile app these days. You can check the bank statements using mobile banking or internet banking for a desired period of time. Moreover, the statements are downloadable.
6) Compare Bank Loan Rates
When choosing the bank for loans, interest rates are the biggest factor one considers. Each bank has its offer to give on the loans. Some may charge less interest rate and fewer may ask for more.
Back in 90’s people used to visit the banks and check their interest rates. A decade back started checking on the internet. Now, smart people use bank loan interest rate comparison apps.
In such apps, you can get information on the rate of interest and other terms and conditions the banks charge in your town. Moreover, financial banks are there in the market too, which may give loans at a lesser rate of interest than other traditional banks.
Now that you know how you can use fintech to use your money effectively. It is crucial to learn to save your money from scams and online cyber threats.
Learn how digital transformation reshaping banking from the inside out.
Ways To Save Money From Online Threats
Indeed, fintech has changed the way we use our money. Moreover, transferring and recording money has become super easy. But, it still suffers from online threats which you should be aware of.
Know how can you protect yourself from cyber fintech threats.
1) Do Not Trust All Apps
Usually, we think if the app is available on the trust app store that means it is legit and does not harm the privacy of the user. However, it is not mandatory. You may be scammed through these apps.
You should research the app before using it. Especially if it provides extraordinary services that are hard to believe. Yet the best idea is to check with a minimal amount like $1. If it does not do the said things, uninstall it immediately and review the app to aware more visitors.
2) Use Biometric Or Multi-Level Authentication
Passwords have become obsolete now. It’s biometric authentication’s time, where people uses their fingerprint to lock/unlock the app. It adds another security shield to the app/program. Or else, you can use multi-level authentication where you are asked for OTP (one-time-password) to validate your account.
3) Distribute Your Assets In Several Accounts
Using multiple accounts help limit the risk. Simply put, if one account is hacked. Some assets will still stay safe in other accounts. Therefore, you should distribute your money in different accounts.
The Bottom Line
While concluding we like to admit that financial technology has changed the ways we used money tremendously. The new generation does not even know the pain of standing in the long queues for hours to deposit the money and check bank statements. Indeed, fintech trends have made life easier.