71% of the UK adult population use an app on their smartphone or an online browser to access their bank according to MoneySavingExpert. Financial technology is developing quickly and people are happily embracing it in their everyday lives. Financial apps can offer ease of access to money management and can assist with realistic budgeting, saving, getting out of debt and making speedy payments, amongst other features.
Become better at budgeting
There are plenty of apps that can help you to budget your money better. Some of the better examples groups all of your finances into one, making it easy to see where you can save money and help you to pay off debts and avoid overdraft and late fees. It acts as a personal finance adviser, but you can trust that it works for you alone, with no ulterior motive. There are several similar apps, which all work in a similar way but one may suit you better, depending on what your budgeting and finance goals are.
Google Pay recently became available in the UK, offering one of the quickest and easiest ways to make payments. It’s also considered a secure method as you can only use it if you have access to the smartphone it’s connected to. Smartphone technology means users are encouraged to setup a password using their face or fingerprint, making it unique to them and less easy to unlock when compared to a four-digit PIN. Google are also working on QR codes for peer-to-peer payments, with the aim of all potential features of finance apps merged into one.
Digital-only banks are on the rise, particularly with millennials who are more likely to use their phones for banking services, as opposed to physical branches. Digital-only banks tend to offer new finance technology to customers first because it’s one of the main aims they work towards. They also don’t pay for buildings or branch managers, so they can pass on the savings to customers and offer better interest rates. It’s believed digital-only banks will offer and complete mortgages entirely online in the near future, eliminating people in the process and speeding it up.
Technology is moving fast, so the future of money management apps and digital payments and banking is evolving quickly. Adopting technology for managing your finances is not only beneficial but is likely to be the only method in the future.
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