Technology Is Revolutionizing Everyday Banking

fintech

Money is one of the biggest headaches in everyday life, and that’s led to nearly 50% of the population finding money management stressful, according to CNN. The traditional bank plays a huge part in this – between varying customer service, hidden fees and complicated products, many simply don’t like dealing with the bank. This is where technology has stepped in.

Modern technological advances in finance – fintech – are transforming how everyday banking is done. In the process, several key consumer tickboxes are being ticked. These include flexibility, the need for green solutions, and products tailored to specific needs.

Changing life’s big decisions

A few financial events bring with them significant stress, but non moreso than purchasing (or selling) a home. According to Stress.org, moving home is one of the most stressful life events. Part of this is dictated by the uncertainty around purchasing; delays and silence from the multiple parties can lead to missing out on properties and build an unwanted level of anxiety. Technology has addressed this gap by moving home exchange to the digital arena. New services has led American Banker to suggest that a mortgages could, in the near future, be completed within 30 minutes – including variable, fixed rate and reverse mortgages – allowing parties to access their equity in record time. This will effectively cut out a lot of the waste in the home buying process and get the process done quickly.

Improving everyday banking

Visiting the bank is often difficult given restrictive working hours. Furthermore, the level of security required, from facial recognition, to proof of address, to signatures, can feel outdated in the increasingly digital world. This is set to change on a wide scale. July saw the news that fintech firms would be able to operate on a single license, rather than having to petition states for access. This means that popular mobile banking apps, including Monzo and Acorn, will have free access across states. For the everyday banker, this means services available on the fly that provide flexible and bespoke products.

Making investment accessible

Stock market investment can be intimidating, motley fool stock advisor review can help to invest better. This is especially true for young people; Forbes, reporting on Fidelity survey, found that 62% of 18-29 people find the stock market ‘scary’. This is another area of money management that fintech is making easier. Gradual investment apps take a little bit of money and invest it according to the desires of the saver. This could mean green investments, or those with a low risk. Either way, it’s low-impact, and helps to educate, without the intimidating nature and jargon of classic stock market investing.

Together, these innovations are just a few of the wide pantheon of change fintech is creating. The cumulative effect is enabling banking from your hand, taking it away from constrictive brick-and-mortar. Expect banks to catch up as the years wear on and they need to adapt to advance.

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