2 September

How to Digitise Your Financial Life

Back before the ubiquity of internet devices, smartphones and calculators, the simple act of drawing up a set of accounts took many hours of labour, picking through a pile of receipts with a pencil, a rubber, and a sore head in an attempt to understand the ins and outs of one’s financial world. It’s something millennials are blessed never to have to experience: thanks to FinTech advances and digital aids, financial planning and analysis has never been so simple and easy, and here are a few tips to get you off the ground with your own digital finances.

Smart Banking 

While the older, traditional banks have started improving their service through initiatives such as the mobile banking app and the paperless bank statement, it’s the new challenger banks that are really turning heads in the financial sector, thanks to their wonderful user experience centred around a higher degree of control and understanding as to how your money’s going in and out of your account. These banks monitor your card’s expenditure, drawing up handy budget accounts to show you where your money’s being spent; you’ll be able to set targets and apply spending caps to keep you in the black and out of the red.

Loans 

Occasionally our finances aren’t quite as secure as we’d wish, leaving us with little choice but to take out a loan to cover urgent bills, rent or other expenditures such as hospital bills or medication. Happily, there are now better options than heading to the local loan or pawn shop: you’re able to perform a Peerform personal loan – either as investor or beneficiary – online in no time at all, linking up those happy to lend money with those looking to borrow, thanks to the interconnected nature of the internet. Its quick, easy and simple and boasts competitive APRs.

Apps 

The time of the centralised business and finances app is coming, and paving the way are a series of dynamite apps for your smartphone, tablet or laptop that cover a huge array of financial services you’d once have to spend many hours inside your local bank branch trying to access. Everything from mortgage estimates to savings accounts and ISAs can be tinkered with by using the right FinTech app – it’s just a case of you doing your research to find and download the app that best suits your own financial needs.

mCommerce 

We’re moving decisively towards a cash-free society, with contactless technology enabled fully on all smart phones so that you’ll be able to manage all you credit cards through your phone. The additional security this provides – as well as the data that can be derived from this innovation – helps consumers protect against theft and fraud while also enabling you to manage your cash flow on the go, making payments to your other accounts from the comfort of your mobile device. Uptake has been slow in the UK and US, but China and India are forging a new way to pay through mobile-based payment technology.

This article explains how you can modernise your finances by using digital technology, centralising all your economic data and deeds into one easy digital system.

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