Modern Trends of the Financial Industry

Technology has transformed the world of finance and banking, and those changes impact your personal finances.

Smart consumers use tech advances to create and monitor budgets, to build a savings balance, and to make informed decisions about investing. Here’s a closer look at some financial trends, and how they may impact you.

The Bank Lobby

When was the last time you were in a bank lobby?

As banks have transferred so many of their services online, there is less and less of a need to go to a physical bank, and mobile devices have also made it easier to take care of a your banking needs remotely.

You can make deposits and transfer funds using your phone. If you’re interested in a mobile app to create and monitor your personal budget, give Mint at try.

Many banks operate at a much lower cost by operating completely online, so consider these types of banks for lower fees and expenses.

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Security

Hard to believe, but the vast majority of log in attempts for online banking are due to hackers.

Nowadays, modern criminals are not looking to rob banks with guns – they are doing so with laptops. As a result, financial services companies must constantly innovate to protecting their data. And from a personal point of view, you need to be doing exactly the same thing as well.

Try backing up your files using the cloud, and minimize the number of paper records that you keep on file. Avoid opening any link or email attachment that look suspicious, and call your bank or credit card company, if you suspect an attempted hack on your computer or mobile device.

When it comes to keeping your phone as secure as possible, you could check out this page over on Cell Phone Deal for help and advice on the steps you can take in order to make sure that you are not putting your online banking account at risk.

What Is Blockchain?

Even if you don’t follow tech news all that closely, you’ve probably noticed the rapid development in blockchain technology, the supporting software behind Bitcoin and other cryptocurrencies.

You may be wondering things like where to buy cryptocurrency and other similar questions. Ultimately, before you think about hopping on a bandwagon, you need to ensure that you are making the right decision for you. The markets for this financial instrument have been volatile, so proceed with caution.

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Less Physical Currency

In an increasing number of western countries, people are no longer carrying physical currency around with them, and are instead using credit cards, smartphones, and even wearable technology like watches. And this could also link in with the previous point. If digital currency starts to become more popular, the need for physical cash could end up declining even further.

Constant Innovation

Even though we have seen a lot of rapid changes over a short period of time, now is not the time to expect them all to suddenly grind to a halt. As long as there are new ways to improve operations, make easily functioning services, and provide cost-saving and increased security levels, we are bound to see new tech firms springing up all the time.

As an individual consumer, it is always going to be worth keeping up with these changes as they occur. You never know how they could end up benefiting you.

Of course, before you make any big financial decisions, it is always worth being sure of yourself, doing plenty of reading, and ideally, speaking to a financial expert.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(you tube channel) kenboydstl

 

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