Tech

Published on December 17th, 2019 | by Christopher Porteus

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How Are FinTech Apps Going to Make Our Lives Easier?

Because of financial technology, we can send and receive money online in an instant, no matter where we are. We can even deposit checks through our mobile banking apps by merely snapping a picture of the check. 

Taxi rides and plane tickets, instant purchases and food orders can all be processed online on a desktop, smartphone, or tablet. We barely need to carry cash anymore or even take out our credit cards. 

This is just the beginning of the FinTech boom. These apps are truly taking the financial industry by storm, and making our financial transactions easier by the day. Financial experts have said that we’re on the verge of a financial revolution and that these apps are about to change the way we deal with money. 

There’s barely the need for branches and customer service reps, or long queues and trips to financial institutions anymore. Financial apps are rising to fill in the gaps that traditional institutions aren’t able to fill. 

They make transactions faster, more secure, and accessible everywhere. There’s really nothing more to ask for. 

No More Branches 

If you’ve recently gone to a branch of your bank, you’ve surely noticed that everyone standing in line is either a boomer or older. It’s just become obsolete to go somewhere to handle something when almost anything can be done online. 

The services that require a customer physically being in the bank are dying, because most things, from ordering a new card to transferring money to set limits on ATM withdrawals are quickly done on your phone. 

Making and Receiving Payments

Nobody walks around with a load of cash in their wallet anymore. We don’t even take our cards with us, out of fear of getting robbed or leaving them somewhere. Today, we’re using our phones and apps such as Apple Pay. 

There’s literally an app for everything now, even a mobile app for laundry mats. Other than using these credit card processing apps, we can also Venmo our friends when we go out for dinner or drinks, PayPal our landlords, and use online ordering apps to process payments. 

These financial apps are becoming increasingly fast to use and will transfer the funds to our accounts within days, sometimes even hours. It’s the safest and most secure way to handle financial transactions online. 

Renting Apartments

If you’ve ever tried to rent a home in a big city, you’re probably familiar with the hoops you have to jump through to make it happen. Landlords aren’t only charging more than they ever have, but they’re also expecting people as young as college students to show pay stubs, a good credit score, and a source of income. 

Today, there are financial apps that help young people find guarantors to get their scores in order, and even co-sign contracts based on bonds. These apps help both the homeowners as well as tenants and make renter applications process within hours. 

This is revolutionizing real estate access for many people in big cities, especially those who have just made the move.

Currency Exchange

ForEx, which is basically buying and selling currencies online, is taking the business market by storm. More and more people are signing up to the platforms to make money from the comfort of their home. 

Currency sales are booming, and the world is shifting from the United States Dollar being the strongest currency to alternatives that include but aren’t limited to cryptocurrency. People are resorting to making money online rather than commuting to work and counting their paid days off on their fingers. 

It’s a business that has been successfully revolutionizing the way we work, the way we grow our savings, and the way we consume. Having an online wallet filled with cryptocurrency or foreign currencies is becoming more and more common every day. 

Today, cryptocurrencies aren’t yet backed by governments, because these are mostly backed by banks. In less than a couple of years, though, cryptocurrency will take over, and those who haven’t jumped on this wagon yet are going to regret it. 

Every day, more retailers accept cryptocurrencies and ForEx credit, and the banks are already fearing their downfall. 

Be Sure Not to Miss That Train

If you’re still walking around with batches of cash in your wallet or entering your credit card information everywhere you go, you might want to consider not missing the FinTech train and hopping on that wagon. 

It’s important to get along with the times and not insist on using outdated and obsolete ways of handling money. 

Furthermore, FinTech apps can go past transfers and payments. You can also use them to set up a budget plan, a savings plan, savings accounts for your children, or just keeping track of where your money is going.

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About the Author

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Chris Porteous is a veteran in the tech space, founding Framestr and writing about his experiences scaling startups. When he's not working, he's writing about the latest tech products and providing insights on how to utilize technology to improve your life.



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