Making finance more accessible to families: The impact that technology and digitalisation can have

June 13, 2024 | Blog, Parenting

Technology can play a large role in making finance more accessible. From handling banking from your smartphone to embracing less conventional areas of finance such as blockchain, there are many ways roles that technology can play in the ever-evolving world of finance to make it more inclusive. 

Whether you’re tapping into finance technology for personal or commercial purposes, there are many ways to benefit from the options available. A lot of this technology is available worldwide too.

Here are some examples of how it’s being used.

Digital payment systems

 

Digital Payment Systems

 

Technology can be used to make payments more simple. You can make instant and secure payments across borders, which opens up a huge amount of opportunity for businesses. The convenience of being able to make payments across the world in a matter of seconds is unmatched. It relieves businesses of admin time, freeing up capacity to focus on other areas within the business. Small business owners in particular have found this transition to digital payments a necessity for business longevity.

AI-Driven Lending Platforms

The AI boom has created numerous new avenues in the world of fintech. The technology behind it allows us to leverage invaluable insights to make our lives easier. Lending platforms that are driven by AI can generate quick and efficient data analytics, allowing you to make credit decisions in less time. This can also help to reduce borrowing costs. AI is set to improve over time so the technology is likely to become even more efficient and accurate.

Mobile banking

 

Mobile Banking Technology

 

Although mobile banking has been around for a good few years now, it continues to evolve over time so that users can handle account details more efficiently in a matter of taps. Whether you want to set up a standing order or transfer money from one account to another, mobile banking allows us to do this with little hassle. The ability to handle our finances with ease can help us gain greater financial autonomy, which is a huge benefit to society.

Mobile technology also helps to make investing and trading more accessible. You can engage with it using trading platforms like Tradu that allow you to invest on the go. Fintech is a sector that shows no signs of stopping as it continues to help people navigate complexities and overcome barriers to financial access.

Blockchain technology

Blockchain is a method of recording information in a way that makes it more secure. It’s a database mechanism that uses advanced technology to store data in blocks that form a chain. You can use blockchain technology to share information transparently across businesses.

The benefits of this include the fact that businesses can improve transparency, while simultaneously improving security, when it comes to making financial transactions. This can be especially helpful when engaging in emerging markets.

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