How Technology Is Revolutionising Our Money Relationships
As little as twenty years ago you could argue that a salary from your job was a more tangible thing than it is today.
What we spend money on has changed to some extent since the beginning of the internet age, but the way we spend money is now virtually unrecognisable. Innovations in technology and the uptake of smartphone ownership has allowed us to interact with our bank where we
The Rise of Contactless Payments
Credit and debit cards saw the biggest overhaul since their creation in the late 1950s. No longer were users tied down by the use of a signature or PIN. A simple tap or swipe of a card terminal and small payments can be made efficiently and smoothly. This innovation has only been available to the mass market for the last couple of years, and many retailers are still to make the jump to contactless technology. It has proved very popular in the service industry, so expect to see more of it very soon.
Mobile Banking Takes Off
Many banks have quickly jumped on the mobile technology wave and launched apps that allow the customer to access their accounts remotely via smartphone. The move makes sense from a business point of view. In the 1980s, Automatic Telling Machines were introduced as a means of reducing the overheads required to have physical branches for customers to visit to withdraw money. The mobile banking app can be seen as an extension of this - less money on staff and premises. You can now transfer money and make payments from the comfort of your own bed.
The Money Revolution
The app revolution wasn’t just limited to the established financial institution. A whole raft of small money planning apps
A Better Service for Everyone
In many ways, you could argue that the technical revolution and the rise of the digital age
Now, thanks to innovations in the worlds of technology and finance, we have a real-time malleable relationship with our money. We can plan more carefully, spend more sensibly and ultimately have a clearer picture of how we can achieve our financial goals.