The impact of technology on individual finances

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edge of the boxThe impact of technology on individual finances

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The digitization of various existing companies and the emergence of new companies offer society more choices

The technical improvements brought about by technology are felt at multiple levels: institutional, corporate, but also individual. This phenomenon affects various sectors such as digital entertainment, health, transport, communications … It is clear that the financial economy of people, or more precisely the way they manage their finances, has benefited from the new opportunities that thanks to these advances.

The age of the internet has brought greater convenience to many citizens, although adaptation has been somewhat patchy and easier for digital natives. This also applies to the financial sector: digital banking in particular is a tool that a large part of society has already discovered for itself. Many processes have been simplified, providing greater convenience and immediacy for common activities such as wire transfers, current account balances, various procedures or answers to questions through personal consultants who can be contacted online.

Logically, digitization has also been very beneficial for these institutions, as it has enabled them to reduce costs and expand their range of services. However, banks are not the only ones to have chosen this path. Investment firms and agencies also want to join the modernization process and offer their clients digital trading opportunities.

The emergence of FinTech companies

But these developments have also brought something else: a democratization of the possibilities for users. In recent years, the so-called “classic” companies have known the emergence of a series of new companies which, with the wind in the tail of technological progress, are aimed at the general public and offer various services that were previously reserved only for established companies. FinTech companies offer a wide range of services such as: B. loans, sales of financial products, foreign exchange or investments, such as, among others Forex trade.

The convenience, speed and instant information offered by these technological capabilities for investing money are highly valued not only by those who have done so before using more traditional methods, but also by many new individual investors. In addition, major European trading platforms such as NAGA trade the opportunity to participate in training courses or to use other innovative options, such as B. “Copy Trading”, which allows them to copy the most experienced traders in their decisions when trading different stocks.

Mobile payment options

Mobile Payment Options, Image: Unsplash

Another element that has evolved a lot is the payment methods, including the new formulas and the adaptation of many other classic formulas. Debit cards are no longer reserved exclusively for banks. Meanwhile, some platforms, such as the aforementioned NAGA, offer their own products, eg. B. NAGA Pay, available in many countries and also usable for payments and purchases of cryptocurrencies.

Of course, depending on your specialization, there are other services offered by these companies. For example, some of them focus on consulting and wealth management. Others have turned to alternative funding sources, some through microcredit or other options such as crowd investing. It is also important that these companies adhere to standards of privacy, reliability and security. Fortunately, the largest suppliers have the latest technology tools and an excellent technical team to ensure these very important aspects for customers and ensure a smooth process.

In short, it is a technology that facilitates the various daily operations performed by a computer, smartphone ortablet can be made by AND have opened up new possibilities for those customers who were previously unfamiliar with their use. It is clear that this development and these improvements will continue, so we will see new opportunities in a short time.

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