With advances in technology, increased use of mobile devices, and growing demand for convenience, the face of money management is changing. In the past, managing personal and business finances revolved around brick-and-mortar banking institutions, which provided most of the services necessary to manage funds. Remember the days when you’d visit a bank in person to withdraw cash, deposit checks, approve business loans, and check your bank account balance? When you needed to track finances for your home or business, the process was quite manual and involved ledgers and other pen-and-paper methods.
These days, money management is faster, easier, more secure, and more digital. People are relying less on manual, paper-based methods to manage their finances and more on technologies such as the internet, mobile devices, and mobile applications. For this reason, brick-and-mortar banking institutions no longer remain the center of financial activity. In fact, many primary banking services like depositing checks and lending money have moved online. People can do their banking day or night without stepping foot into a bank.
Learn more about the new face of money management with some intriguing facts and stats gathered below.
I use Quicken but being old fashioned and more than a little paranoid, I don’t use mobile services for writing/depositing checks etc. And I don’t link my brokerage or bank accounts to Quicken or any other format. I just don’t like all my account numbers floating around cyberspace. Making purchases online using a credit card is the most I’ve done and I do use the bank’s bill paying service to pay some bills, but those payments don’t have my numbers on them for any hacker to get a hold of.
You’re way ahead of me on the financial technology with Quicken Kathy! Though I bank and pay a lot online, I don’t use any special software. But it really is amazing how so much has changed in the past 20 years. My wife works in a credit union, and often finds that the elderly have fallen well behind the technology. I can certainly understand why. I’m not too ahead of them myself. So much has changed so quickly.