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. Even the process of sending money to different countries has moved online. For example, if you wanted to send money to Mexico when your friends are traveling south of the border, you can transfer money with a few clicks.
Learn more about the new face of money management with some intriguing facts and stats gathered below.