3 ways technology is changing how you manage your money.

Technology is changing our lives in so many ways and now it’s transforming how we manage our money. It’s really important to get comfortable with what is going on in the financial technology space (often referred to as ‘fintech’) so you know what to look out for and you can take full advantage. Here are 3 key themes:

  1. Fast and easy access to help: the Internet has connected people all around the world. The financial industry has been a bit slow to adopt the idea of leveraging global connections to get better outcomes for individuals but rest assured, it’s about to take off! Emerging services like Nod are making it easy to find people to guide your financial decisions.
  2. Automation: services like Stockspot and Acorns are automating the investment process. Basically you just select a risk profile, hand over the money and they do the portfolio building for you. Fast, simple and easy to understand.
  3. Democratisation: it is now very easy to get information on whether a financial services is any good. Services that were shadowy, and in some cases shonky, have had light shone on them through the power of social media, rating systems on online platforms and better access to information. This will hopefully lead to better services triumphing over poor ones and better outcomes for consumers.

The financial services industry has been slow to adopt technology as a way of delivering for consumers. This is likely to change rapidly over the next few years as new technology businesses demonstrating the themes listed above enter the market and disrupt established players. Be on the front foot in exploring these new technology alternatives to take full advantage of the benefits for you and your family.

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