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How Technology Has Impacted Finance

Technology, online commerce, and the need for immediacy have revolutionized even the way companies and individuals manage their finances. Currently, the digitization of the financial and accounting field is a challenge that both the customer and the merchant must take on. No one should be left behind. IT services have largely contributed to the revolution in the financial world with the creation of Fintech and web applications. These financial literacy tools have digitized and greatly simplified processes such as transfers, payroll, and business accounting. Since the key to having sustainable and competitive companies today is to join the technological revolution in finance, here we explain how technology has impacted finances and how you can do it.

What Is Fintech?

As we know, Fintech technology has enabled companies to take advantage of the most modern advancements to create innovative services that change the customer and employee experience. Do you know what Fintech is? Fintech is a term that unites the meaning of finance and technology and that refers to all processes, software, applications, and services that use technology to improve some financial activity. An example of a very recognized Fintech today is the Paypal platform.

Moving Your Money

Due to this technological revolution, many banks have reinvented their product portfolio to make the life of their customers easier when making payments from their smartphones. As an example of this, there are different applications to make interbank transfers that are effective immediately and charge less commission. These platforms have unleashed a boom in a society that now has an easier and more immediate way to move your money.

Simplifying Tasks and Processes

Fintech services are aimed at end customers, and employees are the internal customers of all companies. At present, information technology or IT services is used within companies as a tool to digitize internal processes, in order to have more proactive employees, and make better use of time. Today, there are many IT service agencies that are responsible for analyzing the needs of small and medium-sized companies to design a technological structure that simplifies tasks, offers solutions, and digitizes information.

Digitize and Optimize Tasks

The accounting department is one of the business areas that has benefited the most from technology and Fintech for internal use, as they have been able to simplify cumbersome processes such as payroll and monthly accounting. If you want to implement financial technology in companies, an excellent option is to design custom software to optimize tasks and digitize information.

This type of IT service for companies also offers the creation of mobile applications so that employees have access through it to their pay receipts, vacation requests, and work profiles. With this, you can see that technology has been installed in companies to create more competitive, modern, and, above all, digital organizations.

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In Personal Finances

On the other hand, personal finance is another area that has been revolutionized by technological advances. In the past, it was customary to stand in lines to cash a check, but today, the checkbook is a withdrawal product, totally displaced by applications and digital transfers. In the same way, it happens with cash. It is less and less frequent to carry large amounts in the portfolio. In addition, it is increasingly common to find new digital payment methods without commissions, immediate and that are not married to any bank. As we mentioned at the beginning, the goal of financial technology is to make life easier for the end customer.

Digital Banking

Currently, there are a wide variety of mobile applications designed to maintain control of the management of personal money, with electronic banking being the pioneer of these tools. In the application store, you will find endless options to keep track of expenses, develop a savings plan and create environments conducive to better decision-making. Digital banking has simplified many processes through technology, but undoubtedly among the best stands out the loan application. In the past, it was impossible to think about requesting a money advance without attending the bank. Today, you can request a cash loan through your user page, and, best of all; the loan can be effective immediately.

Conclusion

The technology applied in finance has achieved the digitization of many processes and information, has changed the way of monetizing, and has made companies reinvent themselves to be more productive, but above all, it has made people’s lives much easier. As can be seen, technology has impacted finance in a profound way. Find out how you can make this work for you by visiting Cane Bay Partners CEO.

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