You may not be familiar with the term fintech, but you have almost certainly used it. There is a plethora of financial apps whose purpose is to try and better our lives. While some may be reluctant to trust their financial information with technological programs, there is really nothing to fear. Here are some of the ways in which fintech can make your life better and so much easier.
Ultimate Convenience
By using a standard app provided by your bank, there is no reason to set foot in a bank to engage in everyday transactions any longer. You can check your balance, transfer funds, and pay bills right on your phone. If the company you are trying to pay doesn’t offer online bill paying, you can arrange for your bank to mail them a physical check with a specific due-by date if needed.
No More Banker’s Hours
When you get into the habit of using financial apps to do your banking, you are no longer limited by the confines of standard business hours. There is also no more trying to understand the person on the other end of the phone. Apps are available 24 hours a day, so long as you have a cellular or internet connection. Many people these days work non-traditional hours so getting to places during the day may not be an option for them. Financial apps solve this problem in spades.
Loan Solutions
If you are looking for a specific financial product, such as a student loan through a private lender, an app can easily help you compare interest rates, repayment terms, and other factors to ensure you are getting the best deal. This is a great option to have if you are looking for payment options to get your degree. After your free money options have been exhausted, you can even use the lender’s loan calculator to figure out how much you need to pay back after graduation when repayment begins.
Saving Money
Fintech apps are a great way to save money by avoiding overdraft fees and late payment penalties. You can set automatic alerts if your balance is low or a reminder that a credit card or other type of payment is coming due. You can even schedule the payments to be made at a certain time so you don’t even have to think about it.
Keeping You Educated
The best apps offer educational opportunities that the user can take advantage of. Such things as teaching you about how to invest and how to manage your credit score can prove to be invaluable in the long run. Some can even review debt settlement offers and let you know how they can affect your financial prospects.
Highly Efficient
When you are not being distracted by constantly worrying about the state of your finances, you can concentrate on your work and become much more efficient in other aspects of your life as well. Add to that the fact there is virtually no chance of errors made while balancing your checkbook since it is done by the app itself and there is really no reason why you should not take advantage of everything apps have to offer.
