As Featured on Forbes.com
Today, there is an app for just about everything. Need to find the cheapest place to park downtown that’s within walking distance to your meeting? There’s an app for that. Want to reserve a bargain hotel or fill up your car with the least expensive gas in your neighborhood? There are apps for those things too. We used to toss our spare change into a jar and then take it to the bank. Now, there is an app called Acorn that essentially does this for us; the spare change jar meets the robo-advisor.
Our finances have been automated in virtually every way. We can access our money online, via our phones, our laptops and our tablets 24/7. There is rarely a need to visit our banks for routine or even for more complex transactions. The ability to pay online or via our phones has significantly reduced the need to carry cash or use checks. And in some places, these methods of payment aren’t even welcome anymore. In many ways, this aspect of FinTech alone has been both life changing and has served to reshape the retail landscape.
Beyond shopping and mobile payment options, the automation of all aspects of our financial lives allows for greater control. It is easy to get a handle on all your accounts and monitor them via programs and sites like Quicken, Mint.com and others. However, the biggest benefit of FinTech shouldn’t be limited to access alone.