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How Has Technology Changed Personal Finances?

October 24, 2018 No Comments

Featured article by Brad Richardson, Independent Technology Author

As technology advances, so does the financial industry. Over the years, there have been many advances that have impacted the way you handle your finances. Find out how banking has changed things.

1. Changes in Customer Service

Before chatbots became popular, customer service professionals needed to deal with all of your financial issues. Banks and other financial institutions worked hard to hire customer service experts. By providing the best customer service, they hoped to draw more clients.

Now, customer service has changed. Chatbots handle most of the work. They tend to lack compassion. However, they do get the job done. They make it easier for clients to get the answers they need.

2. Personal Loans are More Available Than Ever

When you need to borrow money, you have an abundance of options. It’s not only internet search engines that make them more available. In addition to being able to look online for loans, you can also get bombarded with Facebook ads and more. Email marketing campaigns can target you and make loans easier to find.

With the availability of personal loans, you need to do your research. For as many great loans as there are available, there are just as many bad ones. You need to find a loan company that is reputable and has fair terms.

3. Online Banking

Before technology opened new doors for us, banking was only done in-person. If you had a check that you needed to cash, you needed to do go to your closest branch to do so. If you wanted to move money from your checkings account to your savings account, you needed to make another trip to the bank.

Today, banking is much more convenient. You can now do everything online or from your smartphone. It has completely changed the face of banking.

4. Detecting Fraud

One of the advances that has come with new technology is fraud detection. Before these advances, detecting fraud was a major challenge. People could get away with fraud, and there was little chance of anyone finding out who committed the crime.

With the advances in fraud detection, it’s more difficult for someone to get away with fraud. Banks can tell when there’s a change in your spending pattern. If you don’t confirm that change, the bank knows someone has access to your account.

Credit card fraud is also easier to fight. Tracking down the thieves is no longer an impossible mission.

Of course, advances in technology have also made fraud easier. Credit card skimming is almost an epidemic at gas stations in certain areas of the US.

Is It For Better, or For Worse?

Although advances in technology have made some things more challenging, it’s more good than bad. Thanks to technology, life is easier and safer than ever. You can borrow money with ease and bank with convenience. If you have a smartphone, you have control over your finances.

No one can say for sure what the future of banking will hold. However, it’s likely that there will be some major changes. When the future finally arrives, you might not recognize the way personal finances are done.

About the Author

Brad Richardson is a regular contributor to numerous websites within multiple industries and is frequently hired by webmasters to write about specific topics for their sites. He also loves writing about video games almost as much as he loves playing them. Brad is also the founder and creator of littlestbookshelf.com, where children’s books are regularly reviewed.

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