How mobile apps have transformed personal finance

mobile banking network. business people using mobile phone with application online payment icon.

It’s no secret that technology is becoming a major selling point in most industries. The convenience of a device that can do anything you could possibly want is much more desirable for people. For example, personal finance has changed dramatically over the past decade, making everything more convenient and accessible to more people.

Democratized share negotiation

Stock trading is a prime example of this shift. Instead of the wealthy elites having primarily access to the stock market, the internet and mobile apps have opened up the stock market to anyone. Markets evolve and more working class and middle-class families invest in the stock of businesses they own.

The apps that gave this “power to the people” go by many different names. One is aptly named Robinhood. While this provides the market with extra cash, it also opens people up to scams if they’re not careful. Some apps will have small classes that people can pay for to better understand how the stock market works, bringing more wealth to more people.

Mobile banking

Mobile banking has also changed financial dynamics. Millennials number 73 million in the United States, and they favor mobile banking options. This surge is not unique to the younger generations, however. People of all ages want access to their accounts and financial resources, wherever they are.

This expectation of digital banking has put increased pressure on traditional banks to adapt or collapse. While you might have to visit your local bank for specific needs, people just don’t need to visit to do basic transactions like they did before. Mobile banking is just more convenient and useful now.

The rise of cryptocurrency

There is no doubt that the rise of mobile applications has also fueled the idea of ​​cryptocurrency. People have been talking about “digital currency” for the past decade, but now it has become a reality. Bitcoin has grown in popularity and is easy to access for more people. It’s basically a kind of stock that a lot of people buy in because of its digital appeal.

But Bitcoin is not alone. An increasing number of cryptocurrencies are entering the digital market. This trend will likely become more popular over time, but it’s hard to say what the ramifications of its development will be to the world.

Mobile apps are shaping finance as we know it. They will probably continue in their goal of making the life of the individual easier. It’s a good thing for everyone.

Read this next: How data can be your friend in gaining new customers


About Madeline Powers

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