3 New Banking Technologies That Give Customers More Control over Their Money
Technology is disrupting every aspect of banking, so what does that mean for YOU?
Thanks to new innovations in mobile and digital banking, you have more options and more control over their money than ever before. Below are three new technologies that can make your life, or at least your banking, a smidge easier.
- Pay a Friend technology
We all want an easier way to split the check when we’re out to dinner with friends. Or a more convenient way to go in on a baby shower gift with a bunch of co-workers. Or a more seamless way to pay the dog walker without having to run to the ATM.
Pay a Friend technology lets you transfer money instantly whenever from wherever, as long as you have a phone, tablet or computer, and a bank that offers payment services.
- Card control apps
Have you ever opened your wallet to find your debit card missing, only to realize that you probably left it at the restaurant you went to earlier in the day? In the past, you would have had to call your bank and cancel the card. But not anymore.
A card control app lets you turn your card on and off without going through the hassle of canceling a card and waiting for a new one in the mail. Freeze your account instead of marking the card stolen.
Today’s card control apps also have even more functionality by providing an added layer of control when it comes to budgeting. Are there certain departments stores where your impulse buys keep knocking your budget off kilter? You can decide to freeze your card at certain stores to help you stay on budget.
- Budgeting functions
Personal financial management (PFM) tools have become more interactive, user-friendly and personalized than ever before. They’ve gone mobile, too!
Forget about checking multiple websites or budget spreadsheets to get control over your finances. Today’s PFM apps allow you to link all your outside accounts – from student loans and E*Trade accounts, to your Amazon Prime account and your electric bill – into your bank profile.
Better interactive tools such as graphs, pie charts and infographics give you a holistic view of your net worth, budget, spending, trends and debts. These apps don’t just give you the convenience of seeing all your transactions in one place, they give you a powerful tool to create and manage budgets, analyze debt pay-down schedules and understand how changes in each account impact your net worth.