With technology becoming more prevalent in our lives, the finance industry is not being left behind. Ever since the introduction of technologies such as Automatic Teller Machines (ATMs) and later on hand-held devices that are capable of accessing the internet, it has become difficult to imagine people carrying out financial transactions without any form of “technology.” This article looks at how technology has impacted the finance industry.
1) Banking Services
With technology becoming more and more popular, it has also become easier for companies to offer their services online. People can now open bank accounts without having to go in person to any specific location. They can instead visit the website of the company offering such services and apply for one there. This form of banking is known as Internet Banking or E-Banking. With this kind of service available, people do not need to go out and physically wait in queues to deposit money into their account or withdraw money from it.
2) Mobile Applications
People carry mobile phones around with them wherever they go these days, which has also become an avenue that many companies have capitalized on. Mobile Applications or Apps are basically Phone applications that provide services for the phone from which it is downloaded from. Such apps help make things more convenient since people no longer need to log onto their computers to get access to certain websites. They can simply download the app and access their account(s) while they are on the go, provided that they have an internet connection wherever they go.
3) Stock Market Transactions
In the past, people needed to be present physically in order for them to make a trade on the Stock Exchange. This is no longer the case with technology making it possible for people who are not physically present to carry out trades still. People can access these services wherever they are and conduct transactions while remaining “at home.”
4) Online Payment Gateways
One of the most convenient services that technology has brought about is Online Payment gateways. In so far as businesses are concerned, it is common for them to have several online accounts, each containing very large sums of money. These accounts need to be protected from being hacked into, and individuals who create such accounts need to be contacted each time someone tries to access their account. With online payment gateways, people no longer have to worry about such things as they can now just use their debit or credit cards and access the money stored in such accounts.
