Sunday, July 15, 2012

Technology Invades the World of Finance

In the world of finance, there have been a number of innovations that have changed the way people conduct their business. Thanks to technology, there have been a number of different advances in the finance arena. Here are a few examples of ways that technology has changed finance:

Smartphone Apps

Smartphone use has been growing rapidly in the last few years, with millions of people using these devices. With so many smart phones, there are also millions of apps being made. Many of these apps make it easy to manage your finances. Banks like Discover Bank offer apps so that you can check your account balances, transfer money, or make payments from your phone. Investment companies offer apps so that you can check your trades while on-the-go.

Investing Software

If you are an investor, there are a number of software programs out there that can help you do your job easier. For example, there are programs out there that can actually automate your trading based on algorithms. With these programs, you simply upload them to your trading platform, and then they start trading your account for you. This makes it possible for you to go do something else while the software is trading your account for you.

Peer to Peer Lending

In the past, when you needed to borrow money, about the only option available to you was to go to a bank and ask for a loan. In today's world, you can borrow money from other a regular people who have a little bit extra to loan. Thanks to peer-to-peer lending networks, you can get connected with people who want to lend. The peer-to-peer lending site handles the details like transferring the money and checking the credit of the borrowers. This has made it possible for many people to borrow money when they need it.

Virtual Wallet

Virtual wallets have made it possible to make payments with your smartphone. Using near-field communication technology, you only have to get your phone close to a scanner and the payment is charged to your account. This makes it easier and faster to make a payment.

Technology has completely changed the way that people handle their finances. In the future, there will be many more technological advancements that have an impact on the area of finance. By taking advantage of some of these advancements, you can save time, protect your money, and get some more peace of mind in the process.

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