While money matters in India might seem to lean towards the traditional, the rise of technology is slowly starting to pave a way for consumers to take full advantage of simpler ways to manage money. Over 500 million internet users are expected by the end of 2018 in India alone, and with it, the demand for more effective banking and money management tools. The automation of money management plays a fundamental role in the Indian economy.
Invest While You Shop
It isn’t always easy to set aside funds for savings, but it is easy to bank the change from transactions. Online apps such as Acorns provide consumers with the ability to invest their change without feeling too much of a pinch. With 1 billion trades completed in 2017, Acorns is fast becoming a go-to tool for investors on the run. What makes the tool so effective is that it doesn’t require much thought to be effective, and the automation appeals greatly to those who need a more effective means of money management.
Bill Payments And Budgets
One of the fastest ways to go off track when it comes to a budget, is by having to process each payment manually. Those who are adept at using online payments will already find the process to be so much smoother, but it does help when those payments can correspond with automatic bill payment solutions that work hand-in-hand with a budget. Apps such as Mint and EveryDollar link up to the bank account and allows bill payment automation, budgeting, and even savings suggestions.
Automated Wealth Building
The financial sector is seeing a significant shift to technology-based service. Financial publications predict that the robo advisory services will reach US$ 4,6 trillion by 2022. For investors, this is a time of actively participating in the stock markets without actually having to approach a broker in a brick and mortar setup. Robo advisors fill the gap by actively scrutinizing the technical reports and financial indicators and then adjusting the investment strategies accordingly. While this is not a foolproof way to invest and still carries a fair amount of risk, this is a simpler way for especially beginners to start their investment journey.
Technology is providing a way for consumers to not only manage their money but also bridges the gap between savings and investments too.