The last two years have seen a significant change in the world of personal finance. The ongoing Covid-19 pandemic has pushed forward the digitization of finance, and now people may be curious about what to expect next. The viral pandemic has fueled a significant surge in consumers who prefer to do their banking online, and further changes are likely to be seen in the months and years ahead.
Financial technology has come a long way since the turn of the century. A significant factor for much of the changes seen in recent decades is the comparison website. Using the internet, consumers now can quickly and conveniently compare the costs of many goods and services. In the arena of finance, this means that consumers can compare the price of insurance coverages, credit cards, and other financial products with a few clicks of their mouse.
Comparison websites have become increasingly complicated and can now provide consumers with more targeted results and recommendations. This, in turn, is now leading to a significant rise in digital banking. Consumers can effectively compare banks and their products from the comfort of their homes. What used to take hours of time and research can now be accomplished in minutes. Consumers can now enjoy the benefits of added security and more convenient saving opportunities without having to leave the house.
In terms of what consumers may expect in the future, the world of personal finance is likely to become far more personalized than it is today. This is already being seen today, with artificial intelligence robots taking over money management, for example. The next step in the equation could be replacing human beings with so-called Robo-advisors powered by artificial intelligence. “Bots” already exist that may be used for these purposes; however, they have only thus far been tested on basic customer queries rather than individualized questions or advice. Given the rapid pace of AI advancement, however, it may not be long until these “bots” are put into action on a widespread basis.
The world of personal finance is likely to see further changes in the years ahead. Consumers should be on the lookout for any innovations, as they may make it easier and more convenient to tackle financial issues and save money.
