The New Face of Money Management [Inforgraphic]
Today, advances in technology, increased mobile platform usage, and a growing demand for convenience have changed the face of money management. In the past, people relied heavily on brick-and-mortar banking institutions, which provided many of the services necessary to manage funds. These services included withdrawing and depositing cash, approving loans, processing check deposits, and more functions. As part of that process, managing personal finances at home required manually tracking funds using household ledgers and other pen-and-paper methods.
Now, money management is faster, simpler, and more secure. The process does not rely as heavily on brick-and-mortar banking institutions, but on current technologies such as the internet, mobile applications, and mobile devices. As a result, many traditional banking services, such as depositing checks and lending money, have transferred online, where people can manage these functions on their own when they want. Customers don’t have to limit themselves to banking hours only.
Even managing personal finances and sending money have transferred to online services. For example, if you want to send money to Mexico, you could do so quickly and easily, without visiting a bank or worrying about calculating an exchange rate on your own. To learn more about the new face of money management and the differences between managing money the old way and the new way, check out “The New Face of Money Management” below.