A 2019 survey found that more Brits than ever before value a range of digital services from their primary banks over security, showing just how important technology has become in the financial world. This means that banks, money management apps, and businesses are prioritising ways their customers can use technology to make managing their finances easier and more convenient than ever before. There are lots of new features constantly being released, from apps that manage your money for you to personalised discounts based on your location and quick, easy transfers into any currency around the world.

The latest apps for money management

While online banking apps and budgeting apps are brilliant tools, they’re nothing new. There are lots of new apps launching that are focusing on managing your finances for you in the background. The app DoNotPay launched a feature called Free Trial Surfing in the UK in September and is already proving popular. It allows people to sign up to free subscription services, such as Netflix, without having to provide their payment details, so there’s no risk of forgetting to cancel subscriptions. Citizens Advice has said that this could save the average person £640 a year. Additionally, the website Look After My Bills will automatically change your energy provider once your current deal finishes, putting you on the best deal available. They claim to save people an average of £253 a year. Technology is also making it possible to manage apps from a smartwatch.

Online banking constantly adding new features

Online banking websites and apps have faced a lot of competition from not only each other but also online-only banks. Online-only banks have no physical branches, meaning they have fewer expenses and tend to focus solely on the technology behind their business. This means they can offer new features before other banks can, such as the ability to freeze and unfreeze cards. Online banking is also getting faster and bigger, such as being able to transfer money from one currency to another quickly and with fewer fees involved from traditional banks.

Use geo-location for discounts

Geo-location technology is built into smartphones and, when combined with the use of QR codes, can result in savings when shopping. All you need to do is take a photo or screenshot of a QR code to use. Companies are providing personalised QR codes to customers for on-the-spot discounts that will be tailored to their location. This is all part of different loyalty schemes that businesses are trying out and involves customers being sent texts and emails encouraging them to visit nearby favourite shops.

Changes in money management are happening quickly as the tech behind them is developing fast, customers want more digital features, and there’s plenty of competition from other businesses. Find out more today about how you can get the best from a global payment’s solution.

Co-author: Cassandra Emms