How Mobile Apps Have Transformed Personal Finance

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It is no secret that technology is becoming a major selling point in most industries. The convenience of a device that can do everything you could ever want is much more desirable to people. For instance, personal finance has changed dramatically in the last decade, making everything more convenient and accessible to more people.

Democratized Stock Trading

Stock trading is a great example of this change. Instead of the wealthy elites primarily having access to the stock market, the Internet and mobile apps have opened the stock market to anyone. The markets are shifting, and more working-class and middle-class families are investing in the stock of companies they enjoy.

Apps that have given this “power to the people” have many different names. One is aptly named Robinhood. While this provides the market with extra money, it also opens people up to scams if they are not careful. Some apps will have small classes people can pay for to better understand how the stock market operates, bringing more wealth to more people.

Mobile Banking

Mobile banking has also shifted the financial dynamics. Millennials number 73 million in the United States, and they favor mobile banking options. This push isn’t unique to the younger generations, however. People of all ages want access to their accounts and financial resources no matter where they are.

This expectation of digital banking has brought with it more pressure for traditional banks to adapt or fall. While you may need to visit your local bank for specific needs, people just don’t need to visit them to do basic transactions like they used to. Mobile banking is just more convenient and useful in the moment.

Cryptocurrency’s Rise

There is no doubt that the rise of mobile apps has also fueled the idea of cryptocurrency. People have been talking about “digital money” over the last decade, but it has now become a reality. Bitcoin has surged in popularity and is easy to access for more people. It is basically a kind of stock that a lot of people are buying into because of its digital appeal.

But Bitcoin isn’t alone. There is a growing number of cryptocurrencies hitting the digital market. This trend will likely become more popular with time, but it is hard to say what the ramifications of its development will have on the world.

Mobile apps are shaping finance as we know it. They will likely continue in their aim to make the individual’s life easier. It is a great thing for everyone.

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