Technology and your personal finances

With technology, the administration of personal finances is becoming simplified.

If technology has changed the way we communicate, learn and entertain ourselves, how can we not expect it to do so in the way we manage our money?

Using technology to manage your finances facilitates the preparation of budgets, improves the monitoring you give your money and streamlines your transactions through the features that gives you electronic banking, among many other benefits.


The advantages of digital finance

Through their online portals and mobile applications, banks allow you to perform a series of actions in relation to the management of your money that provide you with the following benefits:


  • The electronic banking portals have the strictest security parameters, so you can make transactions with more peace of mind than if you went to an ATM to withdraw money and walk with it from one place to another.
  • Alerts Linking your accounts to your cell phone or email is very useful, as this way you will be aware of the movements at all times, such as deposits and charges, avoiding surprises.
  • You can track your balances and distribute your income in an orderly manner to meet all your payment obligations and allocate fixed amounts for savings and investment. Your automated systems make the payments and charges automatically, so you always know how much you have, and the records are always available for you to verify.
  • Time saving. You no longer need to go to a bank branch. From where you are, you can make inquiries of your bank accounts and make payments and transactions.
  • All you need is a device connected to the internet, whether it’s a desktop computer or a smartphone or tablet, to order or review movements at any time of the day. Some banking operations are restricted on schedule, but you can leave them scheduled for the next business day.
  • Variety of functions. In the common of the electronic banking portals you can carry out a myriad of operations during the same access.
  • Low cost. Even when some transactions have a cost, this is minimal compared to what would represent that you moved to a bank branch or you had to go to different establishments to make payments for services.
  • Schedule payments. So that you do not miss any service payment date, you can request that the charges be made automatically each month, saving you setbacks and late payment fees.

The millennials are the ones who have quickly adopted electronic banking thanks to its mastery of new technologies; however, all generations can benefit from this digital revolution.


Everything you can do

Apart from financial services, among the many things you can do with the new technological tools are:


  • Miscellaneous payments. You can make the payment of your credit cards and personal loans from the same bank where you have your account or from other banks, as well as paying tuition and services such as electricity, water and cable TV. Even, as we said, you can schedule them so that you do not miss the due dates.
  • It is possible to pay for everything from products for sale in  e-commerce sites  to tickets for the cinema, various shows and airline and bus tickets.
  • Financial management. There are many platforms on the internet and mobile applications that help you keep track of your income and expenses and distribute your money on a budget, which gives you more control.
  • Savings and investment. As you manage the payment of your financial obligations, you can also make transfers to your savings accounts and track your investments.
  • Credit procedures. If you require a loan or request a credit card, in many cases it is no longer necessary to go to a financial institution to present your documentation. Simply fill out forms online and scan and send by e-mail or via a platform the proof of address and income requested. The answers are even faster, because all the analysis of your credit history and ability to pay is done automatically.
  • Digital finance came to make it easier for you to manage your money and save you time and effort.


Do not distrust. Portals with financial services, whether electronic banking or payment systems, have the highest security measures.


Prevent to be sure

You just have to be very careful with your access to those sites. Some recommendations are:

  • Never do it from internet connections or public computer equipment.
  • Memorize your usernames and passwords and do not share them with anyone.
  • Do not enter your bank portals from links in emails and better type directly the name of the site in the address bar.
  • Make sure the website address starts with “https”, which is an indication that it is safe.

The security of your financial transactions depends on both security parameters and common sense. Be cautious and you will never have problems.

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