3 Fintech Tools You Need for Efficient Wealth Management

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Wealth Management – Financial technology (fintech) is the use of software, computers, and other devices within the financial arena. This can be for personal use or for companies and organizations operating at any size or scale. It’s really the place where finances and technology meet.

As with most technology in today’s world, the fintech arena is growing at an exponential pace. There are new opportunities, tools, and uses for those tools cropping up all the time. This means that there are so many ways for you as an individual or as a company or organization, to deploy this technology and use it to your advantage.

Fintech and the way people are using it are changing the game. Traditional means of making payments, saving money, and investing are getting turned on their heads in numerous innovative and exciting ways.

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If you’re looking to make a shift in your wealth management, here are three fintech tools to consider investing in.

  1. Peer-to-Peer Lending and Payments

Traditional financial institutes such as banks and loan companies are being cut out of the loop. There are numerous fintech platforms that allow you to make payments directly to other people and to businesses without putting your money in a bank at all. Platforms like this include PayPal and Venmo.

These platforms and their use are becoming so common that even teenagers in the US are paying their friends for coffees or burgers using the likes of Venmo. The transactions are completely seamless and accessible to anyone with a smartphone.

On the money lending front, transactions are becoming simpler. There are numerous platforms that allow lenders and borrowers to connect directly. You no longer need to go through the bank as a middleman. This leads to lower costs and better repayment options for the borrower—when you use a reputable lender.

  • Accounting Software Ecosystems

Accounting software might seem like nothing new. For as long as the personal computer has been around, there’s been accounting software in some or other format. However, developers are keeping it interesting as they adopt new methods of working for their systems.

You can now get an entire financial ecosystem integrated into your accounting software. Many of the leading accounting software brands now provide cloud-based solutions that allow for better collaboration in your accounting. These tools allow you to track all transactions and financial points of interest and value. 

The user experience offered by this software is also becoming more advanced, but at the same time, it’s also simplifying. This ensures that it’s accessible to everyone, even if they have little to no previous accounting knowledge.

  • AI and Robo-Advisors

Artificial Intelligence (AI) is everywhere now. It’s in our smartphones with Siri and Hey Google, it’s in our homes on systems like Alexa, and it’s even on most websites with chatbots. That’s why it’s no surprise that we’re seeing AI crop up in some clever ways in fintech.

One of the major ways that AI is being used by businesses and organizations is through the sorting and analyzing of data. AI can mine and create pools of information about people, which those working in the financial industry can then use to understand their customers.

Through data analysis, AI is getting deployed by governments and watchdog organizations in their pursuit of fraud and corruption. This cutting-edge technology can identify trends and spot discrepancies that the human mind might not see.

Another exciting advancement in this arena is that of robo-advisors. This is similar to a chatbot but is entirely dedicated to financial planning. The human user will be taken through a series of prompts and questions by the robo-advisor, which will then provide advice on investments. Some will even make the investments for you.

The Benefits of Fintech

Fintech offers some incredible advantages when it comes to wealth management:

  • Greater Convenience

When the technology to manage your finances lives on your laptop, tablet, or smartphone, it’s simple to keep track of your wealth. You no longer need to have ledgers and accounting experts to decipher the information. Platform dashboards are being designed to provide information in a way that anyone can understand.

Add to this the fact that the devices on which you monitor your finances talk to each other, and you have greater convenience. It becomes possible to share information, make important decisions and stay on top of payments at a time and using the means that suits you.

  • Open to All

Access to financial planners and the act of having an investment portfolio was so often seen as the world of the wealthy. With the rise in fintech and the global access provided by many platforms and developers is evening the playing field.

People now have greater access to information about their finances and can begin to take control of their own wealth management. Activities like online stock trading and investing, getting a loan, and monitoring a credit score and debt portfolio have become simpler through fintech.

  • Adapted to Your Needs

In an age of greater personalization, fintech is allowing most financial products and services to be adapted to the needs of individual customers. You’re no longer faced with a one-size-fits-all approach when you can’t afford to have a personal financial planner. Instead, you can pick and choose what works for you.

The growth of fintech and the ability for individuals to gain access to financial platforms without the help of an expert is also forcing those experts to change how they operate. They need to adapt to the level playing field or go out of business—and this is good for the individual.

Fintech Tools Are Changing the Game

It’s clear to see that the world of finance and wealth management is changing thanks to technology. Advancements are seeing more people take control of how they think and operate around their money.

More people are looking to get into investing, and a growing number of people are seeing that wealth management isn’t just for the very wealthy. It’s an exciting new age thanks to fintech, and everyone can benefit.

Meta Title: 3 Fintech Tools For Easier Wealth Management|MTL Times CA 

Meta Description: The availability of fintech tools for businesses and individuals is a game changer. Here are 3 fintech tools everyone can use for wealth management. 

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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