Financial technology: your questions answered
Published 21 February 2019
Wondering how financial technology can help you manage money well? Read on to find out.
While 60 bank branches close every month, in 2019 banking apps are expected to become the most popular way to bank.
What does this show? Banking is changing, and new financial technology might have something to do with it.
So read on as we answer all your questions about fintech, and give you a sneak preview into our brand new banking app.
What is fintech?
Short for ‘financial technology’, fintech uses digital technologies to give consumers easier, more convenient ways of banking.
Mobile-only current accounts, online mortgage services, and ‘robo-investment’ savings accounts are some examples of how companies have turned to technology to meet demand for fast, simple banking.
Does fintech mean an end to face-to-face banking?
Not yet. Although banking apps can do some pretty clever stuff, you’ll struggle to pay in cash using just an app.
But the Post Office is here to help. Customers from around 30 different banks can use their local Post Office to pay in cash and cheques, check their balance, and withdraw money.
We’ve teamed up with the Post Office, and so have many other online and mobile only account providers.
How do we use fintech?
Fintech might sound like something from a sci-fi movie, but at thinkmoney we’ve been using it to help customers manage money well since the day we opened. Here’s how:
To help you manage money
The thinkmoney Current Account automatically budgets for your bills every month and helps you pay them on time.
Using information about your income, bills and other regular payments, the account calculates how much you need each month for essentials and how much you can afford to spend. The money you need for bills is put to one side, and the rest is available to spend on your debit card.
We use fintech to help you plan your money for the future too. Once we know about your regular payments, the account predicts how much money you’ll have for bills and spending over the next 3 months. So if you’re planning something big in the next couple of weeks, you can see straight away whether you can afford it.
A smart new banking app
We’ve been using financial technology behind the scenes for years, but this year we’re putting it right in the palm of your hand.
In our brand new mobile app, we’ve added a bunch of new features so you can see your budgeting in action. Here are just some of the things you can do:
• Check when all your payments are due for the next 3 months
• Update your income/bills information to keep your budget prediction accurate
• See how your money is split into money for bills and money to spend
• Move extra money from your account to your card if needed
And that’s not all. Fintech helps us improve the app and add new features fast, so look forward to more exciting things throughout the year.
How will financial technology save you money?
Fintech is here to solve the problems you face with banking. And in many cases it could save you money too.
With the thinkmoney Current Account automatically budgeting for your bills, you’re less likely to miss a payment and get hit with late payment charges. So it’s ideal if you struggle to keep on top of your finances, or you just don’t have time to budget properly.
Open your account today to see if financial technology could save you money.