Technology forms a ubiquitous part of modern living. Almost no aspect of our daily lives isn’t in some way complemented by one device or another. If you give it some thought, you will notice that this trend is extending into every caveat of our finances. Things took off when people started to sell bitcoin, making real-world monetary investment and exchanges from nothing but their smartphones. Since then, the options for digital transactions have expanded to a nearly all-encompassing practice.

The initial attempts at digitizing the financial sector failed because tech companies tried to supplant the entire banking institution. It was under the modernized aim of serving the intermediary function, between bank and client, that companies managed to provide value. PayPal started incorporating some of the technologies we now enjoy. It did have the inherent problem of sitting on the fence a bit, between the institution and intermediary role. In this list, we take a look at the most effective implementation that followed.

NFC Payments

People tend to instinctively mistrust the idea of making payments by merely tapping their smartphone on a pay point. It is, however, a misguided apprehension. Your bank cards have the same technology built-in, only much less secure. Take any modern ATM card and have a look for a little symbol that resembles a WiFi icon. That is an indicator that you can tap your card to complete a transaction. A rudimentary form of NFC, or near field communication, this method does not require any pin or security confirmation.

Your phone, on the other hand, will prompt you for a pin code, so even if your device is lost or stolen, no one will be able to make transactions without your pin code. The services that allow this are perfect examples of the intermediary role tech can play.

Automated Budgeting

Budgeting is a tricky thing to get just right. Knowing what to pay, what to save and how to save it, it often feels like the domain of the financial advisor. And it is, or at least it was. Financial advisors don’t work for free, and many are rather unfair in their dealings. An emerging technology holds the solution. Consider an application driven by AI processing. You tell it which bills need to be paid and from which account, what your necessary expenses are and it calculates the rest.

This means that the software automates all payments, no more late bills. It calculates your expendable income and puts a percentage of it into your savings fund, or with permission. It will invest in money market accounts with the best interest rates; all your finances, automated.

The Digitized Portfolio

In very recent years, the more severe investor would still have to make a call to a broker to buy and sell stocks and bonds. Those days are over with the advent of the digital portfolio. Connecting the application to the various exchanges you invest through is easy. The ease of use does extend way beyond this, though. With a couple of taps on your smartphone, you can buy and sell without having to work via an intermediary.

Couple this with live feeds detailing market performance, and it can’t get any easier or more accessible. Well, technically, it does. New developments incorporate AI predictive technology to make estimates on upcoming market trends. These are proven to surpass human insight by astounding factors.