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The way we handle money has changed dramatically over the years. Society has come a long way from paying our groceries with postdated, handwritten checks. The many ways we handle money have evolved in recent decades, and there’s much to be excited about. It’s time to examine how technology has influenced how we deal with money in 2024 and realize how far we’ve come.
1. Virtual Banks Are on the Rise
If you’re anything like me, you always hated waiting in line at your local bank. They always seem criminally understaffed. The advent of modern technology is making brick-and-mortar banking institutions obsolete because everything you need can be found in the palm of your hand. Smartphone banking apps will be all-powerful in 2024. You can accomplish 99% of what you can do in person, and we’re all thankful for it.
2. Cash Is Becoming Obsolete
Think about it: When’s the last time you had to rush to the nearest ATM to grab cash? In 2024, advancements in financial technology have made cash nearly obsolete, as most merchants prefer cashless systems today (especially in a post-pandemic world). These days, I only stop at ATMs when I go to a wedding or all-inclusive resort and need cash to tip the bartenders.
3. Instant Peer-To-Peer Transfers
I’m curious to know how friends paid each other before the days of convenient banking services like Venmo, Zelle, and CashApp. (Well, that’s a lie: We dragged ourselves to ATMs or made up excuses why we couldn’t pay each other at the moment.) Still, nobody can deny that technology has made peer-to-peer transfers instantaneous — a feat that is arguably the most revolutionary change that’s ever happened to our money.
4. Better Consumer Protection
While digital scams are one of the unfortunate downsides of the financial tech revolution, as a whole, consumers enjoy far better and more secure consumer protection than ever before. From chip-enabled debit cards to credit cards that use technology to protect us from fraud by examining our spending habits, we are overly protected in 2024. A few months ago, I disputed a credit card payment, which disappeared from my account with no questions asked. How’s that for convenience?
5. Discounts Are More Accessible Than Ever
Opening a smartphone banking or credit card app is the easiest thing in the world. The second easiest thing is scrolling down and seeing all the discounted offers available when you use the card. In 2024, discounts are more prevalent and accessible than ever, and the average consumer has to go out of their way to pay full price for everyday purchases. You’re leaving money on the table if you don’t take advantage of every discount available.
6. The Emergence of Mobile Wallets
Mobile wallets can be described with one word: convenience. They contain credit cards that can be used with your smartphone to keep track of concert tickets, airline boarding passes, and, in some states, your driver’s license. The rise of mobile wallets won’t get enough recognition in 2024, which is a shame because it’s one of my favorite things about the financial tech revolution.
7. Investing Is Easier
As someone who has lost and gained thousands of dollars in the stock market over time, I can attest to the incredible convenience investing apps like E-Trade and Robinhood offer. It’s mindblowing when you think about it. A few decades ago, you couldn’t invest in the stock market without jumping through hoops with a financial advisor. In 2024, investing is more straightforward than jumping into a Call of Duty multiplayer lobby. What’s most impressive is that the convenience didn’t come at a cost to security. Investing is still risky but incredibly secure.
8. You Get Paid Faster
Remember when we all had to drive straight to the bank on Fridays when we received our paychecks to receive our hard-earned cash? How times have changed! Thanks to advancements in technology in the financial sector, digitally issued paychecks appear in our accounts just hours after our companies sign off on them. They’re automatically deposited into our accounts, and we’re free to spend the money as we choose. This wasn’t possible just a few decades ago.
9. The Blockchain
Regardless of which side of the cryptocurrency controversy you stand on, arguably the most innovative advancement in financial tech is the emergence of the blockchain. This decentralized, anonymous ledger has promised to change the world’s banking system. It remains to be seen if this prophecy comes true. Still, until then, millions of people are dipping their toes into the world of Bitcoin, which gains relevance in society daily.
10. Customer Service Is Streamlined
If you have a problem or question about your bank accounts, you don’t have to go far, and you definitely don’t have to drive to your local bank branch. Recent tech advancements have brought customer service to the next level. Countless banks and financial institutions have expert customer service reps available via phone, email, social media, or even video chat to ensure your questions get answered.
11. Physical Cards Aren’t Needed
I don’t miss the days when you realize you left your wallet at home, leaving you with the unenviable task of driving home to retrieve it. In 2024, wallets are becoming obsolete because physical cards aren’t needed. Almost any financial transaction can be done via a modern smartphone with the latest operating systems. Nowadays, leaving your wallet isn’t a mistake; it’s a conscious lifestyle choice.
12. Contactless Payments Are Popular
The COVID-19 pandemic threw the world for a loop. Still, if there’s one change everyone can agree is well-received, it’s the emergence of contactless payments. Not long ago, the thought of paying for something at a store without making contact with anything seemed like something out of a science-fiction novel. As a society, we’re cleaner than ever because we simply aren’t coming into contact with as many germs and bacteria as we were in pre-pandemic days.
13. Accounts Are Self-Balancing
One of my childhood memories is of my mom sitting at the dining room table at night, struggling to balance the family checkbook. I could tell by the look on her face that the entire ordeal was stressful and complicated. Fortunately, in 2024, those days are over. Every checking and savings account is digitally self-balancing, meaning you don’t wonder how much money you have left. We can thank modern technology for that.
14. More Education Is Necessary
Due to ever-changing technology and how we handle money in the 21st century, it’s paramount for men and women to educate themselves on these changes. You never know when the next innovation will emerge, which makes our relationship with money infinitely more complicated. Thankfully, doing so is as easy as staying informed. In the final analysis, money is a relatively simple concept to comprehend.
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