Introduction
It is no secret that the personal finance tools within FinTech services enable customers to feel a greater sense of control over their finances and these have become a main focus in FinTech companies and start-ups like mytalu. In this week’s blog post, we look at how these personal finance tools have boosted levels of financial wellbeing and financial literacy amongst customers and discuss how essential they are.
Financial wellbeing
The kind of personal finance tools found within FinTech mainly centre around money management tips such as budgeting, dealing with debt or saving up for a mortgage. Generally, these services tend to boost the financial wellbeing of customers due to their queries being met through various solutions FinTech companies offer. Ultimately, this shows that self help tools within FinTech are extremely beneficial.
Greater financial literacy
It goes without saying that the nature of FinTech promotes greater financial literacy for all and this is mainly due to the fact that self help resources encourage people to actively learn more about their finances which enables them to diversify their financial options. Additionally, because of the digital nature of these personal finance resources, they tend to appeal to a wider range of age groups and are a lot more convenient as most FinTech services have 24/7 Chatbot assistants to help with any kind of issue customers may face.
Heavy reliance
As a result of all the technological advances within the FinTech industry, this forces the FinTech companies and startups to constantly be innovating how they cater to their customers. This can be seen as a bit of a setback as because of the demanding nature of supporting customer needs, it can’t be guaranteed that every single customer’s need would be met as opposed to personal ‘in person’ customer service. However given the pace of the industry, FinTech services are bound to have beneficial solutions even where a specific problem can’t be met.
What the future holds
From looking into the various benefits that personal finance tools within FinTech can provide customers covering areas such as financial wellbeing and financial literacy, it is with no doubt that there are exciting things in store for the future. Even with the fact that personal finance tools may not be equivalent to in person customer service, it is definitely a more convenient, speedy and interactive way to reach a wider customer base overall.
