Effects of Technological Developments That Have an Impact on Money

Effects of Technological Developments That Have an Impact on Money

The development of information technology has also changed millennial behavior with regard to money and its use. Various conveniences make various financial transactions and their management much easier than before. The following conveniences in the financial sector have made the life of the millennial generation easier. With the development of technology, the concept of a cash back service is that you will get your money back after you complete certain transactions. This is very different from coupons, where customers have already received the benefits before they make a transaction.

Easier to Invest

Today many millennials are dependent on micro-investing which makes them only need to invest a small amount of money but often to achieve financial goals in the future. Micro-investment allows potential investors who have minimal capital to invest and benefit from their investments. Not only that, because the development of investment technology is also getting easier with the help of applications and procedures that are carried out 100% online.

Banks Are Less Visited

Nowadays you will rarely see millennials coming to the bank, unless they just want to take cash using an ATM or work there. The preferred method due to technological developments is mobile banking, which allows every financial transaction to be carried out more quickly and easily.

Financial Transactions Get Easier

Financial transaction services are made easier with e-money and electronic wallet applications as they are today. Financial transactions such as shopping at minimarkets, paying tolls, and paying for parking are getting faster and easier to do, this is also changing due to the influence of technological developments.

Digital Currency More Valuable and Real

Digital currency or cryptocurrency is increasingly known to many people since the success of Bitcoin. Not only used as financial transactions, digital currency is also widely used by young people to invest. However, not all parties legalize transactions using this currency.