Money is something that is universally accepted as a means for the exchange of goods and services. A lot of the things we do and the events that happen are in some way, shape, or form connected to money, or the flow of it from one party to another.
The Beginning of Money
One of the reasons behind the creation of money is to help create a synchronicity between two parties having different resources. The movement and transfer of money is something that’s been around for ages. Money is something both parties can accept and have a value for. It’s universally accepted in transactions because it is universally accepted everywhere.
People are comfortable transacting and receiving money because it can be used in any location, at any store, and in any way. Some goods and services are exclusive to a certain use, or a certain instance and don’t have a concrete value the way a currency does.
As money evolved, so has the way it is exchanged, and the ways in which people utilize it. Nowadays, there are hundreds, if not thousands of different ways to send money through the internet or through a digital platform.
Small companies and big companies alike have developed different ways and methods to send money across the globe. Over time, a whole industry emerged around the transfer of it, and into the world of finance.
Companies Moving Digital
Financial Institutions have been at the forefront by moving their business and platforms online. Their tools for banking, investing, researching, and monitoring have all gone into the digital age. Nowadays, people utilize their bank accounts through their bank’s apps or websites.
The ease of investing money or managing money is at the tip of your fingers, within a few keystrokes. In the old days, you would call your banker for your balance or visit them in person to see if any transactions had been posted. You simply log in to your account or personal dashboard from an electronic device.
Financial companies have developed systems and procedures that allow people to trade stocks, equities, debt, and other investment types around the world, around the clock.
Now, you’re able to trade stocks, equities, and debt in any market in the world, at any time. People are buying, selling, and trading with each other from across the world.
Increased Coordination Between Institutions
As the financial institutions have evolved, so have the way they coordinate with each other. There have been a variety of different advances and developments to allow for different banks or institutions to seamlessly talk to each other.
There have been different platforms and applications that allow customers to access the funds they have in their bank accounts to purchase through different digital gateways.
Recently, there’s been a huge movement behind integrations and allowing third party or other platforms to coordinate or give you the ability to access your accounts through their platforms. A lot of companies and applications have increased the way consumers are able to spend online. It’s forced banks to evolve and to meet the customer’s needs.
The Changing Needs of Customers
Companies have been forced to develop and create digital presences to cater to the needs of their customers.
Whether that means having a social media presence, creating a digital platform, or giving the customer more opportunities to use their accounts online, the banks have had to build more tech-savvy operations to suit the needs of their customers.
It’s also an important thing to note, that more and more of the customers or the people who are accumulated money or assets are of the younger generation. They have been and spend a lot of their time in the digital world, which means that businesses have had to follow them.
Businesses have had to move their processes to online or digital platforms. Whether it’s an accounting vs finance software, a stock trading vs exchange platform, a lot of the industries that involve money or finances have created platforms and software’s for people and companies to use in order to help them with their finances.
The amount of money that is spent online or exchanged through an online website or platform is astronomical.
The Way Customers Manage Their Assets
The movement of business and finance online has shifted the way customers and consumers manage their assets from the way it once was, over the phone, calling your banker or financial professional to logging into an online platform.
Companies have created platforms online where users and customers have to log in to their accounts in order to access their investments, or to monitor their performance. You’re able to see the amount of money you’ve made or last, the percentage return you’ve earned, and the current price of an investment or asset.
These platforms have allowed customers to move and transfer assets to and from their accounts as well. Instead of calling someone to transfer money from one account to another, you’re now able to move assets between accounts with the click of a button.
The movement online has given customers more access to their accounts and their assets. Companies have created and developed dashboards for customers to help manage their accounts.
An online or a digital presence has almost become a requirement or an essential part of doing business today. Consumers and customers are doing more and more of their interacting and transacting through online or digital platforms.
Banks have started to offer paperless account options, to remove the need for physical statements. Young consumers and customers primarily interact with financial companies through their digital platforms.
The access consumers have been given to their accounts and their assets has increased with the movement of finance online. Through websites and online platforms, companies have moved their businesses online, and to digital platforms.
Over time, as the world continues to evolve and move into the digital age, banks, businesses, companies and financial intuitions will continue to follow in their footsteps.