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The future of cryptocurrencies in India is currently uncertain as the Indian inter-ministerial committee has drafted a bill in an attempt to ban it. Whether it stays or goes, the future of money is definitely digital. Online banking has become the norm, apps make budgeting easier than ever and the security of digital money is getting stronger every day.
The future of online banking
51% of Indians prefer to access banking services online or via an app, as opposed to talking to a human agent. Online banking has been around for a while now, but there are more features continually being added to make it even easier to manage your finances completely digitally. There are also banks that are based entirely online who are all about the technology, so offer their customers new features before other banks can, such as being the first to give the option of temporarily freezing your card online if you’re not sure if it’s been lost or stolen. Online only banks are working on things like taking a mortgage out completely online, providing a quick, easy and cheaper option.
Digital budgeting
Technology makes budgeting easier than ever. Apps, such as Mint, can put all your financial information together from any other finance apps you have and help you to set a budget. The great thing about this is that your budget is based on what you’re actually earning and it will take into account your spending. Mint will even notify you if you go over your budget or it notices you spending a lot on things like coffee. Plenty of people have gotten out of debt and managed to save money thanks to apps like this.
