blogblog

We have evolved digitally to manage our lives better and with ease. Whether it is our physical health or our financial health, it requires special attention, planning and management. Digital tools and applications have made it easier for us to have a better say over how we manage our finances whether personal or professional. Every individual understands the importance of personal finance management to capitalize on assets and achieve all future goals.

With the deadly virus, the COVID-19 pandemic hitting hard, it has compelled people to manage their finances better. The COVID-19 lockdown and social distancing practices have crippled most industries, leaving many people unemployed. This has led to people realizing the virtues of prudent financial management. Financial services that understand this imminent shift have offered their audiences the right ways of managing finances to emerge stronger from this crisis by establishing a strong connection with their customers. To capitalize on this trend, banks and financial institutions are providing customers with new tools.

Why one should go for financial management?

Whether individual or professional level, financial planning means well-thought-out budgeting as a way to regulate your money towards meeting your life objectives. A Financial Wellness Survey by PwC found two major financial concerns, one is 52% of the Baby Boomers are not able to take voluntary retirement and Gen X (55%) and Millennials (62%) are not having enough emergency savings for unexpected expenses.  

Most Americans have some credit card debt. A recent GOBankingRates survey found that 30% of Americans have between $1,001 and $5,000 in credit card debt, 15% have $5,001 or more in credit card debt and about 6% have more than $10,000 in credit card debt. Although 6% may seem like a small amount, that means that based on the survey results, 14 million Americans have over $10,000 of credit card debt. According to the NFEC study, the average American lost $1,634 in 2020 due to a lack of personal finance knowledge. That’s enormous!

To make sound financial decisions, it’s essential to have a good understanding of personal finance trends and be better equipped to make informed choices about money to improve your financial future.

Need for Digital Financial Management

Today’s digital-savvy generation doesn’t believe in taking the help of experts or managers to keep their financial health on track because of the ease of the digital ecosystem. This has simplified this journey, making financial planning possible at the click of a button.

The ecosystem thrives on payment enablers, mobile banking, and account aggregators which has created a seamless digital journey for individuals. Several applications and software tools are available to assist in tracking your earnings, controlling your expenses, and maintaining assets. As is implicit, a finance management application is a tool that enables you to manage finances better. It integrates the financial information of a client and segregates this data to deliver an insightful result for better financial planning. This app can take different financial data as input information and can help with bank records management, budget management, investment tracking, portfolio management, etc.

According to Allied market research, the worldwide personal finance software market size was valued at $1,024.35 million in 2019. By 2027, it is projected to reach $1,576.86 million, growing at a CAGR of 5.7% from 2020 to 2027.

Americans are slightly more likely than people in other countries to manage their finances with the help of a computer or online financial software rather than an accountant or certified financial adviser. According to Gallup, 32% of Americans use online programs regarding money management, while 24% use an accountant or certified financial planner.

How can the Financial App help you?

The finance app, is a one-stop platform that showcases your complete financial picture. Once you link your credit and debit cards to your account, the app populates all your transactions, categorizes them, and shows how you spend your money. You can keep track of your bills and spending and create a budget you can stick to. You even have an access to your credit score along with a breakdown of the factors contributing to your score to stay on top of your credit health. Plus, you can track your investments and manage utility payments. A finance management application helps in:

• Keep track of your income and expenses

• Plan a budget and monitor your savings

• Facilitate making payments for several services

• Guide you for intelligent savings and investments to make money

• Increase cash flow through tax planning, prudent spending, and careful budgeting

• Ensure family financial security

• Keep track of credit score

 

Our Recent Blog Posts

blog
Staff Augmentation

Key Trends in IT Staff Augmentation for Project Management in the USA

blog
Ai Application

The Next Wave of Automation Is Coming To Healthcare

blog
Ai Application

Fundamentals of AI Development

blog
Ai Application

Integrating GenAI With Your Business For High Productivity

blog
Ai Application

Data Labeling Strategies To Supercharge Your LLMs

blog
Consulting

Digital Identity: Technology & Platforms

blog
Consulting

Key SOC Trends That Will Affect Organisations in 2024

blog
Consulting

Building Strategy For Data Protection and Privacy Compliance

blog
Custom App Development

How to Build a Fintech Application

blog
Ai Application

Managing The AI Project Management Lifecycle

blog
Analytics And Insights

Data Migration Validation : Best Practices

blog
Ai Application

AI in Project Management: Enhancing Efficiency and Outcomes

blog
Custom App Development

Low-Code/No-Code Frameworks: Redefining Enterprise Productivity

blog
Consulting

Tips to Deliver Better Digital Customer Experience

blog
Consulting

Is Your Legacy System Holding Your Business Back?

blog
Analytics And Insights

Data Governance: Navigating the Complexities of the Data-Driven Era

blog
Consulting

How to Choose the Right Document Management System?

blog
Consulting

ERP Modernization Crisis: Challenges and Solutions in the U.S. Enterprises

blog
Analytics & Insights

AI Era, More Data, More Analytics: Top 10 Predictive Analytics Tools in 2024

blog
Ai Application

A Visual Imperative: Transforming Enterprise Data into Decisive Action

blog
Consulting

Cloud Migration for Enterprises: A Comprehensive Overview

blog
Analytics & Insights

Interactive Data Visualization: Accelerate Decision-Making

blog
Consulting

15 Reasons Every Enterprise Should Use Tableau Instead of Power BI

blog
Ai Application

Overcoming Enterprise AI Strategy Hurdles

blog
Custom App Development

Application Migration: The Essentials

blog
Staff Augmentation

How IT Staff Augmentation is Revolutionizing IT Project Management in the USA

blog
Ai Application

Sunshine State's Digital Renaissance: How Florida can Boost Tourism with Smart Tech

blog
Analytics & Insights

Transforming Grant Management: Embracing Technology for Better Outcomes

blog
Ai Application

Automating Success: Why U.S. Enterprises Are Betting Big on AI

blog
Staff Augmentation

A Guide to Strategic Staffing Solutions

blog
Ai Application

How to Build a Successful AI Strategy for Your Business?

blog
Analytics & Insights

Data Lake and Data Warehouse: What's the Difference?

blog
Consulting

Data Migration: Complexities, Challenges and Solutions

blog
UI/UX

The Role of Prototyping in UI/UX Design: From Concept to Execution

blog
Custom App Development

Behind Innovations: Sneak-peek into the Mind of a CSM Tech Developer

blog
Ai Application

The Transformative Impact of AI on Cybersecurity Practices

blog
Custom App Development

Agile Development: A Living Manifesto for a Changing World

blog
Consulting

Adopting DevOps for Organizational Transformation

blog
Ai Application

Exploring The New Essential: Digitalization of Florida’s Tourism and Hospitality Industry

blog
Ai Application

Generative AI: Security and Governance Strategies

blog
Consulting

The Healthcare Cloud: New Horizons for Improved Outcomes

blog
Ai Application

Streamlining Business Functions with AI, ML and IoT

blog
Consulting

Optimizing Florida's Food Supply with Data-Driven Insights

blog
Consulting

An Overview of Global Data Protection Laws

blog
Ai Application

Navigating Beyond Borders with AI

blog
Ai Application

How Is AI Transforming various Departments in an Enterprise?

blog
Consulting

The Promise and Peril of AI in Healthcare

blog
Consulting

AI under the Mistletoe: Transforming Holidays into a Tech Wonderland

blog
Staff Augmentation

The Holiday Advantage of IT Staff Augmentation for Your Business

blog
Consulting

Enterprise AI: Adoption Strategy and Applications

blog
Consulting

Quick-Service Restaurants Turn to AI to Manage Pandemic Woes

blog
Consulting

Artificial Intelligence: Unlocking Success in Retail Landscape

blog
Consulting

Tracking The Rise of Artificial Intelligence in Banking

blog
Custom App Development

How is AI Revolutionizing the Mining Industry

blog
Custom App Development

AI for Payroll: Powering Companies of The Future

blog
Consulting

GenAI: Watershed Moment for Human Resources Management

blog
Consulting

How AI is Transforming the Supply Chain Industry

blog
Consulting

AI for Legal: Scales of Innovation Seek New Balance

blog
Consulting

Moonshot for Preventive Healthcare: AI + Analytics

blog
Consulting

How to Implement Generative AI for Your Enterprise?

blog
Consulting

How Much AI Is Enough for Civil Aviation?

blog
Analytics & Insights

What is Data Governance? Why is it important for your business?

blog
Custom App Development

Enterprise Application Development: Challenges and Their Solutions

blog
Custom App Development

How to Choose the Right Software Development Company: Do's and Don'ts

blog
Consulting

Navigating Risks and Opportunities of AI Explosion

blog
Custom App Development

Why Businesses Need Tableau Implementation Services to be Data-driven

blog
Custom App Development

JAVA: Take a Deep Dig into The Top Most Programming Language

blog
Consulting

How to Maximize Customer Delight with Odoo Financial Management

blog
Consulting

How Odoo Consulting Companies are Democratizing ERP for Businesses

blog
Staff Augmentation

Offshore IT Staff Augmentation; A Competitive Edge for The Company

blog
Custom App Development

Strengthen your Team with Unwavering Commitments from Python Experts

blog
Custom App Development

How Emerging Tech is Speeding up Digital Transformation in BFSI

blog
UI/UX

How to Design a Seamless UX for Online Banking Platforms

blog
Custom App Development

How custom software can Enhance CX in BFSI Firms

blog
Custom App Development

Digital Acceleration of Financial Services through Custom Software

blog
Custom App Development

The Role of Custom Software in Enabling Digital Transformation in the BFSI Industry

blog
Custom App Development

How Custom Software Enhances Operations & Efficiency in Banks and Insurance Companies

blog
UI/UX

Increasing User Engagement and Retention in Financial Apps Through Personalized Interfaces

blog
Staff Augmentation

Why Your Business Needs Staff Augmentation [And How to Make It Work for You]?

blog
Custom App Development

5 Key Questions CTOs Should Ask Before Starting a Custom Software Development Project

blog
Custom App Development

The Benefits of Custom Software Development for Your Company's Bottom Line

blog
Custom App Development

Why Agile Methodologies empower Custom Software Development Projects

blog
Staff Augmentation

Most In-Demand Skills for Software Development Staff Augmentation

blog
Staff Augmentation

Outsourcing IT Development with Staff Augmentation Model

blog
Staff Augmentation

5 Ways to Get the Best out of Staff Augmentation

blog
Staff Augmentation

06 Most Common Myths about IT Staff Augmentation Services Debunked

© 2024 CSM Tech Americas All Rights Reserved