How Technology is Changing Personal Finance

I was recently interviewed by the team at Mint.com about my views on finances, money and how technology will change our perception of everything in this realm.

Here’s the link:  Dave Taylor on How Technology is Changing Money

Oh, and to whet your appetite, here’s one of the Q&A’s there:

Do you think that banking apps are the real future of banking? How do you think these apps will change things in the next decade?

I think that we’ve seen a long evolution of banking where it’s gone from the men in the counting house who wrote all the rules, defined their hours of business, and were the gatekeepers between you and your money to a far more egalitarian world where we are in charge of our own finances and can access them 24×7, whether through an ATM or online through a banking web site or mobile app. That trend will continue and the ability to deposit checks by photographing and uploading their images, the ability to complete micro-transactions like sending $5 to your pal for your share of the pizza or beer will continue to evolve. Consumers in the driver’s seat. What’s not to like about that?

Since I was interviewed I have taken another step towards the tech-centric world of finance too: I’m now using an iPhone app to deposit checks directly into my bank account. It’s quite an interesting experience to simply submit a few photos and get an email a few hours later that the check has been processed and the money is available in my account. No fancy scanner, no complicated app, just a simple solution that actually works.

And it’s all just going to get more amazing as tech keeps moving forward.

But that’s me. What’s your prediction, and how will it affect how our children think about earnings, money, spending and personal finance?

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