Using Technology to Protect Your Finances in 2023

Businesses and individuals across the globe are facing difficulties due to rising inflammation levels in the current geopolitical situation. People are already beginning to make adjustments to combat these difficulties. Here, we will discuss how using technology to its full potential can help you to protect your finances in 2023.

Artificial Intelligence

The level at which you use technology varies greatly depending on what you do and the size of your business. You may be an entrepreneur, an investor, or have a growing business. Whatever the case may be, you need a strategy. Carefully analyse your technology needs and how you can make the most of what you already have at hand. When you think of artificial intelligence, you might think of it as being inaccessible and expensive; however, AI takes many forms and, depending on your requirements, can now be incredibly accessible. For example, thanks to AI, getting approval on a loan or other types of credit can be processed within a matter of hours. You can also easily track your finances and stick to budget goals thanks to AI-powered algorithms. 

Automation

Don’t underestimate the power of automation. It is an incredibly simple tool that can be used over a wide variety of tasks and mediums. Automation can prove invaluable for businesses of all sizes, helping streamline operations and improve efficiency. But also, on a personal level, having a manageable and realistic budget is vital going into the new year, and having automated savings and payments set up will massively help to keep your spending in check. Ensuring that you have automated savings in place will be the most beneficial, as it means you will have an emergency fund to fall back on if necessary. Another benefit of automation is setting up minimum payment amounts to your credit cards, meaning that you don’t have costly penalties and late fees. 

Apps

Thanks to cutting-edge technology, including AI and machine learning, there are now endless apps and platforms that can help you better manage all your assets, including everything from monthly budgeting, shopping, pensions and investments. For example, for investors, apps and trading platforms allow you to buy and sell a wide range of assets, including Bonds, ETFs, Options, Futures and CFDs, using the latest tech, including robo advisors. The newest investment apps also allow you to put in place automatic stop-loss orders, which protects you from excessive losses. Data analytics for investments are also set to improve further in the coming years, offering even greater visibility of asset performance. You can also find apps that will help you to monitor your expenses, use coupons, track payments, and categorise your spending. With mentions of an economic downturn, it could be easy to panic, but keeping a clear head and making small changes will help you prepare effectively. There is no way to see into the future, but taking some simple steps and utilising the latest technology we have at hand could make a difference over the coming year.