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Managing Your Finances in the Digital Age

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Managing Your Finances in the Digital Age
October 20, 2023

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Digitalisation has changed the way we live our lives today. From online shopping to travel bookings to utility bill payments, we can do almost everything with just a few taps on our smartphones. Personal financial management is no different.

Let's look at the importance of financial management and its face in the digital age.  

How has digitalisation transformed financial management?

Until a few decades ago, accessing savings account statements was difficult until the account holder visited the bank branch. Even if one needed to check their bank account balance, they had to go to the branch with a passbook or to an ATM with their debit card. But now, you have your entire financial record in your pocket, thanks to the advent of digitalisation.

Here's how they have revolutionised the way you can manage your finances:

Handy information

Whether you need to check your account balance, access financial statements, track monthly expenses, or analyse your investment portfolio, digitalisation has empowered you to do everything with a few taps or clicks. You can stay aware, informed, and updated at all times.

Payments and investments on the move

Besides being aware of your financial aspects, digitalisation has paved the way for instant payments and investments. You can send money anywhere and at any time in a few seconds. Should you need to invest your savings, you can do so via dedicated smartphone apps. What's more, today, mobile apps allow you to invest in stock markets, mutual funds, fixed deposits, etc. All in real-time.

Automated recurring payments

With the help of certain apps and software, you can automate your recurring payments, such as utility bill payments, credit card payments, loan EMIs, etc. They help in reducing the risk of defaulting and incurring additional penalties as a result. They also eliminate the risks associated with human errors.

Easy and powerful budgeting

Budgeting is one of the most crucial aspects of financial management. Gone are the days when budgeting demanded notebooks, pens, and physical calculators. Today, you have the convenience of AI-powered budgeting tools at your disposal. You can simply enter your debts, expenses, financial goals, etc., and these apps will prepare a tailor-made budget for you using machine learning.

Risk

With the advent of finances going digital, this has also brought some challenges. While technology is changing, regulation also tries to keep up. It is said India has one of the most secure financial system when it comes to digital transactions. Institutions like RBI, IRDAI, SEBI regulate financial rules to help protect investors. Yet, words like hacking, phishing, cyber frauds no longer seem alien. This makes it necessary to stay abreast of the changing times and be careful while handling finances in the digital age.

Protection in the form on Insurance

Having a life insurance policy is imperative to protect your loved ones from financial difficulties. It ensures your dependents can continue to live peacefully even in your absence. Thanks to digitalisation, you can get a life insurance policy online within a few minutes and also enjoy online discounts. All you need to do is enter your basic details and upload the required documents on the insurance provider's website or mobile app.

For example, you can buy HDFC Life Click 2 Protect Super online and get a 5% additional discount. This plan offers you a customised life cover as per your changing needs. Additionally, you have the flexibility to choose from multiple coverage options.

To conclude

Digitalisation has transformed the personal finance landscape. Thanks to modern technology, you can take care of the different aspects of personal financial management conveniently and quickly. However, ensure you take the required precautions to stay safe from cyber threats and other risks. Lastly, do not forget to add a layer of extra precaution in the form of an Insurance cover, especially when you can do it with a few clicks too.

Related Article

ARN: ED/10/23/5353

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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