Finance and Smartphones

Finance and techonology

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Finance and Smartphones.

Fernando Coca Ruiz

La Paz, Bolivia

fernandococaruiz@gmail.com

Abstract— smartphones and technology are key tools when people try to organize their lives. Thank to technology, we have developed many resources through smartphones to keep us updated with our financial situation, especially when people do not have enough time to keep track of their bills or stay the entire day at the bank. With the help of smartphones, this task has turned into something easy to do.

Index Terms—smartphones, finances, technology, applications, evolution, online, tool, resources.

1. Introduction

The financial world spins around fast transactions, money, and making new deals between parties. One key tool that could be used is technology. This tool has provided the chance to check people’s finances through smartphones. Years ago this idea seemed impossible. Fortunately, we can now organize our financial life using our smartphones at any time we might need to. Smartphones play an important role, and their evolution and applications, can help us now to shape our finances.

1. THEORICAL APPROACH

As we know, the financial world works at such speed, that makes impossible to keep an appropriate track to all the factors that could change or are changing already. However, humanity has developed many tools and resources that we can use to help us out.

The objective to make financial operations faster, began with simple tools, like a calculator or a manual work sheet, by that time such things were crucial for any kind of calculation in banks, enterprises, etc.

However, the world started to go faster and faster, with new requirements not only for people, but also for technology. At that point new tools were introduced to be used. New technologies such as computers, the internet, and the sophistication of communication, provided the chance to keep phase to the economics and the financial movements.

People got busier and time was a scarce resource. Fortuitously, innovation offered us the opportunity to carry our business, accounts and our financial life in our pocket. This magnificent instrument is called “smartphone”.

Ever since the appearance of the first smartphone the “IBM Simon Personal Communicator”. The speed of smartphone’s evolution has provided many new advantages as innovating ideas were taking into account and programmed in smartphones, in order to help people.

The first applications that were equipped in smartphones were as simple as a GPS, an e mail account or a digital agenda. These applications might look really simple to implement. Nonetheless, they were huge innovations by the time they were released to the market.

Nowadays, the principal characteristics of smartphones make possible to work with several applications that can help people to organize their finances.

Those characteristics suffered from a wild process of innovations and evolutions, making smartphones every time more efficient and necessary for people all over the world.

For example, the latest smartphone from Apple according to the web site [1] has many features that make this smartphone very functional. For instance, its capacity goes up to 64 GB, it has a retina HD display with a 1920 by 1080 pixel resolution at 401 ppi. It is also equipped with an A8 chip with 64 bit architecture and a M8 motion coprocessor. A 8 megapixel iSight camera to take great pictures and also record videos. The operating system it uses is i Os 9 which includes airdrop, airprint, notification center, siri, Facebook integration, Icloud and many other features that make this smartphone the perfecto one to manage many information and keep you updated.

As we know now that connectivity is possible and simple to reach through an I phone. It was a matter of time before someone could figure out a convenient way to use this technology and make it help full for the financial sector, the business sector and many others.

Let’s emphasize the application of smartphones such as the iPhone 6 to the financial world. It is known that there are many applications available in the market to use in order to keep track and manage our finances. These applications are available for everyone. Moreover some of them are completely free.

We will talk about the 10 leading finance and banking apps for iPhone and how we could use the through this smartphone.

Apple announced that they reached 40 billion downloads. They also stated that they paid out $7 billion to app developers. That’s a pretty healthy ecosystem and a small part of that development involves online banking and finance.[2]

By analyzing those numbers, it is obvious that there is a huge market that is willing to use these kind of services, many business men and workers want to keep an eye on the financial and banking system, through and easy and comfortable way. The best option they got is to use and install many applications on their smartphones, because they keep this device with them at all time during the day.

As it has been established, there are 10 leading apps for finance administration. We will concentrate on the top free finance apps in the United States of America, so we can obtain a more specific picture of our scenario.

The first one is credit karma [3]. It consists on an application to help you to understand your credit, in order to build a good financial future, it offers free credit scores, reports and monitoring, along with handy financial tools, to help you make sense of your credit decision.

The process is really simple. The first step is to get your scores and reports and upload them, so the app can analyze the data. Once this step is over, credit karma will give you recommendations according to your credit profile that will help you to save some money.

The business model they use is really simple, they provide you with credit offers that create value to the costumer.

Another app is Intuit. This app has been developed by the same company. They define their products as:

[4]Our most important and profitable products such as; QuickBooks, TurboTax, Quicken and Mint define the special and unique commitment to revolutionize the way people manage their personal finances, run small