Financial Planning Technologies And Ecommerce, What's In It For Consumers?

Financial planning is defined by the Financial Planning Standard Board (FPSB) as “a “process of developing strategies to help people manage their financial affairs to meet life goals.”

- Kevin K.M. Neoh

This shows that one of the key condition to a successful financial planning is being able to manage our financial affairs effectively.

In order for us to have better effectiveness and efficiency in doing this, we need to make the process of managing our finances less complicated. Financial planning technology (FPTech) has made our lives easier, enabled consumers to insure themselves, invest their money, make payment or transfer funds around the globe within a safety net.

While online payment technologies have enabled us to feel safer with transactions, some of these online payment apps usually come with analytical tools that allow users to track their spending habits. After all, tracking spending habits and making record of expenses is something many of us get suck at, right? Not to worry, these apps would allow us to track how we spend our money. These analytical tools allow a person to identify spending patterns where on months that your spending spiked, you would be able to ‘investigate’ the reason for the higher spending. We wouldn’t have done that if we weren’t aware of the spending pattern, thanks to the analytical tools.

In growing our wealth, platforms such as iFast’s FundSupermart or Phillip Capital’s eUnitTrust have enabled investors who want to deploy their money to ‘work for them’ to do that easily.