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How technology can help the people to deal with the problems faced in the finances

Have you ever thought about the reason as to why the individuals are terrible at understanding and managing their accounts? Why are their debts as large as their compensation check? And why they are so careless with their savings after a payday?

The answer to this is easy — people are financially illogical and it is a normal human nature, in light of the fact that financial matters is not in our inclination. The human brain is idle on doing estimations and memorizing numbers. Indeed, even least difficult financial planning can lead to loads of work, anxiety and dreadful feelings. By doing so, the defence mechanism of the brains safeguards itself and decides not to carry on with the wealth management.

What is the reason behind this?

In the 1960 the American doctor and neuroscientist Paul D. MacLean detailed his triune brain model of the development of the vertebrate forebrain and its nature. The triune brain comprises of the reptilian complex (Lizard Brain), the paleomammalian complex (Mammal Brain), and the neomammalian complex (Human Brain), depicted as structures successively added to the forebrain over the evolutionary time period.

Our illogical unconscious, feelings, routines drive 80% of our nature. Furthermore, this is precisely what Lizard and Mammal mind are responsive for. The logical reasoning occurs in Neo-cortex region — mind part that have the least effect on our daily routine when compared with different parts. You should guess about where the ideas of money reside in? Obviously, it resides in the very youngest part of the brain.

Accounts have not advanced over the time naturally and it does not lie in our obsolete brains in the same manner as other human impulses do. As all of us are aware that people are carried away more towards the human senses than the rational thinking and this is the reason the majority of us neglect to carry on logically and reasonably towards financial management. Furthermore, not just the wealth management, in this class fall everything else that has developed around cash — taxes, investments, funds and so forth.

Artificially generation of the values

Consider the entire idea — somebody prints well known historic individual’s face or thing, on a bit of paper with various numbers and lets you know the value of that. At that point you can trade this bit of paper for a few merchandise and facilities. Now consider the case of the cheques. It is recorded on a bit of paper that the individual is turning this numbers of significant worth over to get something. One bounced cheque shows you the imperfections of this system. As innovation advanced now we have plastic cards that hold these quantities of bit of papers which we don’t have any more. We cannot easily see what number of numbers we are having by taking a look at this piece of plastic card. In the coming future, this will go considerably further, and soon we will pay without taking cards from our wallets.

No big surprise that we spend without much consideration, in light of the fact that we are not realizing the actual amount we own right now. Nobody tells us about that except in that humiliating situation when the card is rejected. How should a person recall each one of their exchanges and current amount in the card when a person is involved in doing many exchanges a day? Now that is a terrible affair for anyone and it is certainly a relatable incident for you as well. Some can put forth few valid points here that now we have mobile and internet banking techniques, yet how many of us simply utilize them due to its multistep complex interface, just to check the remaining amount and exchange history.

The complex nature of the pre existing techniques

We have banks and financial organisations that help us. Presently we have new payment strategies, bitcoins, payment through mobile phones, new ultra safe exchanges by the means of block chains and numerous others. Be that as it may, why despite everything we fail badly at managing and planning our accounts? You would simply want to purchase pleasant stuff and not come up with the shortage of cash. Each of these fascinating and complex terms — financed/unsubsidized advances, running balance, available balance, interest rates, compounding, stocks, bonds, mutual funds, why am I expected to understand what each one of that means?

We spent carelessly on the shopping and parties, and at that time we think it is just casual but when we check the account, it gets almost empty. This is a habitual thing in the people and they promise themselves not to repeat it again but it happens and so on they fail at saving their money and managing their finances.

We are not made to be excellent with understanding of the complex nature of finances and saving money. Easily available financial solutions are not everyone’s piece of cake. A normal bank offers a considerable measure of financial facilities, yet 70% clients utilize just 2 or 4 of them.

Reframing the account management for human mind

The financial systems have enforced us to adjust with it. Thus, many of us do not prefer banks, since we fail at comprehending them. Presently we have an innovation, which can rebuild this framework and modify it for human behaviour. Make it crystal clear and straightforward for everybody. This will raise human knowledge about accounts and will diminish the anxiety and distress while thinking about finances.

75% of individuals are utilizing internet banking and 35% are using mobile banking. They are in requirement for human-focused facilities.

The whole concept is lying at the mere fact that the human brain is advancing rapidly and it will find solution to any of its problems. The technology can prove to be an aid and if not then the human will find some other solution. Earlier the innovation was done so as to aid the people in their work and routine but now the innovations are done so as to not just help but also to reduce the work load and excessive troubles.

In this world of computerized services, experience is not moulded by our anatomies, but rather of human behavioural patterns. They are revealed through mental tests and studies of researches. The time has come, to comprehend human intentions, needs and conduct to make arrangements, which will communicate with clients on a single platform and in the human language. The time has come to make self opening, programmed passage for financial management.

Financial organisations, banks are extremely aware of our circumstances and individual’s thinking process; however they don’t normally tend to help us. Also, regardless of the possibility that they do as such, they give us greater credit limit. Who’s at fault — obviously on the off chance that it’s not in our tendency to be sane and all super financially smart, then banks ought to step to help us understand and show us good financial conduct. This is the best way to build clients trust in the finances.

Banks think about our finances more than we can do. Envision again in the event that you are down your most loved bar and after two drinks get a warning on telephone saying — “Hey, go easy tonight, there is holiday coming up, you may better put something aside for that!” Let’s begin saving.

Also, this smart methodology should be made possible over every financial administration utilizing the innovation we have. When you are paying bill, it is certain you would prefer not to fill 20 field form of why and how you need to pay. You simply need to complete it rapidly and with less trouble as would be discreet, since intentionally giving up cash will cause no joy in the majority of us. On the other hand, as a millennial you want are thinking of opening a financial account and it as of now irritated you with meaningless data about pension reserves, it would drive you off. Wouldn’t it?

Rediscover the financial client experience

There are rare events when financial administrations utilize client focused techniques to deal with customers and help their clients to show them what finances really are. Adding to it, realizing that thinking for the client will not just make the ways to the management of the finances a lot easier, but it will rather present them and clarify it in their own way about any complex finances related items. What and how taxes work, what are stocks and bitcoins and the manner by which they work and why they would be related to you?

Just through proper understanding of the nature of the people and captivating the advanced client experience makes it possible to bring the finances closer to people and help them to adapt and not other way around. Doing things natural way and enhancing client experience it is possible to enhance our short term and long term financial situations.

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