Get TechSmart
By Pam Dillon
In the “express” check-out line, a white-haired woman in front of me had about two dozen loose fruits and vegetables with no barcode stickers. A condensed version of the entire produce section was on that black conveyer belt—habanero pepper included. You’d think the transaction would go on forever, but no. The cashier knew her codes and the senior was tech savvy. She had her card out, ready to tap and was out of there in a flash.
Technology has changed how we manage money and made it infinitely more convenient to control our finances. Depending on our individual levels of comfort, we tap and swipe, pull up to ATMs (Automated Teller Machines) in our vehicles, send money by e-transfer and invest, budget, pay bills and track our spending using tech tools.
How Canadians Bank, a nationwide online survey conducted for the Canadian Bankers Association (CBA) earlier this year, helps clarify the ongoing shift to digital services. “In the next five years, Canadians expect to increase use of banking technologies, including mobile banking apps (41 per cent), Interac e-transfer (40 per cent) and Tap & Pay (32 per cent),” according to Use of Digital Banking has Become Habitual Post-pandemic: CBA Survey, posted at cba.ca.
What’s more, in-person banking and use of ATMs is down, while use of mobile apps is up, although the report notes, “Young adults are more likely to be app-centric, while older adults perform more online banking.”
If you’re tech-savvy and actually at ease with apps, you might consider a financial app (also known as a fintech app or fintech) to help meet your financial goals. One of these apps can help you manage your money on a computer or mobile device, providing, for instance, budgeting, expense tracking, investing and saving tools. Different apps offer different options.
The best financial apps for Canadians in 2024, an article by Sandy Yong at moneysense.ca, offers useful information about what features to look for and what factors to consider. One popular app is called YNAB (You Need a Budget). There’s a 34-day free trial. Then a YNAB subscription costs USD$14.99 monthly or USD$109 annually.
Before signing up for anything, though, heed the recommendations on the Financial Consumer Agency of Canada (FCAC)’s Financial applications page at canada.ca. “Make sure you understand how your personal and financial information may be used,” it advises. “To use a fintech app, you usually have to provide information about yourself or your finances. This may include your debit or credit card numbers, username, personal identification number (PIN) or passwords you use to access your accounts online (and) personal information.”
But what about data breaches and scams? You do need to be cautious. If you’re not sure you should be sharing this information, check with your bank. At the same time, take measures to protect your financial and personal info. FCAC offers these tips to help you:
- “Change your passwords regularly.
- Review your bank account and credit card statements on a regular basis.
- Make sure there are no unauthorized transactions.
- Report any unauthorized transactions immediately.
- Order or access your credit report and review it.
- Report any errors on your credit report immediately.”
Finally, the Canadian Centre for Cyber Security has a Best practices for passphrases and passwords page at cyber.gc.ca. It tells you what to do and how to avoid mistakes that put your information at risk.
