Why is Mobile Important for Financial Comparisons?

Mar 07, 2016

Mobile financial comparisons – what are they? And why is it so important for South Africa to have mobile friendly financial comparisons?

We live in the digital age. What got us here was a complex process of growth. It will make for an interesting discussion. For now, let’s look at what the age we find ourselves in asks for.

The digital age is the culmination of lots and lots of information teemed with vast and fast technological advancement. These two factors feed off the other's growth. As information is acquired, it’s processed by computers to find solutions to problems. These solutions create faster computers to gather more information to solve more problems that in turn creates even faster computers. Can you see where this is going? The pace at which information is harvested and processed is only picking up.

If information keeps coming at this high speed there will naturally arise a need for this information to be presented at a rate that resembles (this/that) speed.

That is why virtually no business can run without the use of the internet. To keep up with the staggering pace of commerce nowadays internet usage is a high priority for competitive business.

But what does this have to do with something like loan comparisons? And what will it benefit you?

South Africa is a very interesting place. We have some of the brightest minds and we rank as the 7th best financial market development country in the world. This means that the need in South Africa for excellent presentation of information is very high. But South Africa is still a developing country. This means there is unfortunately little money available in the pocket of the average South African to spend on acquiring expensive computers (never mind even keeping up with maintaining it).

But something that 89% of South Africans have are cellphones. 34% of South Africans own smartphones to be exact. Smartphones then serve as a welcome cheaper solution to accessing desirable information like financial comparisons. All of a sudden information can be accessed with the lighting speed at which it is processed and it is considerably cheaper than owning a computer.

Have you made use of a smartphone to surf the web before? You probably came across some websites that make it difficult to navigate. This usually happens when inconsistencies arise between the website and the mobile device you are using. It is therefore important that something like financial comparisons are available on mobile friendly finance websites.

When financial information becomes available in such a mobile way it will lead to a healthier financial you. Now you have the power to choose the option that suits your needs the best. No longer do you have to accept the first offer made to you. At the press of a button (or the tap of a screen) you can compare the deals of different companies.

A rather lengthy economics lecture will explain to you the following. For now, we’ll keep it plain. Financial services providers no longer own little monopolies scattered across the country (they don’t determine the price anymore, the marketplace does). You can now gain access to the services of a company that doesn’t even own a branch in your town through the use of mobile friendly services. This could lead to a price war between companies. The company with the lowest price will naturally enjoy the largest share of business. So when other companies want to see sales climb in numbers, they need to either match the cheaper price or even beat it with lower prices. This all leads to the education of the consumer about all the available options and in turn drives the prices down of all the services available. More options at cheaper prices. Amandla! Awethu! 

Fincheck has your success in mind. Therefore, we make sure the mobile financial comparisons we provide will be mobile friendly. If you are in need of some loan comparisons go have a look at our loan comparison page. We only host the information of reputable and responsible lenders.

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Fincheck is a financial comparisons website that organises information to assist the borrower in making their best financial decision.

Fincheck gathers information from numerous banking partners and presents it to the borrower in a simple, understandable way. Lenders benefit from an additional market place and extensive customer reach. Loan amounts vary from lender to lender. Fees, interest rates, loan amounts and credit scores influence the repayment terms. Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Fincheck does not endorse any particular product or company. We are an independent company. The information shown and provided is an opinion, based on numbers and must not be seen as advice or consultation.