Money management apps are revolutionizing the way that people go about their financial business. Much like fitness, daily agendas and business books, money apps have firmly established themselves in the modern smart tech toolkit. Today, the average smartphone user has 2.5 fintech apps, according to Washington Top News.
In such a competitive market, innovation is inevitable. As more money apps are released, so are exciting new technologies and opportunities developed. Together, they are promising to provide a new generation of money app in the hopes of gaining your tender.
Reforming your money management
Some of the earliest money apps were based in helping users manage their money better. Trendsetters like YNAB provided smart monitoring of bank accounts in addition to intuitive tips, while more straightforward ventures like Mint have provided simple openings for users. Moving into the next generation, Wharton Fintech reckon that apps like Status will take the limelight. The difference maker with apps of this generation is in their comparison tools; whereas simple money management apps will show you, plainly, how you’re doing, the next generation will enable anonymous comparison against peers. Crucially, they will also offer the opportunity to match with bank products with a greater accuracy than before.
Enfranchising the older generations
Smart technology is becoming more inclusive but remains a young person’s game. According to research by Pew, just 40% of over 65s own a smartphone; that number increases to 94% in the 18-29 category. Money management apps are helping both generations to bring the older generations inside the smart tech fold. Of particular note is SMARTSVR; a report by Forbes notes that it takes the micro-saving principles of the likes of Acorn, and applies it to the challenges facing senior citizens, such as complex new tax rules, by automatically dividing income towards tax prepayment.
Making saving interesting
Americans aren’t saving well enough for retirement, sadly. According to CNBC, 1 in 3 Americans have under $5,000 saved for retirement, a paltry sum when considering the costs of post-work life. Helping to tackle this are intuitive saving apps, such as Qapital, listed by Forbes as one of the most interesting new platforms. Unlike other apps, Qapital has employed real-life psychology to saving by allowing intriguing targets; for example, challenging the user to make their 10,000 steps a day or save $10 in the alternative.
Money management apps are an important and influential new tool available to everyday men and women. Employing them has helped many to gain financial independence, and put the most appropriate offers from banks in the right place. As innovation continues, even more exciting platforms are developing, paving the way for the next generation.