What’s The Financial App Hype All About?
How financial apps have evolved for the better, and which ones are worth checking out.
Technology Has Changed Our Daily Lives
Over the past decades, technology has evolved immensely and has had an enormous impact on our society’s everyday lives. What seemed impossible decades ago, seems like the most normal occurrences today. You might not realize it, but when you think about it technology is almost involved in every aspect of our lives. Can you imagine having to set up a meeting without a computer or phone? Communication has been facilitated immensely through technology, to the point where it is hard to imagine how people used to do everything in the past without technology.
Fintech
Today we would like to talk to you about how technology has specifically impacted the financial world. Fintech has had a disruptive influence on the financial industry, making financial services much more efficient while on the other hand also raising customers’ expectations to a higher level. One of the recurring trends has become the usage of mobile financial services.
Nowadays, information has become much more accessible, which means that knowledge is not necessarily equal to power anymore. Where the true power lies today is in your ability to turn information into practical skills. Luckily for us, we can learn those skills by reading and learning from others online. The big reason behind people wanting to increase their financial knowledge and skills is empowerment. When it comes to personal finances, many amongst the younger generations do not trust traditional banks anymore and are thus proactively looking for alternatives so they can have more control. These alternatives include online banks offering their services through a mobile financial app.
Many positive changes have been seen through the usage of mobile financial apps. They have made financial services more accessible, by letting them become part of our daily lives. People are also starting to become more educated and want to manage their personal finances to their best ability. One example of doing this is by creating budgets, saving, and then eventually investing.
When it comes to investing specifically, we are increasingly becoming more aware that saving and investing a certain amount of money every month, even if it might seem insignificant to you, can actually make a big difference in the long run. As the barriers to investing are becoming lower and companies are trying to create easier-to-use investment applications, this gives people the ability to pursue investing.
5 Financial Apps Worth Checking Out
To finish, we would like to share with you 5 financial apps. We think these mobile applications are definitely worth trying out if you are looking for a tool to help you manage your personal finances more and want to start taking more control of your money.
Beewise is a mobile investment app that allows you to invest in its 5 thematic portfolios, which are all committed to creating a better future. More specifically, you can invest in technology, breakthrough healthcare, smart cities, the environment or future generations. The app is very easy-to-use for first-time investors and allows anyone to start investing with as little as €10. Since its launch, Beewise has not only been dedicated to responsible investing but wanted to give its community the chance to make a difference together. That’s why Beewise partnered up with WeForest as a green initiative to empower its users to create a positive impact as a community. Each Beewise investor can donate 1% of their investments on the Beewise app to WeForest’s reforestation project to help reduce CO2 emissions.
Spendee is a financial app that without a doubt can be an effective tool to manage your money better. The app is based on a pricing plan. This means you can get the free version, however, to get the full version you will need to pay around €20 per year. The full version allows you to control your cash expenses, bank accounts, E-wallets, and crypto-wallets, get a quick overview of your personal finances, and use smart budgets to save money.
Gimme5 is an Italian investment app that allows you to save and invest from 5 euros onwards. Through their mobile app, you can invest in a range of mutual funds. You can choose between different types of funds such as money market, bond, equity, and flexible funds. You can also build a portfolio of multiple funds if needed. Whenever you invest you can set a certain goal you want to achieve so you can easily see how well on track you are to achieve that goal.
Oval Money was originally founded in Italy in 2016. The app focuses on helping customers better manage their personal finances through spending analytics, motivational saving tools and by giving them the option to invest in thematic portfolios. To stay on track with your savings you can set up rules. An example could be that for every 5 km you run you will invest €10, which is the minimum investment on the app. You could also for example set up a rule that says that with every spending you will set aside 25% of that amount. Overall the app is great for beginners who want to improve their financial situation in an easy and fun way.
Moneyfarm is an investment app that has grown a lot since its launch in 2011. Today, the application is available in the UK, Italy, and Germany. Through the app, you can choose to invest in one of the seven portfolios offered, going from low to high risk. A barrier to some might be that in order to invest on Moneyfarm you need to start with a minimum amount of £500. Putting that aside, Moneyfarm is a great investment platform that offers personal advice through the app, a call, or online. This is a hugely beneficial service that most other financial apps often tend to not offer to the same extent.
