Sat. Apr 1st, 2023

High penetration of an average of 2.5 personal finance mobile apps in smartphones allows the gathering of a lot of personal details, including bank accounts, spending patterns, and others. This data enables organizations to further analyze consumer archetype and provide personalized financial advice and related services.

Nowadays, data is the new oil, and is often available but not refined and segregated, which makes it highly unreliable. It further needs to be funneled down and analyzed to gain valuable insights. At Fact.MR, a market research and competitive intelligence provider, we believe that data is the new oil and analysis is the combustion engine.

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What effect are start-up investments in banking and artificial intelligence having on mobile personal finance apps?

Well-known personal financial applications have received substantial sums of money to improve their technology by using AI. The financial industry, personal finance applications, and proactive money management apps are becoming popular among app development companies, despite never being the focus of attention. To create better platforms for managing personal finances, companies have investigated the potential of artificial intelligence.

Why is Personal Finance Mobile Catching End Users’ Eyes?

Tracking expenditure, creating a budget that corresponds with it, peer payments, and investments that ultimately manage individual funds rather than institutional assets are the main goals of personal finance mobile apps.

Maintaining personal financial stability is always important for each person, but it can be challenging to maintain discipline and vigilance. By handling income, bills, expenditures, investments, and other financial aspects, personal finance mobile apps effectively and efficiently alleviate this burden. Mobile phone accessibility gives the market an advantage and could result in rapid penetration.

How Will Market Growth Be Affected by the Combination of AI and Blockchain Technology?

Globally recognised players are investing their resources to take advantage of technical developments and incorporate numerous upgrades in apps. The most preferred technology breakthroughs chosen by tier-1 players when considering updates include blockchain and artificial intelligence.

While artificial intelligence can assist with data analysis, individualised suggestions, and consumer interactions, blockchain can be used to store records and data. For instance, AI-powered financial help can monitor spending trends and provide a range of money-saving advice. According to observations, incorporating such technical breakthroughs helps attract millions of investments, which would further accelerate businesses’ growth curves.

Android Vs iOS: Who is Leading the Race?

Android and iOS are basically operating software primarily used in smartphones and tablets. Android is a Linux-based OS (operating software) marking its dominance with a market share of more than 73%, owing to partly open source.

iOS accounts for 27% market share, deploying across only Apple products. Android is one of the most commonly used OS that is being used by most prominent smartphone and tablet manufacturers.

Pricing of personal finance mobile apps on Android (Google Play) is way less in comparison to iOS (Apple Store). Increasing penetration of Android OS coupled with affordable pricing will lead to fuel the growth curve of the personal finance mobile app industry. Although, iOS is gradually gaining pace and presumed to contribute subsequently to the growth trajectory of the market.

Key Takeaways from Market Study

  • Overall time spent on investment and trading apps increased Y-o-Y more than 50% in 2020.
  • In 2019, per capita income was US$ 11,417, which was increase of 0.39% in comparison to 2018, whereas, in 2020, a decline of 4.3% was registered owing to unprecedented outbreak of Covid-19.
  • In 2019, smartphone sales hit a high of 1.54 Mn, although they were down to 1.38 Mn in 2020 due to Covid-19.
  • Over the next decade, transaction value of personal finance apps is presumed to grow 3X on the back of investing services.

Which are the Prominent Personal Finance Mobile Apps?

1. Intuit

Intuit Mint is a personal finance management company formally established in 2006 by Aaron Patzer. The company operates in the U.S. and Canada with more than 20 Mn users. It offers the application for two of the most widespread operating systems – Android and iOS, which led to increase the flexibility of its services.

2. Chime

Chime is a San Francisco-based Fintech company established back in 2013 by Chris Bitt and Ryan King. The company provides a connected approach through mobile apps to banking services that gives it complete control on finances. Its mobile app is available for iPhones and Android devices, and more than 10 Mn downloads have been recorded at the Google App Store.

3. Digit

Digit is a wealth management app company based in San Francisco U.S. The company uses machine learning and numerous financial practices to save and invest the money of users. Digit is available on both Play Store and Apple Store.

4. Albert

Albert is a wealth management application firm based in California, United States. The company offers diverse services, from budgeting, saving, investing, and financial advisory. Albert can be used on iOS and Android-based devices.

5. Prism

Prism is a bill management and bill payment platform that offers to pay bills on multiple platforms and delivers financial well-being. The company has more than 30 Mn users and thousands of financial institutions. Prism also offers personal budgeting to its users and is available for iOS and Android devices

6. Spendee

Spendee was established back in 2013, offering services related to personal finance, including, alerts and reminders of payments, tracking multiple currencies, connecting banks to cater to a hassle-free banking experience. Spendee works on iOS and Android platforms to target all customers.

7. Personal Capital

Personal Capital is an online financial advisory and wealth management company established back in 2009. The company has “A” rated encryption technology to minimize risk. It offers a wide range of services, including retirement planners, free analyzers, and track all your wealth in one place, which smoothens customer experience.

8. Splitwise

Splitwise is a Providence-based personal finance company offering personal finance services, including track expenses, tracking balance, bill split, and many more. Splitwise offers an ad-free experience on its application and can be operated though Android and iOS operating software.

9. IND Money

IND Money is an India-based wealth management application that enables to track, save, and invest. It offers diverse services across the horizon, including different investment options with zero commission. IND Money is backed by many foreign institutional investors.

10. DollarBird

Dollarbird is an unpaid cloud-based personal finance app that can be accessed through Android, iPhone, or a desktop. Dollarbird utilizes a calendar format that allows you to track expenses and split them up into categories such as groceries, utilities, and rent.

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