The use of money management apps has skyrocketed in the UK over the last few months, with more than half of the population (54%) now using them regularly.
We are in times of accelerated fintech adoption. According to a recent article by Altfi.com, the use of money management apps has skyrocketed in the UK over the last few months, with more than half of the population (54%) now using them regularly. Apps like Wealthify, Moneybox and Yolt have all joined the wider rise of fintech that has seen the use of technology to help in the management of money and savings.
There is a wide range of companies out there willing to aid you in managing your money better. Bux, YieldStreet (out of the US), Parallel Markets, Freetrade, Revolut, Robinhood and Nutmeg; these apps aim to simplify investing, rebuild trust in financial services through transparency and remove perceived barriers to investing in stocks, ISAs, funds and even cryptocurrencies.
They have broken the taboo around ‘women and money’.
Now, with the help of businesses like Oval money, individuals are just one click away from monitoring their spending, saving, and budgeting habits.
Vestpod, a finalist of the 2018 Women in Finance Awards as “Disruptor of the Year” stands to empower women through Financial education. They have broken the taboo around “women and money”.
The impact of the current pandemic has led to an increase in the number of people who are under financial stress. Fintechs like Dozens (a current account with saving tools and safer investments, all built on a socially responsible business model) have come into the financial framework and made money management easier and faster. Others such as Revolut and goHenry, have created a world where children as young as seven can learn to spend and save in a safe setting.
Children can now have greater financial awareness that is not solely based on their parents’ financial literacy. Businesses like PensionBee allow pensions to be easily managed online, almost like a bank account.
Fintech partnerships and accelerated adoption
Partnerships between fintechs and major financial players like JPMorgan Chase and Plaid, Tandem Bank and Stripe, and Barclays and Scalable Capital enhance the speed of fintech adoption. In addition, open banking platform, Money Dashboard, allows users to connect their current accounts, savings accounts and credit cards from high street banks to make it easier to manage personal finances.
Janine Hirt, COO of Innovate Finance, says: “Fintech can cater to a much wider segment of the population, so we’re seeing how it is really creating the democratisation of finance, in a way.”
Sooner or later, fintech will completely shape the world in terms of how people’s finances are managed, whether it’s saving or investing.