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How Personal Finance Apps are Changing the Financial Industry

By Chanel Rick - Apr 27,2022
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In recent years, a wave of revolution has taken over industries around the globe, especially in the fiscal realm. Due to our ever-growing reliance on technology, innovators have begun blurring the boundaries between convenience and functionality with mobile apps. With our hectic schedules creeping into personal life, more avenues for easy access to banks have been created. 

This development has revolutionised traditional ways of banking with a blend of comfort and modernity. Today, from the comfort of your home or office, you can log into your bank account and manage your finances. Now, you no longer need to endure long queues at the bank – download their app and handle everything on the go! 

Also Read: The Best Personal Finance Budgeting Hacks

Personal Finance Apps: How It Changed Everything 

By eliminating the need to visit a bank branch, personal finance apps have ushered in a new era of comfort. Aside from updating bank details, ordering cheque books or downloading bank statements, you can enjoy the benefits of budget and expense trackers. Additionally, the user-friendly interface of these applications is easy to navigate for technology novices. 

The simplified jargon has encouraged younger generations to take up healthy fiscal habits like recording expenses and budgeting. Through ease of access to the latest financial trends, these apps have increased the presence of financial topics in casual conversations. Furthermore, these efforts to make finance more approachable have softened its previous reputation of being difficult to grasp and intimidating. 

Here are two common types of personal finance apps. 

1. Linked Personal Finance Apps: 

The official app of your bank that allows you to access account details and conduct your affairs as you would’ve at the bank 

2. Personal Accounting Apps: 

Manually enter the month’s income and expense ratio to analyse and improve areas of savings and expenditure 

The App/Play store host a wide array of personal finance apps to suit your preferences. Effortlessly get closer to achieving financial goals with such nifty software! 

Significance of Personal Finance Apps 

The recent pandemic of COVID-19 emphasised the need for remote access to banking and financial services. During peak COVID-19, the string of lockdowns necessitated the need for secure and quick access to banking institutions. Personal finance apps helped customers manage their bank accounts from a safe distance without the need to venture beyond their homes. 

Since then, there’s been a steady influx of online banking users across the globe. Still, wondering what caused this change? Here are a couple of reasons behind the shift in our dependency on personal finance apps. 

Contactless Payments: 

People began to look for sanitary means of monetary transactions and turned their attention to app-based portals to fulfil this need 

Quick Cash: 

When those struck by job loss or sudden hospitalisation searched for access to monetary means, these apps sanctioned short-term loans to mitigate the crisis 

Remote Banking Activity:

People started remotely conducting their financial activities as usual via mobile personal finance apps 

Despite the decline of COVID-19 and the loosening of lockdown restrictions, these habits remain ingrained in our daily lives. It aptly displays how personal finance apps have impacted our financial routine and paved the way for modern banking behaviour. 

Benefits of Personal Finance Apps 

If you aren’t using a personal finance app already, you’re missing out on the following benefits. 

● Since it records every transaction, you can detect areas of excessive spending to start saving money through efficient monetary management 

● The simple interface allows even the most technologically-challenged individuals to enjoy the benefits of the many features of these apps 

● You can review your financial history and recent activity to check for accounting errors before it’s too late! 

● Create financial objectives and regularly monitor your expense and budget trackers to achieve your goals 

Consider downloading a personal finance app of your preference today and be spoilt for choices with benefits and features! 

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522