8 financial services apps leading the way

Posted by Fran Geddes on 06-Oct-2017 12:55:37
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A guest blog by Jeff Lyall, Marketing Director at Smart Money People. Smart Money People is the UK’s #1 financial services review and insight platform.

 

Are banking apps still reserved for cutting-edge tech lovers? Of course not! As app usage is growing (our data shows that 33% of UK banking customers preferring to interact with their banks via apps), there are dozens of financial services apps which can be downloaded today. And more and more spring into the app store everyday. Each of these new breed to apps can help to make managing your banking, saving money, and even buying insurance much more user-friendly, efficient, and manageable day-to-day.

Here’s 8 worth financial services apps worth a download today:

 

Banking Apps

Long consigned to spreadsheet like views of transactions, and a disappointing lack of functionality, today there a number of banking apps which are easy to use, and packed full of useful, modern features.

 

Monzo

monzo review on smart money people
feedback from Smart Money People customer

What our developers say:

Legacy banking applications rely on paper trails and are slow and providing information to customers. Monzo challenges this by being built from the ground up for mobile with the aim of providing a fast and convenient user experience. This forces other companies to update their systems to also be more customer centric.

 

NatWest

natwest banking app

As winner of “Best Banking App” in the British Bank Awards, the NatWest app is one of the more polished, and feature-rich apps from the large banks. In their NatWest reviews, customers praised the frequent updates which add new functionality, especially that which takes advantage of their smartphones hardware, like Apple’s TouchID to login rather than remembering lengthy passwords. New banks like Monzo get the lions share of attention, but this banking giant isn’t quite ready to roll-over and let the new guys take its app lunch!

 

What our developers say:

Mobile technology has come a long way and is now deemed secure with the user of biometrics and on device encryption. Using these new technologies allows banks to appeal to larger markets and create new tools for customers to use for their financial needs.

 

Insurance Apps

Thought insurance was a boring “grudge” purchase? Think again, as there’s a raft of insurance apps which take a modern approach not only to app design, but to the very concept of insurance.

 

Brolly

Brolly banking app

We manage our banking, and most of our day-to-day lives via our smartphones now, but why not insurance? Brolly aims to offer “insurance designed for your smartphone”. Positioning itself a single hub to manage multiple insurance policies, as well as automatically looking at policy details and trying to find customers a better deal, Brolly takes away the hassle of insurance. Given that in 2017, most of the larger insurance companies doesn’t even have apps for customers to manage policies, it’s a breath of fresh air, and one we can’t wait to see grow and evolve.

 

What our developers say:

Insurance companies spend millions on providing customer service that retains their customers, with local speaking call centres, easy to use online systems and ‘quick to purchase’ design. Moving to the mobile space makes this much cheaper to maintain, while taking the insurance process to the devices that we spend most of our time on. All companies should target the devices that engage us most to deliver their solutions on.

 

By Miles

As a finalist for “Innovation of the Year” in this year’s Insurance Choice Awards, By Miles takes the idea of car insurance and flips it on its head. Drivers can pay for their car insurance not annually, but “by the mile”. Not driving the car? It’s not costing as much in premiums. Telematics policies aren’t new, but the way By Miles wraps up the whole concept of taking out insurance via the touch of a button is game-changing.

 

What our developers say:

Traditional companies always struggle to change their business and account model to adapt to new technologies and come up with innovative new ways to sell. These innovations can provide benefits to companies and consumers by offering more preferable methods that can return higher profit. Innovation is key to drive new business and keep up with modern use cases.

Calling an insurance company customer services department seems prehistoric when it’s this easy to sign up, get insured, and then stop insurance when it’s no longer needed. See what users of the app said in their By Miles reviews.

 

mia

mia, or My Insurance Assistant “makes insurance so easy, you can manage it all through Facebook Messenger.” No, we never thought we’d see the words ‘insurance’ and ‘Facebook messenger’ in the same sentence either, but as a chatbot, mia can process and answer queries such as “show me my latest car insurance policy documents” or “find me cheaper travel insurance” all without leaving Facebook.

With no logging into, or installing multiple insurers websites or apps, and the simple Facebook messenger interface we all know, mia might just be the future of customer service and insurance advice.

 

What our developers say:

Smart communication systems or chatbots are transforming customer service to be more useful, with instant access and large amounts of information, while making companies more efficient and cost effective. Message based chat systems have large impacts and many studies have show that people are perfectly comfortable with communicating to computers in this way, while many don’t realise they aren’t human. Chatbots will be essential to progressive customer service solutions in the future.

 

Personal Finance Apps

With open banking not that far away, there are a whole host of personal finance apps which are shaking up how we view, and interact with our money. Whether it’s a holistic financial view, advanced budgeting tools, or help saving money using AI there’s a personal finance app out there to help everyone.

 

Money Dashboard

money dashboard banking app

Money Dashboard has been around since 2009 is a “personal finance assistant”. It essentially provides a single view of a customer’s finances, as well as offering budgeting assistance via a friendly-looking interface, with meaningful information placed front and centre and made easy for the user to digest. Making a budget look attractive is no mean feat, but Money Dashboard, but as Kate says in her 5-star Money Dashboard review: “I have really valued seeing my spending habits illustrated for me.” As with mia above, not having to log-in to multiple accounts alone is a timesaver which sounds appealing on its own.

 

What our developers say:

In the mobile age everyone wants and needs quick access to their information. Virtual Personal Assistants provide the best way to give user’s customised displays of the data most important to them, while doing the hard work and crunching through all the numbers like your own personal financial advisor. For information heavy applications, virtual assistants are essential to giving consumers a no-nonsense professional experience.

 

Bud

Bud is a “plug and play financial services platform” which can connect multiple financial services in one place. Bud’s vision is to offer a home for all of one’s financial services - be they investments, loans, credit cards, insurance, crowdfunding, or even online mortgage brokers. The convenience of this is obvious, and so Bud are building an app which makes it very straightforward to hook up all of these accounts, while offering peace of mind security, and making the user experience as modern - and useful - as possible. Bud took home “Innovation of the Year” in the British Bank Awards.

 

What our developers say:

Single display platforms which converge multiple services together can be used to create tools and services that otherwise wouldn’t be available. Comparison of the best deals and features, with instant reviews from other users as well as transfer and switching tools as just a few of the offerings that similar services produce. The modern day consumer has some many choices that they need solutions that help them pick and advise.

 

Moneybox

moneybox banking app

Thought budgeting efficiently and saving money into ISAs each month was just another hassle? Moneybox does it automatically, without any user input. Spend £3.70 on a sandwich, and Moneybox can automatically invest the 30p change into an ISA, making saving a cinch.

Whereas traditional investing can be perceived to overwhelming, number heavy and often feeling outdated, Moneybox have a bright and easy to use app which makes investing a breeze. There’s not many better ways to save money than to have it done automatically!

 

What our developers say:

Automating payment services takes the hassle away from customers and opens up simple and quick new features that business can use. Consumers want quick and easy features that allows them to manage their money on the go and automatically, while staying safe. Financial services that offer these extra features can benefit from application that take advantage to them.

 

With financial services companies waking up to customer-centricity, the future of their apps heading into 2018 looks set to be exciting, and we can’t wait to see what innovation follows.

 

Get in touch with B60 to discover how to begin your digital transformation. 

 

Get in touch with B60

 

Topics: Finance, Digital Transformation, App Development