Has our world been changing this year. Alongside all the other evolutionary changes comes a shift in our financial realm too. A large demographic of our youth, as well as young adults are making shifts from the traditional cash payments, and now even physical cards. In this article, we are going to touch base on rising mobile banking trends, the top budgeting apps available, as well as the selected best money saving apps in your local app store

Best Money Saving Apps 

Many millennials and youth around the nation are beginning to utilize the app’s that give back. Whether it’s coupons, cashback, discounts, or earning points, by using these apps, you are sure to begin saving money on everyday life expenses. 

• Wikibuy 

• Ibotta

• Shopkick 

• RetailMeNot

• Paribus

• Truebill 

• Trim 

• Peak Money 

• Qapital 

• Chime 

• Digit 

• Twine 

• Varo 

• Robinhood 

• Acorns 

• Stash 

Top Budgeting Apps on The Market

We all want the ability to save money, and budget our finances without putting a financial burden over our heads. If you find that putting paper to pen isn’t for you, here are multiple different budgeting applications that are designed with your security in mind;

• Mint 

• YNAB 

• EveryDollar 

• PocketGuard 

• Clarity Money 

• Goodbudget 

• Personal Capital 

Mobile Banking Trends to Follow

There is no doubt about it, digital is taking over. While mobile banking apps have made it easier for customers to access and manage their accounts virtually anywhere, several new innovations have made their appearances in the world of technology. Below you will find several mobile banking trends you should begin to utilize. 

• Mobile app ATM compatibilities

While mobile banking apps themselves have been around since 2011, (not long ago) it’s made managing customer accounts a breeze. However, using the newest in communications technology, along with the QR code scanner, you will have the ability to do so much more. Never fumble around your purse or pockets searching for your debit card, entering passwords in a public setting, or remembering login information, for those days are soon to be gone. Users will be able to access their funds by simply scanning their phone, or being within close proximity to your ATM! 

• Multi-factor authentication 

This is becoming an increasingly popular trend or the standard of online security. The biometric data ability that most smartphones capture, such as your fingerprint or FaceID recognition are stepping up. Biometric data such as this is becoming increasingly sophisticated and in turn is providing further protection against fraudulent transactions on your account. 

• Voice commands 

As many of you know, you are able to use voice recognition to search on your mobile device, or access other forms of applications without lifting a finger. And jumping on the bandwagon is financial institutions. Mobile banking apps are now using voice recognition to delegate commands for users with minimal work. Rather than siping through multiple pages, or tabs, voice commands will allow users to access services faster, and easier than ever before. 

• Machine learning algorithms 

Everytime you use your phone or any form of technology, your bank’s institution is able to gather more information and data on how their services are being used by their consumers. Banks are then able to improve your individual experiences, making mobile banking more user friendly. 

• Fraud prevention through data and analytics

This gives your bank the ability to gather and analyze that data, on how people use their financial products or services. This gives your bank insight into your buying habits so that they are able to detect any inconsistencies in your purchase history and your location. This gives your bank the ability to detect if your card is being used where you are/or should be, vs in another state, region, or country.  

• Debt paydown options 

This online banking feature has made managing their debts and paying them off, easier than ever before. Many financial institutions offer debt payment programs that are able to be transferred and implemented over your mobile device. Not only are they able to now set up regular payments, but you are also able to round up purchase amounts to the nearest dollar to pay down your debts as well. 

• Open banking with API technology  

One of the prehistoric challenges of mobile banking apps was that every financial service had an app of their own. This caused many users to become frustrated with having to use multiple programs, even just to transfer funds. But thanks to API technology, more financial institutions are embracing the open banking idea. API technology allows its users to easily integrate multiple services into one dashboard. Now, you are able to use your primary institution to manage all facets of your finches, without sacrificing smooth functionality. 

As our world is shifting into the digital ecosystem, we must ensure that our banking institutions continue vigilance when it comes to service delivery, and mobile banking options.