The days of using a physical bank or even calling your bank manager are long gone. Mobile banking apps have become prolific over the last ten years, with 88% of Americans currently using some financial app. The Fintech industry is forecasted to become a $190 billion industry by 2026.
We have also become heavily reliant on our devices for achieving our health and wellness goals — whether it’s an energizing HIIT workout or a sleep-inducing meditation. As we increasingly look at wellness from a 360 perspective, the topic of financial wellbeing is increasingly gaining traction. Of course, money is an emotional topic and something that needs to be dealt with consciously and one that has become more pressured during the pandemic with worldwide instability breeding additional anxieties.
Naturally, a new breed of apps is tapping into this and bridging the gap between the two by offering experiences that go beyond the practicalities of money in and out. A blend of the practical and the holistic aimed at the 90% of consumers who say finances are a top source of stress for them now and in the future.
Here we look at some of the apps making waves in this space.
One Eleven
Dani Pascarella is on a mission to make financial wellness accessible to all. She left a career on Wall Street managing billionaire’s money to start up her own company and channel what she learned into an app that helps you look after your dollar better. When you join the app, you get assigned your own personal wealth coach to help you navigate your financial journey and develop healthy money habits.
Finasana
Founder Gabi Slemer worked for years in finance in London and New York before realizing she knew next to nothing about her own daily banking. Once she’d trained as a Chartered Financial Analyst®, she also pursued her love of yoga and got her training qualification. With a love for numbers and wellness and a frustration at the lack of accessible information, she created Finasana (Fin is for finance, Asana is a Sanskrit word used in yoga). The app aims to make financial education easy with access to financial experts, step-by-step courses, and live webinars to learn everything you need to know about investing confidently and taking control of your money.
Upwise
In September 2021, insurance company MetLife launched Upwise, an app designed to improve your relationship with money. The app begins by assessing your mood and relationship with money through their clever Money Mood tool. Upwise helps you prioritize financial goals by suggesting simple actions to develop good financial habits. The result? You feel more optimistic about what your money can do for you.
Goalsetter
Goalsetter wants to get every family in America saving. Founder and CEO Tanya Van Court is passionate about improving financial literacy and wants everyone — no matter their background or start in life — to be able to have financial security and reach their money goals. The app makes saving easy and understanding complex financial jargon super accessible. Plus, they give back: 5% of their transaction fees go to partner charities like Black Lives Matter and Girls Who Code.
Emma
Feeling overwhelmed by your finances? Emma is here to help. Using open banking, Emma compiles all your bank accounts into one handy app. Seeing all your spending and saving in one place makes handling your money that much easier. On top of that, Emma helps you look after your money better. For example, it identifies and cancels wasteful subscriptions and allows you to set up a payday tracker to monitor your ingoings and outgoings on a monthly basis.
Cleo
A millennial and Gen-Z friendly app that uses AI to improve your relationship with money and make it less boring. The ChatBot links up with your existing bank account and helps you track your spending, create a realistic budget, and suggests the amount you could be saving. The more you use the app, the smarter it gets, and the better the algorithm will be at knowing how to help.
