Wealth or money managements apps are applications built with software that helps users track spending, stay updated and view their bank balance and analyse spending habits. These apps also help users make difficult banking decisions based on the data gathered from bank accounts. Users can use these apps remotely from any location from their mobile devices, making it easier to track spending and view the status of their financial situation at any time and in any place.
Wealth Management Apps and Providers
With the fast development in technology, different tech companies and organisations are announcing the release of many kinds of wealth management apps with features that are suitable to users all around the world. Some of these wealth management apps include: –
Wealthsimple has a simple three-tier investment strategy built into the software that provides users with a long-term and practical approach to manage money. This strategy includes Conservative, Balanced or Growth approaches. The main objective of this app is to ‘invest on autopilot’ which encourages users to invest in different companies in the stock market, rather than solely investing in one. The customisation feature on the app helps users build an algorithm unique to them based on different answers given by them. This portfolio helps users to view how stock markets all around the world are performing.
Personal Capital gives users a holistic view of their financial situation. This app has features like tracking budgets, providing information about the user’s investment accounts, and it also provides descriptive graphs to view and manage the user’s portfolio. This app is both easy and convenient to use on all kinds of devices like desktops, laptops, tablets, and mobile phones.
Empower is an online budgeting app combined with accumulating savings. Some of the features that users get from this app include connecting financial accounts to the app, tracking all financial activities, setting different weekly or monthly budgets on different categories, use the AutoSave feature to set weekly savings and move extra funds if available. Empower also has many other kinds of features that make it very convenient to use. These include cancelling subscriptions, not in use and negotiating for lower bill amounts.
This Welsh wealth managing app was founded in 2014. Its main objective is to find a new way to democratise investing. This app offers users an opportunity to assess the kind of portfolios users want with the help of a questionnaire and the capital secured. This increases the users’ chances of having great investing opportunities.
How are Banks Introducing New Apps for Wealth Management?
With the popularisation of banking and wealth management apps all over the world, many banks have also launched their own wealth management apps. With the help of technical departments, banks all over the world have sought to stay updated with the current trends seen online. Wealth or bank management apps are their way of doing so. Let us look at how some banks are introducing new apps for wealth management.
Goldman Sachs launched the Marcus app with the view to turn the app that allows users to check their bank balance and set up recurring transactions, into a storefront for all kinds of digital banking services. The main objective of launching the Marcus app is to make it the main software to be used for consumer-facing experiences. The bank wants to expand the services and features, like managing savings and personal loans, to include a wider variety of services like wealth management, mortgages, car loans, insurances, etc. Using the Marcus app is Goldman Sach’s way of staying in the competitive and demanding banking sector, through digitalisation.
Being a financial service provider, Credit Suisse is looking to expand their services and stay current with online trends with the launch of their own digital banking app. This app provides services and features to users like free foreign transactions and different kinds of wealth management tools. This CSX banking app offers users a no-cost online banking and debit card services to get home loans, manage all kinds of investments and plan pension schemes.
In order to stay relevant in the growing digitalisation of financial services, Global Bank has sought the help of Accenture to expand its financial services through an app. Accenture was able to come up with a demo that provides financial services to users from the comfort of their home. Through Accenture, users are able to review performance portfolios in wealth management and advice from financial advisors. Users are now able to access financial services that meet their expectations while remaining viable.
The rapid pace at which technology is integrating with the financial services sector, the future of wealth management certainly lies with mobile apps that deliver a superior personalised experience.