What Consumers Want from Financial Apps

We now live in a world where there is seemingly an app for everything. The financial world is no exception. With financial apps continuing to increase in popularity worldwide, markswebb decided to take a look at the most important mobile app trends in 2020 in order to identify the top 5 things consumers are looking for such apps:

  • Convenient money management – consumers are looking for ways to more easily and more timely make payments, accept transfers, fulfill their financial obligations and track their finances. As such, mobile banks and e-wallets are becoming bigger players in the financial world.
  • Making profitable purchases – consumers are constantly looking for ways to not overpay, get a better deal and/or get a bonus on their purchases. There are many popular solutions for this nowadays, everything from large price aggregators and simple chatbots to full-fledge consumer ecosystems built around a financial institution.
  • Increasing capital – disposable income is becoming more prevalent around the world, leading many to wonder how to best put their extra money to work for them. As such, investment apps are gaining interest from new investment players.
  • Objective presentations of financial capabilities – personal accounting helps identify the strengths and weaknesses of financial behaviors, find holes in budgets, predict future savings achievements and set and prioritize financial goals. Preparing financials in advance is of major importance for those wanting to make a large purchase or making regular mortgage payments.
  • Avoiding unexpected costs – insurance is an essential part of any financial ecosystem as it helps keep consumers solvent, even in the most difficult periods.