What Are the Best Fintech Apps You Need to Track in 2023?
Fintech companies populate a highly competitive environment. So, they need to adjust their offerings to the market changes non-stop. Catch the top of the Fintech market heap in budgeting and investment this year and learn from the best!
Budgeting tools to maximize your finances
Intuit ’s Mint
Enhances your financial health beyond budgeting
Mint is a budget tracking and expense management app that has been top of the charts for quite a while. It allows users to sync their financial accounts, from P2P payments to investments, and track expenses within personalized budget categories.?
Why it’s popular:
It’s great, it’s free, and users love it.?
High ratings are stable for Mint, and the app keeps winning positive reviews on the App Store and Google Play. Users enjoy a wide range of features, including syncing multiple types of financial accounts, customizable budget categories, and tips for achieving financial goals. The app also provides valuable tools for tracking credit scores and net worth and detailed support through a comprehensive FAQ.
The turn-offs:
While Mint's comprehensive tracking capabilities work just perfectly for many, those who prefer a more hands-on approach to budgeting might want to look for another option (for instance, the two below would work better).?
Check out more of our budgeting app reviews.
A complete experience for intentional budgeting
Unlike other financial apps, You Need a Budget (YNAB) helps users plan for their financial decisions instead of tracking past transactions. It follows the zero-based budgeting system, where you create a plan for every dollar you earn.
Why it’s popular:
This app is for those who love planning ahead to the detail before receiving the paycheck. But once they do, with YNAB, they can input how much money should go into your different categories, including expenses, goals, and savings. The app is cross-platform, with a seamless experience on mobile, desktop, iPad, and Apple Watch. You can even sync it with Alexa.
This hands-on approach encourages users to become more intentional with their finances, so it’s a good one to learn and become more disciplined with expenses.?
The turn-offs:
YNAB requires a strong commitment to keep up with finances, so only users proactive in planning are likely to use it long-term. The cost can make one reconsider, too: compared to other apps on our list, YNAB is pretty expensive, with $14.99 per month or $99 per year. But a free trial is there, and students get a free year of use.
Ramsey Solutions ’ EveryDollar
Zero-based and simple budgeting
Simple and effective, EveryDollar provides a zero-based budgeting framework that makes personal finance and business budget management a breeze.
Why it’s popular:
With the free version of EveryDollar, you can easily input your income and expenses manually throughout the month. The app also lets you categorize your budget and set reminders for bill payments. The premium version includes all of these features, plus the ability to sync with your bank account for automatic transaction updates. EveryDollar also provides custom reports and recommendations based on your spending habits.
The turn-offs:
Although the basic version of EveryDollar is free, the premium version is quite expensive. Additionally, the app’s website doesn’t offer many resources to help users understand how to use the app effectively. Finally, the app’s overall rating on Google Play has decreased from 4 to 3.5 stars in recent months, which is surprising given the app’s functionality.
Investment apps
Affordable and easy investment with a pinch of cryptocurrency
Stash is an investment and mobile banking app offering users various investment options, educational resources, and personalized recommendations. It stands out for its fractional share feature, low fees, goal-setting tools, and transaction security.
Why it’s popular:
With Stash, users can buy fractional shares of stocks and ETFs. You can choose from various investment options, including individual stocks, ETFs, crypto, and mutual funds.
Automatic investment and goal-setting help users save and invest regularly, while personalized portfolios tailor the experience to their needs.?
All of this comes with quite a low monthly fee based on the value of assets under management, with no additional transaction fees or commissions. A free trial is also there.
The turn-offs:
Limited research tools and no tax-loss harvesting can be a no-go for many investors. Also, Stash doesn't support as many account types as some other investment apps, such as retirement accounts.
New word in investing, served gamified and commission-free?
Investr is an app designed to provide beginning investors a fun and gamified way to learn about investing. It combines a fantasy stock game, access to other investors' opinions, and the ability to invest in stocks, crypto, and ETFs commission-free with a minimum investment of $5.
Why it’s popular:
How can a fantasy investment game not be popular? In the app’s fiction world, users get $1 million in virtual money to invest, and the month's top performers receive real cash prizes. Investr also welcomes would-be investors to the community and meets their need for ideas with a discovery feed.?
The whole experience is commission-free. On top of that, opening an account with $100 wins new users $30 worth of Bitcoin. The basic version is free, while Invstr Pro bills $3.99 monthly.
The turn-offs:
Investr offers fewer educational resources compared to other investing apps. Investment options are limited, too: stocks, crypto, and ETFs only. But after all, it’s a beginner-oriented app.
Complete investment suites, for beginners and pros
TD Ameritrade offers two mobile apps. One is geared toward beginner traders, and the other is designed for more advanced traders. The standard TD Ameritrade app allows you to access stocks, futures trading, various accounts, and basic charting and alert tools. On the other hand, the Thinkorswim app for pros offers advanced trading capabilities such as multi-leg options, futures, forex, and 24/5 trading.?
Why it’s popular:
Both apps allow for seamless account linking and fund transfer between accounts. The platforms also offer a vast array of educational resources, including webinars and market analysis, which can be incredibly helpful for new traders.
The turn-offs:
TD Ameritrade's user interface may not be the most intuitive, especially for beginners. Also, TD Ameritrade's commission fees can be biting compared to some of its competitors.
While the company offers commission-free trading on stocks, ETFs, and options, other services like mutual funds and bonds come with additional fees.
Taking the best from the leaders
Every company on the list has much to learn from in terms of features, user experience, and more. But the competitive advantage comes from uniqueness.?
Translating inspiration into efficient and tailored software is easier with an experienced tech partner. At INSART, we have decades of experience developing Fintech solutions. If you're looking for a vendor to build or scale up your offering, schedule a free consultation with us.?
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