Can Your Smartphone Really Handle All Your Finances?

Can Your Smartphone Really Handle All Your Finances?
July 06 11:30 2016 Print This Article

(BBC) – Would you be prepared to manage all your finances through your smartphone?

This is the hope of many financial technology – fintech – start-ups aiming to transform our money management habits.

They think we now trust our mobile technology enough to carry out banking, money transfers, investments and loan applications without ever stepping into a bank branch or writing a cheque.

But are they right?

One start-up is going a step further, bringing many financial services together onto one app so that you have complete visibility of all your cash transactions in one place.

The app, called Bud, has been developed by 26-year-old Ed Maslaveckas. He says: “Many people simply don’t have the time or expertise to track down the apps that can help them manage their money.

“So we’ve created an independent, universal banking app for my generation and anyone else who wants to make their money work harder for them.”

As well as several mainstream banks, many other fintech firms have joined Bud, including global “send and spend” money app Revolut, peer-to-peer money transfer firm CurrencyFair, and crowd-investment platform Crowdcube.

The idea is that customers will be able to aggregate all their bank and credit card accounts into one place and switch money between them quickly and easily, as well as make payments to other people at the click of a button.

“The Bud app fits into a wider trend in the market as banks battle it out to make their online services as effortless as possible,” says John Rakowski, director of technology strategy at AppDynamics.

“As consumers become increasingly used to intuitive tools such as Siri and Google Now… the idea of using multiple apps to do their banking is becoming outdated.”

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