A few weeks ago I had the pleasure of attending the CO-OP THINK conference in New York City. The conference was all about credit unions and this year’s theme was “digital transformation.”
In many of the sessions, we talked about digital disruption and what companies need to do to stay relevant.
Time and time again we heard about how companies like Uber and AirBnB are taking over and disrupting industries. In fact, one staggering statistic from one of the sessions noted that many of the business models in place today will not be around in five years — or will be something else completely.
Talk about disruption.
The same thing is happening in financial services. Why? Because the old model no longer works. Millennials have an inherent distrust for traditional financial services, especially in a post-Great Recession world.
We want convenience, accessibility, and transparency. Luckily, there are several financial technology companies out there that are bridging the gap and turning financial services on its head.
Here are 5 FinTech apps disrupting financial services right now. (Please note, this post contains affiliate links but all of my opinions are my own.)
1. Tiller
Have you ever struggled with budgeting or tracking your money? Tiller budget spreadsheets might be the answer for you. Named 2017 Best Budgeting Service by FinTech Breakthrough, the service easily syncs your bank transactions into a Google Sheet (where my spreadsheet nerds at?) You can use one of their templates or create your own. The cool part is you also get daily emails about your transactions as well as your balances, so you can easily stay on top of your money.
The cost is $5 per month — or one latte per month. There’s no risk though as you can try it free for 30 days. Interested? Sign up here.
2. AutoGravity
You’re in need of a new car and you want to know your financing options. The last thing you want to do is walk into a bank or a dealership, running around town trying to find the best rate.
What if you could know your financing options before ever setting foot into a dealership? Using AutoGravity, you can. AutoGravity was one of the Best of Show winners at Finovate Fall 16 and helps consumers get transparent information about their financing options.
Using your smartphone, you can see what offers are available and have control over your auto financing. Check it out on your mobile phone or on their website.
3. Debitize
Do you want the convenience and security of a credit card — but want to stay out of debt? Debitize can help. Debitize deducts the amount of your credit card purchases from your checking account each day and pays the credit card bill at the end of the month. Essentially, you can still use your credit card but have it act like a debit card by deducting purchases from your account. The best part? It’s absolutely free.
4. Chime
There is almost nothing I hate more in life than paying unnecessary fees. Just, why?! That’s why I’m flummoxed why some people pay banking fees. Again, why?
If you want to avoid banking fees, I’d say look for a credit union or an online bank. One of the best online banks making a splash is Chime. There are no monthly fees or minimums, no overdraft fees and more. I also really dig their Automatic Savings program, too. They round up each purchase you make with your Chime card and put it in your savings account. Bonus: You get a 10 percent weekly bonus on the roundups. Using Chime, you can also get daily balance updates so you know where you’re at with your money.
If you sign-up before June 30, you’ll get a $5 deposit upon opening an account.
5. Empower
Do you ever feel overwhelmed by all of your financial accounts and trying to keep track of it all? Using Empower, a new money management app, you can keep tabs on your spending, categorize your expenses, set savings and spending targets, and transfer your money.
The beauty of Empower is it’s all on mobile, making managing your money a breeze. Currently, it’s only available for iOS users but they’re working on an Android app too. Also, it’s free!
Bottom line
As a personal finance writer, I have to say I’m excited to see this shift in financial services. There are more apps and services that cater to consumers’ needs and offer convenient and accessible products.
Have you tried any of these apps? If not, which ones are you excited to try? Any other favorite apps you want to share?
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2 comments
Wow! I haven’t tried any of these apps but I do wonder if they are available outside the US as I can’t seem to find most of them. Debitize sound really cool and empowering; I believe it will be a game changer.
Absolutely love Tiller Money! So glad you are spotlighting it!