6 Open Banking Apps to Help You Manage Your Personal Finances

Open banking has created a whole new approach to personal finance, with apps regularly being released which help consumers manage their money. There’s a lot of buzz around some of the most innovative ones. Here are six of the most hyped apps.

Vulnerable people are at risk of falling victim to financial fraud with £1.2bn being lost in the UK each year as a result of this. Kalgera helps families and friends to look for suspicious activity in a  vulnerable persons account without exposing any account details. This ensures they are protected without losing their financial freedom. This collaborative approach to financial management can also be seen with Toucan. The app helps people to communicate their issues with money by sending alerts to someone they trust. They can customise these alerts depending on the problem they would like to flag. For example they might want to share when the balance in an account falls too low.

Budgeting made easy is a key benefit of many of the other apps on the market. Wagestream gives employees the option to ‘stream their wages,’ meaning they have access to what they have earned as soon as they have earned it. Employers need to be on board for this one to work. It’s advantageous for employees who want to have more control over their budget and salary. For employers, employee engagement is becoming increasingly important. The more flexibility they can offer, the better, and the way they pay salaries is one area where they can stand out from their competitors. Moneybox helps consumers to round up the amount spent on a purchase, saving the difference. This passive and incremental approach to saving money makes it easier for individuals who have low wages or struggle with putting money away. They also have the option to invest their savings into a fund straight from the app.

Cleo is a fun and engaging app which has an AI giving consumers financial tips and advice, as well as offering competitions to help consumers win money. Cleo monitors its users’ spending and saving habits and helps them get the most out of their budget. Another app offering advice is Emma. It helps consumers to cancel subscriptions they are barely using and to manage their budget around payday. The Emma community gives consumers the option to discuss their financial issues and advice with their peers. One of the most interesting things about some of the apps here is the collective approach to finance. Money is no longer a taboo subject, with people willing to communicate more about it in order to get the best deals and the right help.

Pay iO’s articles do not constitute financial advice and are for information only.