Innovative Apps with Cool Use Cases

This blog has talked at length about all the amazing use cases of open banking, many of which have yet to be realised. At its core open banking is all about data sharing, account aggregation and simplified payment processing, meaning easier and cheaper money management for both businesses and individuals. The PSD2 EU directive which spurred the whole initiative has enabled a vibrant fintech world to flourish and offer solutions around the main principles of open banking. However, the potential for open banking is vast with new ideas and cutting-edge apps launching in niche areas all the time. Here are a few interesting apps we came across recently.

Bippit helps consumers get a handle on their finances and take the stress out of whatever situation they find themselves in. What’s interesting is that it’s a B2B product which employers buy on behalf of their employees, the theory being that individuals waste a lot of time worrying about their personal finances rather than being productive at work. Because it’s powered by open banking, employees can see all their bank accounts in one place, allow the app to analyse their spending habits and let it help them set financial goals. There’s also one-to-one coaching available, matching each employee to a money management mentor. Employers can stand out from their competitors by offering a useful perk to their teams, as well as benefiting from lower stress levels amongst their employees. At the same time, the individuals using the app can create and get help with financial plans that make sense.

Snoop is a clever app with multiple tools all in one place. It helps individuals and families save money by monitoring their bills and recommending other suppliers. For example if a household has a high energy bill and Snoop finds a cheaper provider, it will make a recommendation and also help them to switch over within the app. For annual bills such as insurance renewals, it reminds the family with plenty of notice so that they have time to research other suppliers and change over if they want to. Snoop also looks for anomalies in bills by comparing them to past months and recommends discounts and vouchers it finds online that are suitable for the family depending on their spending patterns. It also checks credit card fees to make sure a family isn’t spending more than they should. The aim of Snoop is to save a household around £1,500 per year. 

Moneybox helps its UK-based users make savings by rounding up purchases to the nearest pound. An account can be opened with just £1 and there are many different types available. The money saved can then be invested in one of three categories, cautious, balanced and adventurous. Investment portfolios are normally seen as beyond the reach of the average person especially since most companies require thousands to be deposited to get started. Moneybox democratises this world allowing anyone to invest their spare change, using terminology that’s accessible without prior training and giving free information on its blog. Moneybox also gives its users rewards based on their spending at partner retailers. For consumers that want to plan for their financial future, the Moneybox Time Machine helps them do just that. 

It’s great to see all these fintech companies joining the marketplace. No longer do consumers need to wait days to see their balance update after making a purchase, or log in to multiple websites and apps to see their finances or save thousands of pounds to make an investment. This new financial infrastructure is flexible, fast and makes finances fun. 

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