Open banking and artificial intelligence have fuelled a huge drive towards innovation in the financial services sector. The way people are able manage their everyday finances in the UK has undergone a massive overhaul. This doesn’t mean everyone is taking the opportunity to change the way they monitor their spending, save money and invest, but it does mean there are now a wide variety of apps at their disposal. Here are some of the best free ones accessible in the UK. We’ll take a look at the paid ones later. Curve enables users to aggregate all their bank accounts and cards in one place and make contactless payments via the app with their phone’s digital wallet. It’s compatible with Apple Pay, Google Pay and Samsung Pay. Curve helps customers to track their spending in different categories, set budgets and even switch past payments to different accounts. It also gives a good exchange rate without fees when travelling abroad.
Chip connects to a user’s bank account, tracks their expenses and uses artificial intelligence to see what they can afford to save. It then transfers this amount to a separate Chip account. The amount varies every few days depending on the customer’s spending habits. It also gives users the opportunity to set different simultaneous savings goals such as a holiday and a car. Manual transfers can also be made and if the customer wants to transfer the money back to their bank account, they can do at any time at no charge. Emma helps users track their spending across all their accounts, create budgets and cancel wasteful subscriptions. Customers can also get insights from the app itself. For example, if they are spending too much for their current pay period it will let them know. Emma is marketed as ‘your best financial friend,’ using plain and supportive language to help consumers get the most out of their money.
Yolt connects all a user’s bank accounts and cards in one place helping them get a full overview of their financial health. It helps customers track their spending in different categories and make daily, weekly and months budgets. Yolt can also give insights into wasteful spending and help users make small, easy savings by rounding up their purchases. Money Dashboard is another budgeting app which works across all devices. As well as helping users to keep on top of their bills and spending patterns, Money Dashboard gives them the option to forecast their balances based on different scenarios and then make a plan accordingly. These apps are free and are designed to help users save money. They are also secure and user-friendly. At the moment their only hurdle to gaining customers is brand awareness and education on open banking. In the future competition will also be a factor so now’s the time to gain ground.
Pay iO’s articles do not constitute financial advice and are for information only.