Your Money Manager & Budget Planner
With nothing being permanent in this world, it's always good to have a back-up plan ready. The same applies to income and investments. Dreamhouse, education, taxes, weddings, health emergencies, everyday expenditures, and future investments can barely be met well without proper planning. Financial planning is a systematic approach to achieve one's life goal. It's a holistic approach towards finances that increases one's savings and standard of living along with being prepared for emergencies. But, during stressful times such as Covid-19, this can be an overwhelming task.
Now, the question arises- how to have one? With the advancement of technologies, you might have a planner right in your smartphone. Yes, we are talking about Planning apps, also called
Budget apps. Let's have a look.
Apps in Financial Planning
Humans are a highly intelligent species, and no matter what generation of technology you use, it will never beat the human brain. The same theory holds for the financial planning sector. Every app that you develop for this sector will have advanced logic and will always take practical decisions. On the other hand, the human brain has a future vision that enables it to analyze the situation, assess the risk, and sometimes go out of the logical ways to achieve better results. You see, technology lacks the basic instincts and the guts of a living being.
For the applications, the whole market that you see as people, goods, and other stuff, is just a game of 0 and 1. If they find anything correct, it's true, and if it's slightly deviated, it's false irrespective of the deviation. They will always choose what seems profitable under the present condition and not the one that can earn better results in a few years.
Human's advanced intellectuals establish them as superior over the application or software that you will find in the market. However, that doesn't mean you should not use the application. They may not be as sharp as your brain, but they can present pretty good results in some cases. The apps are also great in saving a lot of time and keeping data organized.
Thanks to the growing innovation and mobile technology, today, there are plenty of financial planning and management applications in the market. These apps help people get rid of financial stress, save for emergencies, and so on. And that too, without sitting next to a balance sheet. They are enabling people to make harmony between their income and spending with just a few taps.
Because of these benefits, the download rate of personal finance management apps is increasing exponentially, especially during the Coronavirus outbreak. The global personal finance management market is poised to be valued USD 1.213 Bn by the year 2023, growing with a CAGR of 6.40% between 2017-2023.
If you are still sitting with a calculator and notebook to calculate the bills and plan how to manage your finances, this article will help you find the best digital financial companion for you.
3 Mobile Apps to Trust for Your Personal Finance Planning Needs
Mint is a well-known online personal finance app designed by Intuit. Available on both iPad, Android, and Windows mobile devices, the application gives you a clear and comprehensive overview of your financial situation.
It offers ample features and functionalities such as transaction tracking, budgeting, bill reminders, credit score tracking, spending categorization, and even saving for the future.
What's more, the platform avails personalized tips and advice daily to ensure a better financial state.
If you love to travel across the globe or are into a profession that demands regular traveling, this is the right application to use.
Available on Web, Android, iOS, and Windows, this financial app avails the option to manage expenses, automate the process, scan receipts, gather reports from colleagues, track time, and much more.
Meaning, you need not feed all the bills and expenses on your own. You can click a picture of your receipt and scan via the application, where it will be fed the values automatically.
This is yet another budget tracking application to download and use. The app comes loaded with high-end design elements and provides features like tracking income, analyzing your financial habits, and maintaining your budget.
Artificial Intelligence is playing a significant role in the advancement of technologies, and the same goes with the Budget apps. But are they capable of beating human IFAs (Integrated Financial Advisors)
AI and Financial Planning Apps: What Happens When They Merge?
AI and its sub-technologies are quite popular in the market for mimicking human nature, including understanding their emotions. With this power, it is adding a complete range of new features and functionalities into the financial planning of mobile apps. Some of them are as follows.
As already mentioned, AI technology can understand human behavior and respond accordingly. Because of this, AI-powered personal finance management apps can offer personalized solutions to a targeted user base.
2. Credit Scoring
Though credit scoring is done manually, it is a tiresome and error-prone task. However, when AI is introduced to the financial applications, the process gets accelerated, more efficient, and error-free since the technology avails the opportunity to gather and analyze heaps of data across the globe.
3. Quantitative Trading
As the name states, this type of market strategy will enable users to research and analyze data via mathematical and statistical models to unleash new opportunities. The process requires a high amount of computational power, and because of this, it is exclusively handled by large financial advisors and investors only.
However, with the amalgamation of AI technology and budget managing apps, it has been much easier for many more individual traders to get involved in this process and relish higher perks.
Last but not least, Predictive analytics - one of the AI sub-technologies - also helps with analyzing the real-time data and uses the insights gained for forecasting the future of the market.
As we have discussed in this article, financial planning apps are making a massive difference in the lives of everyday users. And, in the coming years, they will be able to bring more disrupting changes in the economy by introducing the power of cutting-edge technologies like AI into the environment. It is enough to conclude that using these apps can give you an escape from finance-related stress, and thus, you must look forward to downloading and using them.