The increase in smartphone adoption has driven forward several previously bricks-and-mortar sectors. Tasks that previously required doing lots of research, setting an in-person meeting, attending meetings, and then making a decision, can all now be done via mobile with a few swipes of the thumb.
There are some 3 billion smartphone users in the world and 52% of the world’s population uses the internet. This means the market for creating easily accessible online finance tools is becoming more of a necessity. But as a consumer, how can you manage your finances from your phone? There is an increasing number of online apps and in-browser tools available for you to utilise that both make your life easier and can offer you better deals.
Online savings accounts
The popularity of online savings accounts has increased in the last few years. As we continue moving away from a cash-based society, more customers are looking to place their savings in high-yield online accounts. As they do not exist in physical-form, overheads are lower meaning many sites can offer competitive interest rates and perks.
Users simply transfer money from their current account wherever it may be, into the online savings account, and leave it there to accrue interest. These types of accounts can offer higher interest rates, better accessibility, and lower periodic fees. Furthermore, they are secured via biometric information such as fingerprint, iris scan, and facial recognition technology.
Online mortgages
Buying a house is a complex process and researching your mortgage options can be time-consuming and overwhelming. It involved looking at everything each provider has to offer, speaking with brokers, negotiating with providers, and then deciding based on that.
Thankfully, now, times are simpler. An online mortgage calculator such as the one from Trussle can compare all the offers available from a range of providers and suggest suitable options based on your criteria. This significantly reduces the amount of labour required if you were to do this manually. Other benefits of using these mobile-based services include getting visibility of deals you may not have seen otherwise and saved significant amounts of time. Furthermore, sites like this act as a hub answering any relevant questions you may have on this topic
Online current accounts
The last few years have seen a boom in the number of online banking solutions, particularly in the form of applications. These apps issue debit cards, exchange currency, allow the opening of additional accounts, and give the account holder full control over their money.
They can set up direct orders, execute transfers, get paid, and even change their pin from right there in the app. Typically, fees for transfers, usage, card issuance and ATM withdrawals are significantly lower than conventional apps, therefore making them attractive to users. These apps are now so popular that conventional banks are having to move quickly to replicate the level of service offered to compete with these new entities.
As mobile usage increases along with the demand to do things remotely, we can expect to see more and more services being offered in this way. Loan applications, trading and investing, and exchanging have already made their way onto our mobiles, what will be next?
