Three popular financial mobile apps: Mint, PocketMoney and Pageonce
It’s not unusual to find Ryan Hamilton reviewing
his credit card balances while waiting in the supermarket checkout line. That information will dictate
which credit card he swipes a few minutes later.
Hamilton’s pockets are not stu;ed with paper bank
statements, though. Instead, he relies on an i Phone
application developed by Mint. The free mobile
software enables users to categorize their balances
and transactions and to view graphs of their spending habits, income and net worth.
make it possible for
me to constantly
be aware of what’s
going on in my
financial life,” says
who works as a
“And during an
turn like the one
Mint is just one of the many innovative applica-
tions that enable smart-phone users to track their
outgoing and incoming money while also watching
their kids’ soccer practice or waiting for meetings
to start. In addition to Mint, popular apps such as
Pageonce, Home Budget and PocketMoney pres-
ent the big picture on multiple accounts, including
savings, checking, credit cards and investments.
Useful features vary, but examples include text
reminders when bills are due as well as the ability
to configure recurring transactions. The software
also helps users budget by tracking purchases—so,
In an e;ort to di;erentiate themselves in a crowded
marketplace, banks are investing heavily in developing their
own apps, says Steve Ellis, a partner with Change Sciences
Group in New York.
Hamilton says that mobile apps have replaced his interactions with both tellers and ATMs.
“If I’m taking out a mortgage, of course I want to meet
with the broker and shake hands,” Hamilton says. “But for
everyday transactions, I love using my iPhone.” Hamilton
even deposits checks by snapping a photo with the device.
“I can grab the check from my mailbox and, literally, min-
utes later it’s deposited in my account.”
Although security is always an issue, data encryption and
user authentication both help ensure the safety of mobile
transactions, Ellis says. Nevertheless, he cautions, it’s a bad
idea to store passwords on smart phones, just in case they get
left behind. —Gwen Scha;er
market checkout line. That information will dictate
in a crowded
their own apps.
Mobile apps make it easy to keep
track of personal finances on the go