In the present era, everyone is busy in their work and thus finds it difficult to manage and take control over their funds and finance in order to determine the monthly expenses and budget. In order to avoid the time-consuming task of managing the budget, people started using personal finance app that allows them to manage their multiple accounts on one platform in one single view.
These apps manage all the tasks like paying bills, tracking accounts, creating budgets, send suggestions to customers, sending alerts to pay bills and provides a personalized view. The availability of mobile applications to consumers is a key trend in the personal finance app market.
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The increasing penetration of smartphones, growing number of internet users and digitalization have elevated the demand for personal finance app in the market. Due to the benefits offered like quick payments of bills, tracking of multiple account finance, the convenience of customers, rise in need of advanced financial tools, increasing demand for low-cost products and shifting of few banks to online transaction mode have created a boost in the personal finance app market.
In order to manage the accounts over personal finance app, customers need to daily update these applications. Also, people have a lot of security issues with the applications and thus avoid sharing the personal account details on the application. Such factors are declining the growth of personal finance app market.
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Personal Finance App: Segmentation
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The key players in the market are Intuit, Inc., Personal Capital Corporation, Lampo Licensing, LLC., You Need a Budget, Wally Yachts S.A., Acorns Grow, Inc., Robinhood Financial, LLC, Capital One Financial Corporation, Wealthfront Inc. and Credit Karma, Inc.
North America is expected to the largest market of Personal Finance Apps. The majority of Personal Finance App vendors such as Personal Capital Corporation, Credit Karma, Inc. and, Lampo Licensing, LLC. are based in North America region. This is attributed to the significant adoption of smartphones in the region. Several other companies like Wally Yachts S.A. are also expanding their offering in Europe region thus the Personal Finance App market in this region is also anticipated to grow.
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