As mobile phones become the one-stop-catalogue of apps that cater to most of our needs from accommodation booking to hailing cabs and shopping, it was only a matter of time before financial management apps evolved to keep track of how much we’re spending.
At a recent event, Liz Oakes of KPMG said that millennials are driving FinTech change, which includes how people manage their finances. She said that they are massively in debt and plan to be in debt even more. They spend more money online than any other generation despite having less income. These attitudes, she says, will lead to a rise of digital services that offer finance management solutions.
And since 85 per cent of millennials have smartphones, it would not be surprising if many of these finance management solutions came packaged in the form of mobile apps.
This is echoed by recent research from BBVA’s Innovation Centre, which found 46 per cent of people under the age of 30 use a personal finance management tool.
The rest of the data is broken down in the infographic below.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.