Under Coronavirus Restrictions, Consumers Turn to Fintech

Under Coronavirus Restrictions, Consumers Turn to Fintech

Since the beginning of the global coronavirus crisis, more people have been turning to fintech apps to manage their accounts and investments, leading the Financial Times to characterize the first quarter of 2020 as a “fintech feeding frenzy.” The most downloaded fintech app in February was Google Pay, which experienced 15.6 million installs, doubling the downloads it saw in February of 2019. The second most installed fintech app worldwide was PhonePE with over 6 million downloads: an increase of 39.5 percent from February of 2019.

This spike in downloads has propelled user adoption to unexpected highs, signaling that fintech apps will remain highly popular after the crisis has been brought under control and life returns to some level of normalcy.

 

So, who are the big winners in fintech right now? This is our list of the 5 most popular and practical fintech apps on the market today.

 

Mint

Mint is a financial tracker app that helps its users manage their money. It tracks activity on its user’s credit cards, bank accounts, investments, and bills. Mint saves its users time and money with powerful accounting tools and a clean UI/UX that offers colorful charts and easy-to-understand summaries.

 

 

Robinhood Crypto

This mobile app gives its users the chance to invest in stocks and cryptocurrencies on the go. Robinhood’s technology cuts down on costs by offering no-commission trading. Users can track and understand their portfolios with the help of colorful infographics, and take advantage of new opportunities using real-time market data.

TransferWise

Transferwise has been busy revolutionizing the way money is transferred for the past few years. With Transferwise, it is possible to send money across different currencies without paying the outrageous fees banks impose. The app handles 28 currencies and, on average, is 8 times cheaper to use than traditional banks.

 

 

Revolut

While Revolut doesn’t yet have the hundreds of thousands of downloads that Mint or Robinhood has experienced, it’s an important example of the way neobanks are changing the banking landscape worldwide. Revolut is a digital bank that offers free accounts without the inconvenience of dealing with physical branches and allows its users to enjoy services that traditional banks do not offer, such as the ability to transfer money abroad in over 150 currencies without excessive fees. The app even allows you to buy and sell cryptocurrency, which puts it in a category all its own.

 

Coinbase

The Coinbase app tracks cryptocurrency trends in real-time, allowing its users to securely purchase, hold, and sell crypto. With insured storage, over 30 million users served, and over $150 billion worth of cryptocurrency exchanged, Coinbase has proven its worth.

 

Is your organization developing the next great fintech app? Are you looking for ways to incorporate fintech or eCommerce mobile technology to enhance the experience of your users? Feel free to call, or contact us. Our EndPoint Modeling workshops help you to define your vision, earn shareholder approval, and build a clickable prototype to further your funding goals.

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