4 fintechs fighting the cost-of-living crisis
Around the globe, millions are feeling the pinch as the cost-of-living crisis continues. The biggest fall in living standards since records began is forecast in the UK, while inflation rates are starting to cool after a tumultuous year across the pond.
Financial education and good money management have never been so important. Luckily, a number of fintechs are dedicated to improving people’s financial health.
Let’s take a look at some of our favourites.
Formerly known as Truebill, Rocket Money agrees that ‘managing money is hard’ and empowers users to ‘take back control of your financial life’. With a raft of great features, from subscription management to spending insights to credit scores, the app is well-placed to help customers do exactly that.
It couldn’t be easier to create a budget. In just three short steps, users can enter monthly income and bills and get started. Aggregating all outgoings in this way gives users a complete picture of their financial health, and makes it easier to keep track of disposable income.
The interface is bright, intuitive and engaging, taking the sting out of potentially anxiety-inducing tasks. Being able to not only view but cancel bills from a single dashboard is exactly the sort of functionality PFM tools should include to help tackle expenditure. It all adds up to a quick, easy and enjoyable experience. With the measures taken to reduce anxiety, Rocket Money has definitely thought long and hard about making sure their design is inclusive.
At the time of writing, Rocket Money has saved more than $245m for its 3.4m+ customers, including over $155m in cancelled subscriptions. It’s not hard to see why.
Next up is UK-based budgeting app Snoop. Among its suite of attractive features, customers can link all their bank accounts together under one roof, courtesy of Open Banking, and use switching services to compare and potentially save on bills. It’s geared towards helping Brits navigate the coming months with inflation set to soar.
In the GIF above, it’s easy to see why Snoop claimed the Innovation of the Year award at the British Bank Awards last year. Users are guided through the steps by the brand avatar, a quirky cartoon robot, with clearly detailed steps. The copy is simple and easy to follow, with enough friction to give customers pause for thought.
When energy prices start to climb, Snoop looks like a good friend to have in your corner.
Dave is on a mission to ‘build products that level the financial playing field’. With a focus on ‘outsmart[ing] overdrafts’, the fintech hopes to reduce reliance on incumbent banks and create a more equitable financial future for everyone.
One way they aim to do this is through ‘ExtraCash’. Users can get spotted up to $500 ahead of their next paycheck, with no interest, credit checks or late fees. The process is easy enough. Simply select ‘Get cash now’ to bring up an inviting green interface with a parachuting dollar animation. While this might seem like an unnecessary flourish, it serves to put some users at ease (an important consideration shared amongst the best finance apps) - no one should feel shame about requesting an advance.
Dave’s ‘arm around the shoulder’ approach to UX is the breath of fresh air that consumers have been crying out for.
Last (but by no means least) we have UK savings and investment app Chip. Chip helps users ‘build [their] long-term wealth’ by investing in diversified funds and savings accounts. With over half a million customers, the fintech is definitely one to keep an eye on – especially with such attractive rates on instant access accounts. Another thing separating Chip from the crowd is its alternative assets investment feature. With it, users can buy fractional shares in things like wine and art, empowering them to make inflation hedges that were previously exclusive to the wealthy.
Chip’s top-of-the-line visual design is on show as soon as users log into their account to view their balance. Deposit and withdrawal activity is presented in a feed, with clear categorisation and a striking neon graph that dynamically tracks investment performance.
The attractive UI and intuitive controls mark this out as a great download for users looking for the confidence to dip their toes into the world of savings and investment.
Money management made easy
The current global economic outlook is far from positive, but these apps are a great way for people to get a full picture of their finances, avoid unnecessary expenses and prepare for the future. For these user journeys and thousands more, head to our competitor benchmarking platform 11:FS Pulse.
The 11:FS Pulse report 2023
Every year, we take a look back at the best user journeys from across financial services and predict the trends that will shape the next 12 months. Sign up now and be the first to read the newest edition in early 2023.Sign up