Apps Are Taking Control of Personal Assets

It is estimated that there are more than two and a half million applications available for Android devices via the Google Play Store. It is also estimated that a lower but still considerable number of nearly two million apps are available on the App Store for Apple devices. Apps now form an increasingly important part of our daily lives.

These days, we install, use and interact with mobile apps as naturally as eating, sleeping or breathing, and it’s hard to find a part of our daily lives that there isn’t an app for. Whilst financial apps are hardly new on the market, their use has grown exponentially since the beginning of the pandemic and the resulting confinement measures.

With people staying at home, working from home and adopting social distancing measures, a large percentage of the population has been pulled out of their comfort zone, where the majority of users limited their banking operations to the cash machine or branch offices as they tried to keep their household budgets in order.

The COVID-19 pandemic has turned this completely on its head and changed priorities. Where digital and mobile banking was once seen as convenient for banks, today it has become increasingly convenient for the customer, who can not only manage transactions more easily and efficiently but also choose from a whole range of neobanks and affiliated companies for better control of their finances.

The apps were already there; they just needed a stimulus to take off. And despite all the negative consequences, a stimulus was there. Today, we present a new infographic to show the extent to which consumers are opting for these new ways of banking, with data taken from a recent customer survey in the United Kingdom which has valid conclusions for other markets.

Apps are now taking control of savings and the management of personal assets.