What are the best fintech apps?

4 months ago
What are the best fintech apps? Image

Not long ago, the idea that a financial customer preferred to never speak with a human being seemed questionable. But today, both tech-savvy startups and traditional financial institutions have fully embraced it. We’re talking about fintech, which has rapidly integrated into daily life—so much so that a trip to the bank, for example, can feel like going to the principal’s office.

Fintech apps are innovating at such an unprecedented pace that it can be hard to keep up with. Advancing tech in day-to-day finance means applying everything from cloud-based computing to AI to create increasingly digital financial experiences. With consumers hungry for digital options, it’s become a very crowded marketplace. 

We’re looking for the cut above the rest. Not every fintech app can stand out as being one that both transforms user experiences and helps improve people’s lives (the kind of fintech app we like to build). In this article, we’ve selected the top 5 best fintech apps we admire. In no particular order, here’s the list.

Best Fintech App for Banking & Investment: Betterment

Betterment is the biggest independent digital investment advisor in the US and a smart money manager. Betterment serves one purpose: to help you make the most of your money. A low-cost, automated investment service combined with an easy-to-use interface, Betterment’s mission is to make investing accessible to everyone. And while Betterment serves every financial need from checking to investing, cash reserve, and retirement, key features we admire are its socially responsible investment capabilities.

Do you want to impact climate change or social issues? With Betterment, you choose how your money will make an impact. Portfolios make it easy for you to invest in alignment with your values. You can support companies that: 

  • Impact climate change through lower carbon emissions and green projects
  • Impact society through working toward minority empowerment ($NACP) and gender diversity ($SHE)
  • Impact the world more broadly through exchange-traded funds that consider all environmental, social, and corporate governance elements like lower carbon emissions, ethical labor management, and greater board diversity

In AltFi’s interview with Betterment CEO, Sarah Levy, Levy says, “Fintech is well known for being more male and more white.” Clearly, Betterment is making inroads with the launch of an industry-wide Fintech Equality Coalition addressing that and its own platform’s portfolios targeted toward minority empowerment and gender diversity.

Best Fintech App for Insurance: Lemonade

If the insurance industry was ripe for disruption, Lemonade found the fruit. Powered by tech and driven by social good, Lemonade offers many flavors of insurance that you can buy using bots—not brokers. Anyone can be insured including rentals, homes, cars, pets, and people (term life).

Want to reverse the traditional insurance model? Lemonade is an insurer that treats your money like it’s yours. Eliminating the middle man and using a flat-fee model means that after paying claims, Lemonade can give back to causes you care about.

How does Lemonade’s giveback program work? When you get a Lemonade policy, you choose a nonprofit you care about. On an annual basis, Lemonade gives back up to 40% of that unclaimed money from policyholders who chose that cause to the nonprofit. According to Lemonade, in 2021 the giveback totaled over $2 million dollars.

Lemonade is a Public Benefit Corporation and a Certified B-Corp. Award-winning, Lemonade has been named Best Renters Insurance by Forbes for hard-to-find coverage.

Best Fintech App for HR: Catch Benefits

The concept of how we work is changing with the rise of the gig economy, and yet the needs of gig workers are often overlooked. Catch Benefits aims to change that by leveraging the power of fintech to support human resources. 

Catch Benefits sells health insurance, retirement savings plans, and tax withholding directly to freelancers and contractors or anyone who is uncovered. The Catch Benefits app helps gig workers with withholding taxes, retirement planning, and health insurance, providing expert advice no matter how or how much income workers earn.

Because of the gap in health insurance for gig workers, we’re most impressed by this feature of the app. Catch Benefits contains health explorers that let gig workers compare plans from insurers. It’s the first of its kind to focus so heavily on freelancer benefits.

In speaking with Tearsheet, CEO Kristen Anderson says, “Our users tend to have complex income stories, and need an ability to automate their taxes, get their retirement in order, and most importantly, access that high quality health insurance that so many of us depend on here.” 

Best Fintech App for Families: Goalsetter

If parents are banking digitally, where are their children learning to balance a checkbook? Wealth is built up over generations, and so building the right habits early is an important lesson. 

Goalsetter is a financial literacy and planning platform, savings account, and debit card designed for users of all ages. The app’s mission is to get every family in America saving. Goalsetter provides families with tools to build up savings, setting it apart from the average saving app and offering more than a debit card designed for teens.

While the kid in all of us might groan to think we’d need to complete a financial quiz to get our allowance, Goalsetter’s educational features are centered around memes and gifs that keep kids entertained as they learn. And the social saving features mean that everyone in the family can contribute to big goals—parents and extended family can auto-save too.

Given all these great features, it’s not surprising that Goalsetter was a 2022 winner of the FinTech Breakthrough Award for “Best Personal Financial product.”

Best Fintech App for Women: Ellevest

Gender and equality are often discussed when it comes to pay. But how does gender impact investing? Using the latest fintech, the innovative Ellevest became the No. 1 investment app for women by recognizing gender in its investment algorithm.

Ellevest is a digital investment platform designed specifically for women. It creates customized investing plans based on personal goals, such as early retirement or starting a business. The app takes into account what impacts and matters to women, like longer life expectancy and salary peaks earlier in their careers.

According to Wallstreet veteran CEO Sally Krawcheck, in an interview with CNBC, “Whereas men feel empowered when it comes to money, women feel disempowered and feel scarcity and shame.” It’s humbling to think fintech can change that. At InspiringApps, we applaud apps that empower others: apps like Ellevest.

Concluding Thoughts: The Best Fintech Apps

There are so many fintech apps we could include on this list: apps like Acorns, Chime, Revolut, Mint, and Robinhood are popular and well-loved. We looked for apps that we admire for both their transformative impact and their ability to do good in the marketplace, and in fintech today, this could be a much longer list.

At InspiringApps, we also specialize in apps that transform and make an impact. Are you ready to build the next best fintech app? Check out our other resources on fintech below:

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We dedicated ourselves to building apps that functioned exceptionally well in those early years. Fifteen years in, we’re proud that “Finish line every time” is our InspiringApps guarantee. Better Together: Award-Winning Partnerships The next several years (2013-2018) marked another period of expansion through incredible client and team collaboration. For everyone at InspiringApps, enterprise app development became a matter of good stewardship. We built a culture where we could design and develop amazing digital products together, adding design as a core element of our services that makes our development stand out. And in the years that followed, we were honored to be considered an award-winning app development agency on an international scale. In 2015, the retail merchandising app we created for SmartWool was named the winner of the Tabby Award/Business in the iPad App: Data Access & Collection category. 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Nonprofit Apps

How To Build a Successful Nonprofit App

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Avoid Clutter Creativity is encouraged, but clarity reigns. Instead of cluttering your mobile application with too many design elements, try to keep it simple and readable. Use Your Brand Choose bright, inviting colors and design elements that align with your brand’s message. Use a Dashboard A central dashboard helps the user stay oriented and motivated. It’s essential to keep it clean and effective. Include critical information here.  Visualize Data Visually display fundraising or other cause-related metrics that donors, supporters, and volunteers care about, like the money raised, hours donated, or meals packed. Follow the Leaders Google and Apple both have interface design resources. Following these best practices ensures you’ve put the proper thought and care into your mobile app development and design. 3. Collect and respond to feedback.  One key to success for any app lies in collecting and responding to user feedback. The benefits and use cases for feedback include: Determining How To Update Your Nonprofit App: Reviews are a great way to stay in touch with the ongoing desires of your user community. This is especially important for a nonprofit app, as it can help the organization fine-tune its offerings and make improvements.  Marketing Your App: The value of positive reviews is high in influencing how your mobile app ranks in search results on the app stores and in compelling others to take the risk to download your app.  Protecting Your Reputation: Collecting in-app feedback about bugs and usability problems can often help avert negative public posts by allowing you to quickly fix any issues.  Here are some best practices for managing feedback. Prompt for Reviews While some users will choose to leave feedback on their own, others benefit from being prompted. To increase the quality of the feedback, request reviews when users have already used and are familiar with your mobile app.  Respond to All Reviews Remember that users want to be heard. We recommend that you respond to all reviews, no matter how positive or negative they may be.  Represent Your Brand Responding to reviews is no different than interacting with users through social media, email, and discussion forums. Take care that you are thoughtful in your approach. Encourage Direct Outreach Nonprofits can provide a contact number or email address to encourage users to contact them directly and address unique concerns. 4. Keep your app updated.  You’ve developed your nonprofit app and released it to the world. Things are going great, and your charity is seeing the rewards of investing in nonprofit app development. But an outdated app usually isn’t a highly used one. How do you keep a user coming back? App updates are an integral part of the business plan for nonprofit organizations seeking to develop an app. Here are some factors that may inspire (or require) you to update your nonprofit app. Features & Improvements Even after you release your app, the user experience will continue to be the most important place to focus your time. Straightforward apps may hit the nail on the head at launch, but most apps go through a few iterations before they offer the desired experience.  Keep track of your app store rankings, download growth trends, and social signals in online mentions and reviews. In-app analytics can provide insights into how users progress through different locations and features within your app. Monitoring performance also helps to bring to light any issues that could be causing users to abandon your app.  Great app ratings and reviews come from a great user experience. Learn from your users’ feedback, and put that into regular updates with new features and improvements. Operating System Releases Many of our clients rightly ask whether an operating system (OS) update will impact the functionality of a native app they built on a previous OS. The answer is, generally, “It might!”  With a new OS release, it’s always wise for mobile app developers to review existing code. This way, you’ll ensure your app will work as well on the user’s mobile device as it did when it was first written.  For more information on the implications of an OS update, check out our article: How do OS updates impact apps? 5. Promote your nonprofit app.  Before your mobile app is launched, you’ll want to be ready to promote it through traditional and digital channels on the Apple App Store, Google Play, and beyond. While the methods for promoting your mobile app may vary, here are a few tried-and-true marketing strategies to connect people to your cause. Advertising & Content Marketing Getting the word out there is essential for nonprofits to ensure that people are aware of and using the app. Applying a tandem advertising and content marketing strategy is an excellent way to succeed here. Go beyond making a great first impression by marketing your nonprofit app to attract, engage, and exceed your users’ expectations. A Google Ad Grant can equip your nonprofit with up to $10,000 in free search advertising per month. With content marketing, you can make helpful and valuable content for potential users, drawing them to your website through articles, infographics, or videos that help your audience achieve their goals. You can develop content that will attract users to download your app and then use Google Analytics to optimize it for search rankings. For example, the Charity Miles app is a fundraising app that enables users to earn money for charity whenever they walk, run, or bike. The blog covers topics on employee engagement and success stories to attract potential user groups and sponsors.  Website Landing Page There are many free tools you can use for your nonprofit’s website. A website with a landing page specific to your app will help promote your app, its features, and its launch date.  Provide a contact form to collect potential users’ email addresses. Invite people to sign up for launch notifications and provide social media sharing tools so fans can begin recommending your app to others. The goal is to build excitement and collect data that will power other elements of your marketing campaign.  App Store Listings A compelling app store listing is a vital component of marketing your app. App store listings feature your icon, screenshots, and video previews. They appeal to potential users by providing an attractive and informative visual summary of the app’s design and key features. While there are many components to your app store listings, here are the top three items to focus on to create a great one: Keywords Knowing and using relevant keywords is imperative—we can’t emphasize it enough. In today’s digital world, all content is filtered before it’s delivered to you. From the Instagram posts you see first to the order of websites a Google search returns, keyword rankings help you find the information and products you want. Promotional Descriptions Just like social media captions and website previews, only so much of your description is visible to your potential user when they first arrive on your listing. This promotional description text is your app’s chance to stand apart in a lineup of similar offerings. It should pack a punch and convey your app’s value. You’ll want to be compelling here and include at least one of the keywords you identified. Multimedia For highly visual apps, preview and promo videos can enable you to overcome the challenge of articulating in words a concept better seen in action. But any app can benefit from a video by offering potential users a refreshing way to experience features before downloading. Social Media Social media is a cornerstone of getting the word out and should be central to your promotional strategy. Here are some best practices to keep in mind: Start well before app launch by establishing a presence on multiple platforms, including Instagram, Facebook, Twitter, and LinkedIn. Consider a variety of media, including video and TikTok reels.  Note that your charity or exempt organization may be eligible for the YouTube Nonprofit program. Encourage interest, build excitement, and increase engagement with announcements, screenshots, and previews.  Direct traffic to your website and app store listings to attract your target audience and build awareness with potential users. Email Outreach Whether you use the nonprofit cloud or a simpler option, email marketing can be a powerful tool for creating brand awareness and keeping your cause top of mind. You can enable fans to join a waiting list or to opt-in to receive immediate announcements on launch day and stay engaged through email marketing. You can also use marketing emails to send users informational tips or promotional offers.  Notably, Salesforce offers 10 user licenses for free to nonprofits, making sophisticated marketing tools available to smaller organizations to do customized email outreach. With the nonprofit success pack, you can use your data to create segmented communications and personalized content for email campaigns. Targeting your message to your audience helps encourage open rates and click-throughs.  Press Kit A press kit informs reporters and bloggers about your app. Hit the ground running on launch day by creating a single-file kit that includes everything the press needs to help generate buzz about your app:  Press Release App Store Icon & Screenshots Video Demo App Description Reviews About Your Organization Concluding Thoughts Make an Impact With Nonprofit App Development Applying technology in innovative ways can help nonprofits stand out. Working with a mobile app development company can help you make an impact with your nonprofit mission.  Many low-code, no-code DIY development platforms can be used as prototypes to test ideas and gather feedback. If your app is simple and requires little customization, this option may be the right place for you to start.  If you’re looking for an expert who can help you develop a nonprofit app in Denver and Boulder, Austin, or anywhere else, or if you have an app and you need to scale it, we’re here for you. Check out our IA Commits program for more information and to get in touch.

1 month ago

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