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The digital age allows users to access the world online. Imagine banking or investing anytime, anywhere, anyplace. Open an app on your mobile, and you can save, invest, or buy crypto. There is no intermediary, with fees often lower or free. It makes sense, doesn’t it? The world of personal finance and financial services has changed forever as fintech apps make life easier, with no mess or fuss.
The last decade has seen leaps and bounds in new fintech (financial technology) for online users, offering features like mobile banking, personal financing and credit, and financial services. Many mobile apps have even replaced the traditional bank and their online digital banking app.
One of the best technological advancements has been in savings and investment apps, giving online users access to financial services such as funds and investments usually only available through a financial services company.
Are Traditional Financial Services Still Relevant?
Fintech technology and development do make personal finance easier for us to invest and save our money, but we make all decisions and choices of funds and services, whether we have the expertise or not. There is no advisor guiding us on our financial journey.
Robo-advisors provide automated, algorithm-driven planning services with minimal supervision. However, they are best suited for straightforward investing rather than more complex issues. They are not expected to replace human wealth managers but rather allow and aid them to focus on specific tasks while the robot advisors do other work, such as data entry.
Each person’s financial journey is unique, and only a traditional financial advisor can best guide and help with the development of a plan to become financially independent and have enough to retire.
Savings apps allow you to save money over the short term, usually with a minimal interest rate offered. Investment apps expose you to funds and stocks that offer higher interest and are for longer-term savings.
Features of Online Fintech Apps
Fintech apps are one of the best ways to supplement your wealth-building journey under the guidance of your advisor. This can be used to save money for a rainy day, for retirement, or as a vacation fund etc.
- Fees usually are lower on a digital account than on a traditional account
- Replaces online banking with a user-friendly app
- No hidden fees on your mobile app
- Allows users to access features like world-class funds
- Usually offers customers higher interest over time than a traditional bank account
- Global access, no regional restrictions as with traditional banks
Savings Apps vs Investment Apps
Savings apps tend to be short-term savings tools that earn lower interest. This could be for a deposit for a new car or a holiday abroad. Investment apps are designed for longer-term savings and are usually invested in funds or stocks that earn higher interest. It is a good way to supplement wealth building.
deVere offers several fintech app options:
- deVere offers savings through investment in world-class diversified funds at lower fees and many other features. This is an ideal supplement for your long-term financial portfolio. Funds are managed for you.
- A borderless e-money mobile app that offers a personal wallet that allows you to exchange and hold money in up to 27 currencies. It allows users to perform instant transactions and payments and shop internationally with a MasterCard debit card.
Buy, sell and store and exchange cryptocurrency effortlessly with deVere Crypto.
The deVere investment platform app allows a user to invest in structured products over a short to medium time period and is designed exclusively for deVere clients by leading international financial institutions. This mobile app also covers the management of your investments for you.
Investing and saving through fintech apps is ideal for supplementing your financial portfolio. Chat with your deVere financial advisor to recommend the best app that suits your personal finance requirements.
Please note the above is for educational purposes only and does not constitute advice. You should always contact your deVere advisor for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken as a result of reading the above.
