Today business technology reporter Padraig Belton published an article on BBC Online on whether money apps really do work or not. Meniga CEO & Co-founder Georg Ludviksson shared his extensive insights with Padraig.
Since finance apps are proving increasingly popular, Padraig poses the question: are they making us better at managing our money or encouraging us to spend more?
Read the full story here.
“People who start using finance apps spend 7% less on average in the following six to 12 months.
The better money apps are trying to be like Facebook. You read through your feed, your transactions might be there, but also some insight and nudges about what you’re spending money on.”
We at Meniga definitely believe not all finance apps are the same and being in the game for quite some time has taught us a thing or two.
Meniga launched a direct to consumer app in Iceland in 2014 and today has over 35% of households registered. Meniga also works with over 80 banks across 30 countries to support their journey to offer a innovative digital banking environment built around meaningful engagement.
We know for instance, from launching the latest version of our app last year, that insight is the key for many people to better manage their finances. We have for example worked with scientists to develop insight from anonymised user data and found that people who track their spending actively save on average €2 per login (mostly on delayed fees) compared to the group that signs up and does not use the apps.
Find out more about our approach to helping people save money though our solutions in our blog about our new app or insight paper on Meaningful Engagement in Digital Banking.
The British Broadcasting Corporation (BBC) is a British public service broadcaster. Its headquarters are at Broadcasting House in Westminster, London. BBC is the world’s oldest national broadcasting organisation and and the largest broadcaster in the world by number of employees. BBC News Online attracts nearly 100,000,000 monthly unique visitors.