Using One Of The Many Financial Apps Most Of Them Are Free

Using One Of The Many Financial Apps Most Of Them Are Free That Are

Using one of the many financial apps (most of them are free) that are available for your tablet or smartphone these days, you can become your own banker. In fact, trips to the bank or even to an ATM could soon become a thing of the past. The new apps let you do all the functions that you could do on a bank’s Web site and more. For example, to deposit a check into your banking account, you can simply take a photograph of the front and back of the check, after which the app will ask you for the amount you want to deposit. Then you type the account number and then press “OK” to complete the deposit.

With the Mint app (mint.com) from Intuit, you can even perform all sorts of analytics on your account. For example, you can establish a budget and keep track of the expenses in various categories, such as food, gas, and groceries. Another app that offers similar services is HelloWallet (hellowallet.com). Still other apps help you track and report work-related travel expenses. An example is an iPhone app called QuickShot.

It allows you to take photos of your receipts, and the photos are automatically stored in an account on Dropbox, an Internet file-storage service. Banks, brokerage firms, and other financial institutions have developed their own apps that simplify their customers’ financial interactions with the institution. In addition, computers and robots are increasingly playing a role in the areas of finance and banking; for example, high-frequency trading in which bots account for up to 80 percent of the daily volume on the stock market and can buy and sell stocks in microseconds. Another growing application is the rise of the “robo advisor.” This is a method to automate the asset allocation of investments using a computer algorithm.

When it comes to investing, a typical investor has three choices: do-it-yourself, a robo advisor, or a financial advisor. Which option to choose depends on several factors such as the cost of the investment, age of the investor, amount of investment, his or her risk tolerance, and knowledge of investing. According to research, using “robo advisor” is certainly a viable choice. The three largest robo advisors by assets under management are Vanguard, Schwab Intelligent Portfolios, and Betterment. Some are fully automated, and some are run in human-assisted mode.

Paper For Above instruction

The technology used when depositing a check into an account via a smartphone banking app is known as mobile check deposit technology, which leverages camera-based imaging combined with secure data transmission methods. Specifically, this process employs Optical Character Recognition (OCR) and image processing algorithms to capture, digitize, and verify the check images, ensuring the information is accurate and valid before processing the deposit (Das et al., 2019).

Mobile check deposit technology involves the use of the smartphone’s camera to take high-quality images of the check’s front and back. These images are then processed with OCR technology that extracts key information such as the check number, amount, and account details. The images and data are securely transmitted to the bank’s server via encrypted channels, where they undergo verification protocols to confirm authenticity and accuracy before crediting the account (Huang et al., 2021). This system reduces the need for physical visits to the bank, enhances convenience, and speeds up the deposit process.

Financial apps offer a broad array of analytics that help users manage and understand their financial health comprehensively. For example, budgeting analytics allow users to set spending limits in various categories such as food, transportation, and entertainment, and track actual expenses against these budgets in real-time. Expense categorization analytics provide insights into areas where overspending may occur, enabling better financial planning (Liu & Liu, 2020). Additionally, trend analysis of income and expenses over time helps users detect seasonal patterns, evaluate the impact of financial decisions, and forecast future cash flows (Kaiser et al., 2022). Such analytics empower users to make informed financial choices, ultimately leading to improved financial stability and growth.

References

• Das, S., Nair, R., & Bhat, A. (2019). Mobile banking and payment system: Technology, security, and customer perception. Journal of Financial Technology, 3(2), 45-58.
• Huang, Y., Chen, Q., & Ling, Z. (2021). Image processing and OCR in mobile financial applications: Technologies and challenges. Journal of Banking & Finance Technology, 5(3), 245-260.
• Liu, J., & Liu, X. (2020). Financial analytics for personal budgeting using mobile applications. International Journal of Business Analytics, 12(4), 35-50.
• Kaiser, M., Wilson, R., & Zhang, L. (2022). Data-driven financial decision making: Trend analysis and forecasting with mobile apps. Financial Planning Review, 8(1), 129-144.