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Trends that are being witnessed in terms of personal finance app usage

With a plethora of apps available in the market, the most crucial question for a consumer is to decide on the right app.

lending in 2022, data science, cyber security, digital lending, fintech services, Customer Onboarding, Risk Analysis, Payment Collection
The important starting point for any consumer is to set or decide on the financial goal they wants to achieve.

The usage of digital platforms witnessed a sea change in India, in the last few years. The government’s push towards the ‘Digital India’ drive was another significant move in taking the country a step ahead in digital usage. With smartphone availability at cost-effective prices and low-cost internet across the country, more and more people got access to digital. The digital drive got further accelerated during the Covid pandemic, which led to an uptick in personal finance apps. 

The fintech sector, which was already witnessing a steady rise, experienced a sudden boost after the Covid pandemic. As per a recent report, India topped in financial app installs globally. A massive increase in app usage has been witnessed by millennials and Gen Z, digital has not only been used in the top tier cities but consumers in Tier 2, 3 cities and beyond have also been using personal finance apps extensively. 

From using digital wallets to managing finance, checking history, making and tracking investments, digital has been used for multiple purposes in personal finance. The rise of stock market investment apps, digital insurance apps also witnessed a huge upswing. 

However, with a plethora of apps available in the market, the most crucial question for a consumer is to decide on the right app. The important starting point for any consumer is to set or decide on the financial goal she or he wants to achieve. Once the goal is set, the person can accordingly choose the app which can help him/ her with the financial goals. Apps can help in diversifying the savings portfolio, offering insights, guidance, and assistance on building the financial corpus. 

The next step is to understand the features of the app. One should do thorough research on the app’s reputation; check basic details about the app company, ratings, and reviews. Right financial apps have been extremely helpful in guiding with right kind of investments, managing, monitoring, and improving credit scores. Factors like the safety of data, privacy and security features, encryption should also be taken into consideration before using any fintech app. 

While the trend in personal finance app usage is growing constantly, consumers need to ensure that they thoroughly research the app before using it, so that they do not suffer from any kind of financial loss or data breach. 

by, Indraneel Chatterjee, Co-Founder, RenewBuy

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