Robert Barba (, Financial Smartphone Apps)


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Joining us now on the line from Bankrate dot com is Robert Barbara here to talk about. Some of the financial apps that people are using on their Smartphones and Robert thanks for joining us. Roberts or how many consumers actually have. A financial app on their Smartphone. So our users visited 63%. Of all US adults who have a Smartphone have at least one. Financial app on their own and averages an op out to an attack. What is our financial. So I hear is thank you buy by Bank of America app for my leader bank gap on the phone is that financial. That the financial that we looked at Uga category ability you know you're full service traditional bank. We've looked that impact sort of budgeting naps one that you used to get a full scope of pure. Our money and tell you when you're spending too much we looked at investing apps you know robo advisors betterment like that the betterment classic example of that. And we looked at payment maps. What did you see in terms of which ones people were using the most. And no Obama apps yet. Yep people you know look he says that they mean didn't just we didn't get a big into the deed goes in terms of like if you're using a large bank or small bank but the lord of the largest banks have invested. Billions of dollars into making sure that they have really really great financial laps straight and they are continuing to build them out. Even if you look at it JD power association customer satisfaction is certainly go up among the big banks and it's largely tied to their digital office. In terms of the other types of things what are budgeting apps how many people tend to use those. All it's not as creative adoption there and it tends to spew a little bit younger which makes sense rate who were the people who need the most help in understanding their finances and making sure that their dollars are stretch properly. It's young folks. It's it's also good commodity dedicated. Great Recession and they want better and insights mixture that date don't screw up you know com. When I first thought about it you know the kids of helicopter parents on helicopter banks but in reality they're just they could have to make sure that they understand their money really well. Do most of these apps tend to skew younger in terms of who's using numbers it just an ad budget in case. Are sure well. I think it is it is profound it's it's a little tired and but beane is a place that we saw a bit more arm. That can skew younger. Was the investment apps which I think has really profound long term effects rate in terms and if you think about like. Thirty trillion dollars of wealth transfer that's gonna happen between baby boomers in colonials over the coming decades. When it comes I'm gonna have like a wealth advisors who are they gonna turn to the person who turns them both feet and had very little money to invest or they can return to their parents advisors. Interesting Robert we appreciate the time thanks for joining us. That is Robert Barbara from Bankrate dot com. You know Lee I like the banking apps and and I think there's a lot to be done at the investment. Apps. I've I've not embraced like a big screen for some reason on the investment that because he can only put so these very limited information to look at under both. I have a bunch of friends who use a lot of the robe Oates U and they've been pretty happy with them for the most part. I note that some of the big institutions have updated their apps as well but they are quite as robust as they're coming from world legacy systems and so it's it's somewhat of a mixed bag there. But the fact is younger people they want to do just about everything on that phone policy right now it's it's that that trumps just about everything else.