Essential features to look for in a personal finance app

3 mins read

Personal Finance App Features

Budgeting is an efficient way to keep track of your individual or household finances and develop healthy financial habits that benefit you in the long run. A personal finance app like Humaniti helps you manage your finances and ensures your financial wellbeing is consistently robust and working in your favour.

But before you sign up for the first app you spot, there is a list of essential personal finance app features that you need to look out for. If the personal finance app ticks all the boxes, it’s definitely a keeper!

Security is king in a personal finance app

A personal finance app typically requires you to connect your financial accounts, so that you can see all your finances in one place and get detailed insights on your spending. This makes security one of the key personal finance app features you should look out for. Check if the app has stringent security practices that ensure the safety of your account and data. 

Data security and user privacy forms the core foundation of the Humaniti personal finance app. We understand that by linking your financial accounts with Humaniti, you are trusting us with your data. Security is our #1 priority. We employ the latest encryption technology and firewalls to protect members’ data. We do not store bank login details, and no transactions can take place on our platform. Unlike other apps, we will never share or use your personal information for marketing purposes.

Connection of your financial accounts is managed in an extremely secure and encrypted manner. Depending on your institution (e.g. Commbank, Westpac, Sun Super, etc), linking will be facilitated using read-only transaction fetching technology provided by either Basiq or Illion. Both Basiq and Illion are leading and accredited Australian financial service providers, with secure connections to over 200 financial institutions in Australia. Their technology is used to power hundreds of fintech and banking applications in Australia –  including Credit Simple, Zip Pay, Wisr, Beforepay, Regional Australia Bank, and others. When you link your accounts, we fetch your account data to show you detailed insights on your personal finances. Data is accessible to us in a read-only format, meaning we can never login to your accounts, or transact on your behalf. 

Humaniti also works with cybersecurity experts to test our systems and to ensure the highest levels of security, so you can safely use our personal finance app.

Other crucial personal finance app features to consider

Besides security, there are several other essential personal finance app features that mark the difference between a mediocre and an excellent personal finance app. An easy-to-use, easy-to-navigate and intuitive interface are key features. If you’re facing difficulties in navigating the app from the get-go, it’s time to hit delete and download another app. 

Next, your personal finance app should have the ability to link all your accounts cohesively so that you have a bird’s eye view of your financial status. Tracking expenses and savings to help you budget your money is an essential personal finance app feature as it makes the tedious task of bookkeeping a breeze. 

A superior personal finance app will allow you to access your super information so you can compare and monitor your funds. Analysing your net worth is a complex task that requires a comprehensive list of your liabilities and assets, such as investments, mortgages and debts. The app should provide you with an instant, easy-to-understand overview of your net worth and help you keep track of it. 

Why Humaniti’s personal finance app is the best on the market

Keeping your specific needs in mind, here at Humaniti, we’ve created what we like to think is more than a personal finance app. Besides the cutting-edge security measures that keep your data private and secure, our app boasts some of the best personal finance app features:

  • The app helps you understand your net worth in an insightful and straightforward manner.
  • You can connect your super account to understand how you compare to other Australians, and to help you plan for retirement.
  • Track your spending and learn where you can save.
  • And unlike others, you can even earn some extra cash by taking part in surveys.
  • Did we mention that it’s free?!

Of course, there are many budgeting apps to choose from and you need to pick the one that’s right for you. With the recent Pocketbook closure, we see Humaniti as a great alternative to Pocketbook.

If you’re ready to start building a brighter financial future, download Humaniti’s personal finance app today. If you have any questions about our app, don’t hesitate to contact us — our expert team would be more than happy to help.