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Thread: Money apps you can bank on

  1. #1
    Mobility Regular capt. ahab's Avatar
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    Default Money apps you can bank on

    Money apps you can bank on


    May 11, 2010

    You can use them to find the nearest restaurant, make your mobile phone sound like a light sabre, or even give you tips in the bedroom - but are apps any use in money matters?

    Hundreds of thousands of people - possibly millions - seem to think so, downloading personal finance applications to their iPhones, iPod touches, and smartphones.

    These software-style apps range from currency converters to budgeting, banking, stock trading, and anything and everything in between.

    Apple's iTunes app store has more than 200,000 free and priced apps across 20 categories, including finance, and more than 85 million iPhone and iPod touch users have downloaded them.

    Google's Android Market has more than 38,000 free and priced apps, and the company says people have downloaded an average of 80 apps to their devices, with 80 per cent of users downloading at least one app per week.

    And Blackberry's AppWorld offers 145 apps in its finance category.

    Online Banking Review editor Charis Palmer said Australians were beginning to embrace personal finance apps.
    ''There's been really good take-up of the mobile banking apps,'' she said. ''The growth rate has been significantly higher than the growth rate when they (the banks) first got internet banking.
    ''It's a small base still, but we're talking upwards of 10 or 20 per cent of their internet banking users are using mobile banking. The actual downloads of the apps are in the hundreds of thousands range.''

    ING Direct offers customers mobile banking as well as a Home Loan Toolkit.
    ''We have a mobile web application and that works for iPhones and for other phones, and that's basically banking functionality on the go for our existing customers - that allows them to log in, check their balance, transfer money, and use BPAY through their phone,'' said Janelle McGuinness, head of e-business. ''We also have a 'native' app for iPhone users specifically, called the Home Loan Toolkit.
    ''Basically what that app is, is a mortgage calculator when you're on the go. You can also type in a suburb and it will tell you the type of price ranges of those units and houses in that area.''

    Westpac recently upgraded its mobile banking app to include paying bills, transferring cash to friends and family, some business banking functions, transferring money between Westpac accounts, and viewing account balances.
    Westpac ATM and online banking general manager Harry Wendt said at the time that more than 100,000 Westpac customers banked using their iPhone. Most of them logged in once a week to check balances and transfer funds.

    Other banks, such as St George, are offering ATM locators, where you can use your phone's GPRS to find your bank's nearest ATM, and thus avoid the $2-plus slug for using one belonging to another bank.
    Security for mobile banking is just the same as that for internet banking. Palmer cautioned, however, that apps, which are created by independent developers, are vetted on iTunes by Apple, whereas Google has fewer restrictions for apps entering the Android Market.

    A quick rifle through iTunes' App Store shows that as well as mobile banking, personal finance apps exist across several broad categories, and developers are churning out more every day, but not all are suited to the Australian market.

    Keeping track of your money
    ITunes' top paid finance app is iCurrency Pad ($1.19), although the free Money XE Currency Converter is in the company's Top 10.

    Budget ($1.19) lets you track your spending and keep to a budget, showing you your total income and expenditure for a given period, what you spend the most on, and where you are going over budget.

    Expense Tracker - Spending ($3.99) is a simple expense log. Like several other apps, it also has a ''lite'' version that is free.

    BillTracker ($2.49) has a calendar that shows you which bills are due soon, in the next 30 days, and which are overdue. It also has a ''lite'' version.

    BillMinder ($1.19) claims to be the first and the best bill tracking tool in the App Store.

    Aside from various free mortgage calculators offered by the banks, you can shell out $1.19 for Property Evaluator, which includes performance projections, cash flow, and return on investment calculations. Or try Stamp Duty Qld ($1.19), to work out the ''hidden costs'' when buying your house.

    For stock watching Portfolio Tracker is a favourite on iTunes for $3.99, and supports more than 50 exchanges.

    CommSec, which bills itself as the first broker for iPhone, last year won a Webby Award for global excellence on the internet for its share trading app.

    iPiggy helps you hit your savings targets by showing you how much you need to save each day, week or month to reach your goal.

    If you have the opposite problem, there are apps, such as Pay Off Debt ($3.99), to help you organise your debt so you can systematically pay it off. Credit Card Pay Off ($1.19) tells you how long it will take to pay off your card and how much interest you'll pay.

    As well as mobile banking, organisations such as PayPal let you send money to your friends and family via iPhone. And with its Bump function, you can start the transaction by tapping two iPhones together.

    In the Android Market, the Personal Assistant premium app ($7) provides life management applications such as mobile phone minute tracker, bank account status and frequent flyer mileage. Google says it has been downloaded tens of thousands of times and is in the Top 30 paid apps.

    What's on Offer: Top paid apps (at time of writing)
    1. iCurrency Pad ($1.19)
    2. ExpenseTracker - Spending ($3.99)
    3. iXpenseit ($5.99)
    4. HomeBudget ($5.99)
    5. StockWatch Portfolio Tracker ($3.99)
    6. Ace Budget ($1.19)
    7. BillTracker ($2.49)
    8. Budget ($1.19)
    9. Spend - Budgeting ($1.19)
    10. DimeTravel ($2.49)

    What's on Offer: Top free apps
    1. CommBank
    2. Westpac Mobile Banking
    3. PayPal
    4. St George Banking Application
    5. ExpenseTracker
    6. rediATM Finder
    7. National Bank iBank
    8. ANZ ATMs
    9. Bloomberg
    10. Money XE Currency Converter

  2. #2
    Mobility Member
    Join Date
    Sep 2010


    Nice information though, paid prone to be cracked its license, compared to free apps with ads from mobgold, admob, etc in the long run probably free apps with ads will generates more money.

  3. #3


    u cant rely on the profit u get from selling ur app... it is better to create app that displays ad and get income from the advertisements...
    there are many mobile ad networks out there promising good value of money for every ads clicked, such as admob, mobgold, buzzcity...

  4. #4


    Quote Originally Posted by hecto View Post
    Nice information though, paid prone to be cracked its license, compared to free apps with ads from mobgold, admob, etc in the long run probably free apps with ads will generates more money.
    agree... besides, when we can get something for free, why bother paying...

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