2022 is a year characterized by a veritable explosion of open banking apps, and we have selected the most outstanding ones
Open banking apps have been growing along with this new ecosystem for years. New regulations and new layers of technology, focusing, have led thousands of startups to launch new products. Some of them are particularly interesting, and this article explains some of the best open banking apps of 2022.
When the open banking ecosystem matured
WeChat was launched in 2011, but it was not until 2013 that this first major super-app integrated payments within its platform (WeChat Pay). They soon made the leap out of Asia, and open banking-based ecosystems became a revolution that started with the basics: cost-sharing.
The bulk of applications in the sector was designed to simplify accounting, followed by the possibility of having a bank account on the user’s cell phone and the emergence of services on the latter. Today there is an open banking app for every need, and the market continues to expand.
The most innovative and striking applications of open banking
We not only wanted to stay at the national level but also to contemplate the state of the art in the rest of the world, which will probably arrive sooner or later. We also did not want to focus on the generalist sector, as there are great open banking apps in very specific segments. In addition, the apps are not sorted according to any criteria.
01. Cleo, AI and digital habits
Cleo is one of the first open banking apps focused on improving habits using artificial intelligence. It is a chatbot with which it is possible to establish a reasonably fluid dialogue with the platform, and obtain financial habits of interest to the user in return. It also acts as a digital wallet with which to make transfers.
02. Bizum, payments between people
Bizum is an app that allows instant payments between people in a simple way. After a brief battle with its competitors, it has ended up becoming the Spanish standard. All banking applications, as is the case of BBVA, have installed this option to send money in a few steps and with security mechanisms.
03. Chime, a simplified banking
Chime is an app that was created to simplify banking for the user. Bring you peace of mind and make everything clear. That is why their esthetics are very well cared for and they have carefully chosen which services to provide. In essence, it is a current account on which to create budgets or view aggregated reports. Its strength compared to the competition is that it has a debit card.
04. Kalgera, protecting vulnerable users
Kalgera aims to protect the financially vulnerable, especially those without financial literacy. They use artificial intelligence to detect patterns of risk, but instead of taking advantage of these vulnerable people, as the ‘Weapons of Mathematical Destruction’ that Cathy O’Neil mentions in her book of the same name do, they help them.
05. Moneybox, saving by rounding up
Moneybox aims to help the user save without them noticing. To do so, it ‘charges’ the user the difference up to the next whole amount and deposits this difference into a bank account. For example, when paying for 45.50 euros worth of sneakers, this open banking app will ‘pay’ 46 euros by depositing 0.50 euros in a savings account. It is interesting because it adapts to buying habits.
06. Currensea, travel currency exchange
Currensea aims to help British families travel so that they do not need to exchange currency at high prices. Instead, the app acts as a bridge between their current accounts and the merchant in another country, performing the currency exchange along the way. Its success lies in the fact that the user does not have to think about when to change currency in order to benefit.
07. Mintos, loans according to preferences
Mintos is an app that functions as a meeting place between lenders and borrowers. It highlights the possibility of creating automated diversification strategies. For example, selecting certain countries, interest, repayment times, or a maximum amount. Since it is automated, it is not necessary to pay any attention to it. However, the return may not be high.
These are the most innovative open banking functionalities of the BBVA app
The most innovative open banking functionalities of the BBVA app have also been compiled, an app that leads the mobile digital experience in Europe for the fifth consecutive year. These include those related to calculating the carbon footprint or the financial health of customers.
Carbon footprint calculator
Calculating and knowing the carbon footprint of each person or organization is important to be aware of the impact of daily activities. BBVA is the first bank in Spain to calculate the carbon footprint of all its customers, a service available within the mobile app.
Knowing your financial health
There are dozens of ratios or metrics that help individuals and companies understand their financial health. Historically, they have been available to those with a high level of technical expertise. Today, there is a simple and automated way to not only know our financial health but to improve it. BBVA boosts its financial health service and makes it possible for the first time in Spain to view total equity through the app.
Adding accounts from other entities
BBVA opens its app for the first time in Spain to customers of other banks and allows them to carry out transactions. As a general rule, users and companies have more than one bank account in more than one bank. This is why account aggregation services are so necessary so that all information can be viewed in one place.
Biometric signature from the app
It is also a pioneering app that allows customers in Spain to sign banking transactions with biometrics. This remote signature is an instant and simple process with a legal guarantee and insurance.
Financial consultations with their Blue virtual assistant
At the same time, BBVA customers will be able to make financial inquiries for the first time from the Blue virtual assistant using WhatsApp. This chatbot will be able to inform you about account movements, income or expenses, bill payments, payroll or product information.
Withdraw cash in contactless mode
BBVA is the first bank in Spain that allows you to withdraw cash without touching the ATM, using only the app. In addition to increasing agility when withdrawing money, it avoids customers having to touch common elements.
The open banking app sector is one of the fastest growing in recent years, focusing on what happened after the publication of PSD2. However, this market has not yet reached maturity, and it is expected that many more of the apps listed here will emerge in the coming years.