Top Fintech Apps of 2022
The number of FinTech apps available to consumers is growing exponentially, and financial institutions are finding it more challenging to keep up with the demand for these innovative solutions. With so many new technologies emerging globally, it can be tricky to determine the areas worthy of investment and those gradually winding down.
At Boston Unisoft Technologies, we have rounded up the top FinTech apps that dominated the market in 2022. From established players like Wealthfront and Betterment to newer entrants like Revolut and Chime – these apps are poised to revolutionize how we manage our finances and interact with financial institutions.
As an entrepreneur, startup, or established business owner in the FinTech industry, you can take a clue from these apps’ performances in developing your own financial technology mobile apps.
Short on time? You can jump straight to each app’s review:
- Chime
- Revolut
- Monzo
- Acorns
- Wealthfront
- Betterment
- Coinbase
- Binance
- Kraken
- Mint
- Personal Capital
- You Need a Budget
Criteria for Rating the Top Fintech Apps of 2022
To rate the top FinTech apps of 2022, we consider several criteria, such as ease of use, security, unique features, innovation, integration, and others.
- Ease of use
This encompasses the app's user interface, navigation, and overall user experience. Apps that are easy to understand and use are more likely to be rated higher as they provide a better user experience.
- Security
Security is a crucial aspect of any FinTech app, as it involves handling sensitive financial information. Apps that prioritize security and protect user data are more likely to be rated highly, as they help users feel more confident and secure in using the app.
- Features
Mobile apps that offer a wide range of features and tools for managing finances are more likely to be rated higher as they provide users with more options and flexibility.
- Customer support
Apps that offer responsive customer support and helpful resources are likely to be rated higher as they provide a better user experience.
- Cost
Those with competitive pricing or free services are likely to be rated higher than those with higher fees. You can check out our blog on app development cost for further insight.
- User reviews
Positively reviewed mobile apps with high ratings are likely to be rated higher, as they indicate that users are satisfied with the app.
- Innovation
New or innovative solutions in the FinTech space command higher ratings as users enjoy something different and unique.
- Market demand
Apps with high user demand or gaining traction in the market are likely to be rated higher. This indicates that the app is popular and well-received by users.
- Integration
How easily an app can integrate with other financial tools and services determines its ranking. These apps provide users with a more seamless and cohesive experience.
- Scalability
Apps that can handle a large number of users or transactions without any issues are likely to be rated higher. This indicates that the app is reliable and can withstand a high volume of activity without any problems.
Ranking the Top FinTech Apps of 2022
When it comes to FinTech, there's no shortage of apps that make your life easier. But which ones are the best? We split these FinTech apps into three categories;
A. Digital Banking
B. Investment
C. Cryptocurrency
D. Personal Finance
Also, we rounded up our top picks for each category below using the above-stated criteria.
DIGITAL BANKING APPS
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Chime
Chime is a mobile app that easily tracks spending and stays on top of your finances. The app uses machine learning to learn spending habits and gets smarter over time. It also lets you set up automatic savings goals, which is great for helping you reach your financial goals!
PROS:
- No fees: Chime does not charge any fees for using its services, including overdraft fees, monthly maintenance fees, or foreign transaction fees.
- Early direct deposit: Chime offers early direct deposit, allowing users to access their pay up to two days early.
- Automatic savings: Chime's "Save When You Spend" feature automatically rounds up users' purchases to the nearest dollar and saves the difference.
- Mobile check deposit: Chime allows users to deposit checks through the app, making it easy to manage finances.
- Customized alerts: Chime allows users to set up personalized alerts for transactions, balance updates, and more.
CONS:
- Limited ATM network: Chime has a limited network of ATMs, which may make it difficult for some users to access cash.
- Limited physical branches: Chime does not have any physical branches, which may be inconvenient for some users.
- Limited credit card options: Chime only offers a Visa debit card, so users may not have access to other types of credit cards.
- Limited overdraft protection: Chime offers only $200 overdraft protection when users spend more than their account balance.
Apple Store rating: 4.8
Google Play Store rating: 4.7 ·
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Revolut
Revolut is a digital banking and financial technology company headquartered in London, United Kingdom. It offers various financial services, including a current account, debit card, foreign exchange, and investment options.
Pros:
- Multiple currency options: Revolut allows users to top up and hold various currencies, making managing finances in different countries easy.
- Expanding the range of features: Revolut has an expanding range of extra features, such as cryptocurrency trading and disposable virtual cards.
- Premium subscription options with perks: Revolut offers premium subscription options that come with perks such as travel insurance.
Cons:
- Customer accounts can be frozen: To maintain security, Revolut may temporarily freeze customer accounts.
- No current accounts yet: While Revolut has a banking license, it does not offer current accounts with features such as deposit guarantees or standing orders. Direct debits are only available in EUR and GBP.
- Poor customer support: Revolut has received negative reviews for its customer support, which may be inconvenient for users who need assistance.
Apple Store rating: 4.7
Google Play Store rating:4.5
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Monzo
Monzo is an app-based bank that lets you see your spending habits and adjust as needed. It also allows you to set up direct debits, ensuring that bills are paid on time.
The Monzo app is unique because it combines budgeting tools with a social network—it's like having a personal financial coach and a friend who knows everything about you. The app helps users track their spending habits, making it easier to figure out where they're spending too much money and how they can better manage their finances.
Pros:
- No fees: Monzo does not charge any fees for using its services, including overdraft fees, monthly maintenance fees, or foreign transaction fees.
- Mobile check deposit: It enables users to deposit checks through the app, making it easy to manage finances.
- Customized alerts: It allows users to set up personalized alerts for transactions, balance updates, and more.
- Rewards program: The mobile bank offers a rewards program that rewards users for using the app and referring friends.
- Budgeting tools: Monzo offers budgeting tools, such as categorizing expenses and setting spending limits, to help users manage their finances.
Cons:
- Limited ATM network: It has a limited network of ATMs, which may make it difficult for some users to access cash.
- Limited physical branches: No physical branches, which may be inconvenient for some users.
- Limited credit card options: It offers a Visa debit card, so users may not have access to other types of credit cards.
Apple Store rating: 4.9
Google Play Store rating: 4.1
INVESTMENT APPS:
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Acorns
Acorns is a financial management app that helps you grow your money by investing small amounts of cash from your everyday purchases.
Pros:
- Risk-appropriate, low-cost investment portfolio options: Acorns offers a range of investment portfolio options that are tailored to the risk level of individual investors and have low costs.
- Automatic savings features: Acorns offers automatic savings features that help investors save more money.
- Easy-to-navigate interface: Acorns has an easy-to-use interface that makes it simple for investors to manage their finances.
Cons:
- High fees: Depending on the total balance, Acorns's fees may be higher than other Robo-advisors.
- No tax-loss harvesting or human advisors: Acorns does not offer tax-loss harvesting or access to human, financial advisors.
- Fees for accessing a checking account: Unlike some other Robo-advisors, Acorns charges fees for access to the checking account.
Apple Store rating: 4.7
Google Play Store rating: 4.6
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Wealthfront
The Wealthfront app is a mobile investing platform that lets you invest your savings. You can open an account, set up automatic investing plans, and track your investments from the comfort of your phone. You can also use it to make deposits, check balances, and more.
Pros:
- Low ETF expense ratios: Wealthfront offers low ETF expense ratios, which can help users save money on investment fees.
- Daily tax-loss harvesting: Wealthfront offers daily tax-loss harvesting, which can help users reduce their tax burden on investment gains.
- Automatic rebalancing: Wealthfront automatically rebalances users' investment portfolios to help them achieve their financial goals.
Cons:
- No fractional shares: Wealthfront does not offer fractional shares, which may limit users' investment options.
- No human financial advisors: Wealthfront does not offer access to human financial advisors, so users may have to rely on automated tools and resources for investment advice.
Apple Store rating: 4.8
Google Play Store rating: 4.5
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Betterment
Betterment is a Robo-advisor that provides automated investment management and financial planning services. It offers a range of portfolio options and allows investors to customize their investments to meet their specific goals. Betterment also includes an online bank account with budgeting tools and offers automatic savings features to help investors save more money.
Pros:
Multiple portfolio options and customization: Betterment offers a range of portfolio options and allows investors to customize their investments to meet their specific goals.
The low account minimum and fees: Betterment has a low account minimum, making it accessible to many investors.
Fractional shares: Betterment offers fractional shares, meaning that all of an investor's cash is invested rather than sitting in cash.
Robust goal-based tools: Betterment offers a range of goal-based tools to help investors achieve their financial objectives.
Cons:
- No direct indexing: Betterment does not offer direct indexing, which may limit investors' options for diversifying their portfolios.
Apple Store rating: 4.7
Google Play Store rating: 4.5
CRYPTOCURRENCY APPS:
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Coinbase
Coinbase is a secure online platform for buying, selling, transferring, and storing digital currency. It offers a mobile app that lets users buy and sell bitcoin with a button. The Coinbase app is one of the easiest ways to buy, sell, and manage cryptocurrency.
Pros:
- Coinbase Pro for advanced trading: Coinbase offers Coinbase Pro, a platform for advanced traders that provides additional features and tools.
- Over 180 cryptocurrencies are available: Coinbase has a wide range of cryptocurrencies for trading and investing.
- Self-custody native wallet: Coinbase offers a self-custody native wallet that allows users to store their cryptocurrencies securely.
Cons:
- Higher trade fees for the standard platform: Coinbase charges higher fees for its standard platform than other exchanges.
- Limited staking options: Coinbase has limited options for staking, which may restrict users' ability to earn rewards for holding specific cryptocurrencies.
Apple Store rating: 4.7
Google Play Store rating: 4.1
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Binance
Binance is a cryptocurrency exchange that offers a wide variety of assets to trade.
The Binance app allows you to manage your funds, deposit and withdraw coins and tokens, and trade on the go.
Pros:
- Seamless sign-up process: Binance has a straightforward process that can be completed quickly.
- Support for credit and debit cards: Binance supports using credit and debit cards for transactions.
- Free deposits: Binance does not charge fees for deposits.
- Swift transactions: Binance processes transactions exceptionally quickly.
- Lucrative on-site staking options: Binance offers lucrative on-site staking options for investors.
Cons:
- Substantial withdrawal fees: Binance has considerable withdrawal fees compared to some of its competitors.
- The exchange has been hacked in the past: Binance's exchange has been hacked, which may raise security concerns.
- Main site not available in the USA: Binance's main site is unavailable in the United States.
- Less regulated than some competitors: Binance is less regulated than some of its competitors, which may be a concern for some investors.
Apple Store rating: 4.7
Google Play Store rating: 4.4
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Kraken
Kraken is a digital asset exchange and financial technology company based in San Francisco, California. It offers various financial services, including cryptocurrency trading, investment options, and a digital wallet. Kraken allows users to buy, sell, and hold digital assets through its platform. It also offers advanced features like margin trading and staking for investors.
Pros:
- Sophisticated features: Kraken offers advanced features like margin trading and staking for investors.
- Good customer service options: Kraken has multiple customer service options, including live chat and email support.
- Relatively low Bitcoin withdrawal fees: Kraken has relatively low fees compared to some of its competitors.
- Wide range of educational material: Kraken provides various educational resources to help investors learn about different investment options.
Cons:
- Limited fiat currency acceptance: Kraken only accepts a few select fiat currencies, which may be inconvenient for users who want to deposit or withdraw in other currencies.
- User complaints about hacked accounts: Kraken has received complaints from users about hacked accounts, which may raise security concerns.
Apple Store rating: 4.7
Google Play Store rating: 4.3
PERSONAL FINANCE APPS:
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Mint
Mint is a personal finance and budgeting app that helps users manage their money and make better financial decisions. It offers a range of features, including the ability to track and categorize expenses, set financial goals, and receive customized alerts and reminders.
Pros:
- Most features are free: Mint offers a range of free features, making it an affordable option for financial management.
- Direct import and automatic categorizing: Mint allows users to directly import their financial information and organize their transactions, saving time and effort.
- Customized alerts and reminders: Mint offers personalized alerts and reminders to help users stay on track with bill payments and other financial tasks.
- Resources to help with financial decisions: Mint provides resources and tools to help users make better financial decisions.
Cons:
- Ads can be intrusive: Some users may find the ads on Mint's platform intrusive.
- Paid features: Some features on Mint are only available with a paid subscription.
- No joint accounts: Mint does not offer joint accounts, which may be inconvenient for some users.
Apple Store rating: 4.8
Google Play Store rating: 4.3
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Personal Capital
The Personal Capital app is a free financial management platform that uses artificial intelligence to track and manage your investments. You can use the app to track your spending, set financial goals, and see how much you've saved for retirement.
Pros:
- Free and easy to set up: Personal Capital is free and easy to set up, making it accessible to many investors.
- Customized wealth management strategy: Personal Capital's wealth management plan offers a more tailored strategy than some other Robo-advisors.
- Advanced money management tools: Personal Capital offers advanced tools to help users track and manage their finances.
- See all financial accounts in one place: Personal Capital allows users to view all their financial statements in one place, making it easier to keep track of their money.
- Retirement planner: Personal Capital provides a retirement planner to help users save and invest for the future.
- Free personalized investment advice: Personal Capital offers free customized investment advice to help users make informed decisions.
- Cryptocurrency tracking: Personal Capital allows users to track their cryptocurrency investments.
Cons:
- $100,000 account minimum: Personal Capital has a $100,000 account minimum, which may be too high for some investors.
- High management fee: Personal Capital charges higher than some competitors.
Apple Store rating: 4.7
Google Play Store rating: 4.3
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You Need a Budget (YNAB)
YNAB is a powerful budgeting app that helps you save more, spend smarter, and live your best financial life.
Pros:
- Direct importing for transactions: YNAB allows users to directly import their financial transactions for easy tracking and management.
- Multiple budgets: YNAB allows users to create multiple budgets for different financial goals.
- Customizable and easy to track expenses: YNAB is easy to customize and helps users track their expenses and set spending goals.
- Syncs with multiple devices: YNAB can be synced with various devices, making it convenient to access and manage finances.
- Free trial: YNAB offers a free trial for 34 days, allowing users to test the app before committing to a subscription.
Cons:
- Monthly subscription fee: YNAB charges a monthly subscription fee, which may be too expensive for some users.
- No bill tracking or bill pay features: YNAB does not offer bill tracking or bill pay features, which may be inconvenient for some users.
- Steep learning curve: Some users may find YNAB to have a steep learning curve compared to other budgeting apps.
- No investment tracking features: YNAB does not offer investment tracking features, which may be a drawback for investors.
Apple Store rating: 4.8
Google Play Store rating: 4.6
Build your Next FinTech Mobile App with Boston UniSoft
Now that you have reviewed our ranking of the top FinTech Apps of 2022, we believe you have gained valuable insight on what to do with your innovative FinTech ideas. Any average mobile app developer can build a FinTech app, but choosing the right one will save you unnecessary loss of money, time, and other valuable resources.
At Boston UniSoft, we have been in the business of helping entrepreneurs, startups, and business owners in the FinTech niche bring their innovative ideas to life and maximize their revenue.
Our team of experienced FinTech mobile app developers is always available to ensure your app is professionally designed to serve the needs of your target customers.
Feel free to review our mobile apps portfolio, and don’t hesitate to shoot us a message to discuss your FinTech app needs. Ready to bring your vision to life? We are here to help.