New world of banking with iPhones apps

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New world of banking with iPhones apps

Fri 22nd Jan 2010

Since the launch of the iPhone in July 2007, a revolution has taken place in how people are organising their lives and their finances.

With banking details and financial now advice available at your fingertips, the iPhone seems set to transform not only how we communicate, but how we plan our lives.

A recent survey into the top trends for 2009 by swiftcover.com found that 63 per cent of people thought that iPhones were one of the best things about the year, compared with 32 per cent who felt the same about their BlackBerry.

Undoubtedly one of the things that clinched the top slot for the iPhone over the other smartphones on the market is the expanse of helpful applications, or apps, which are now available.

Many of the biggest high street banks are looking to get in with the new technology by offering apps to their customers.

One of the first out of the blocks was the NatWest app, which released its free download last November. Customers with the bank can use it to check their account balances, view recent transactions and access their money any time of the day, wherever they are.

RBS apps are also available to their customers, offering up-to-the minute statements for current account holders and the option to set up special text alerts.

These allow customers to receive a balance report once a week at a time and day of their choice and to receive a limit alert, which informs them when their finances have hit an upper and lower boundary they have set themselves.

Although many of the major institutions, like Santander, Lloyds TSB and HSBC are yet to launch their own apps, the popularity of the features means it is only a matter of time before the other banks begin to develop their own technology.

But it's not just banks that are offering financial services on the go. There is an iPhone app from Axa to help people with their car insurance claims should they be in an accident.

This app aids drivers if they have been involved in a crash deal with what they should do immediately following an incident. Free to download from the iTunes app store, it is available to all motorists, whether they have Axa insurance or not.

Receiving financial advice from iPhone apps is available from more than just the major institutions. Compiling a list of the top money services available with the iPhone, the Times recently stated that the Red Laser app was the best for people looking to organise their money.

By scanning a barcode, consumers can find the cheapest online price for the item, with the app working especially well on large purchases like freezers, rather than on groceries.

Another helpful app selected by the news provider is the Tax Calculator, which allows UK residents to work out how much tax they should be paying by inputting their salary plus some other details, such as pension and student loan payments.

The app can also inform you of how much you have put into your pension pot and the total national insurance contributions you have made.

As smartphones grow in popularity, it seems certain that financial apps are set to become a feature of everyday life. Using apps can be an easy way of managing your money, wherever you are.

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