Technology is changing the way we manage our finances and Mint.com is a part of that revolution. With smartphones and tablets we are able to manage our money on the go. That's why we thought that it would be interesting to chat to Darcy LaCouvee from Android Authority, to hear more from a technology expert on what the future of personal finance management may look like.
Darcy, can you tell us a little bit about your site?
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How do you think people can use their Android devices to manage their personal finances better?
Android, as an open and highly customizable mobile operating system, is perfectly suited to help people manage their personal finances better. There are innumerable apps that you can install, and the camera on the back is perfect for taking pictures of the receipts you generate to help you better manage your finances. And, if you get in the habit of it and use the right app to stay organized, then you can potentially save yourself thousands of dollars come tax time.
In your opinion, how does Mint.com help this process?
When it comes to personal finances, most people don't realize how much a site like Mint.com can help them get organized. The Mint.com app is a great companion to an already fabulous resource for people.
Do you think that banking apps are the real future of banking? And how do you think these apps will change things in the next five years?
Everyone talks about banking apps, NFC, and the rise of smartphone adoption as heralding the next generation of payment solution, but it's yet to happen in major markets like the US, or Canada, or even parts of Europe. We do see it being implemented country-wide in South Korea and Japan, where consumers regularly pay with their smartphone for goods and services. Our smartphones have the potential to be our digital wallets - it's just a matter of getting the incumbents to agree on a shared standard. The technology and desire is there, but the major financial institutions of the world are stalling adoption.
How do you think personal finance apps like Mint.com will contribute to this?
From our perspective, Mint.com is arguably the most well executed and helpful site when it comes to helping people manage their financial situations.
What about security and privacy issues, as our phones become more connected? What do you think developers should be looking at?
The security of our personal information and the sanctity of our mobile devices must be preserved at all costs. Developers must be incredibly vigilant when it comes to protecting their users' information. Privacy issues are also not to be swept under the rug, either. Ultimately, it will be up to the major financial institutions to agree on a globalized standard for identity verification for those that choose to opt in.
What do financial institutions need to do, in your opinion, to stay current with technology trends and use them appropriately?
Financial institutions are the incumbents here, and the writing is on the wall. Digital payments are set to skyrocket to a multi-trillion dollar annual opportunity over the next decade, and you can be sure that Visa, MasterCard, and every major financial house in the world wants to be a part of this. By competing with one another, progress is stymied and stalled. They need to create a global, secure standard that can be used by all.
Financial institutions would be well served to embrace the open source spirit as well. I would encourage them to hold regular hackathons, to invite security experts of the open source community to get involved, and to also create a transparent public consortium composed of stakeholders and regarded experts so that they can accelerate the pace of change and stay abreast of the latest trends.
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