Expert Interview with Diane Neves on Digital Money Management

InEx offers some of the best financial tools on the web. Diane Neves spoke with us about what goes into developing those tools, and better money management.

Tell us a bit about InEx. What does it offer in the financial software area?

InEx Finance was launched in 2011. Originally it was intended to cater mainly to the European market, but thanks to the support of multiple currency features, InEx has gradually acquired a truly international client base. Currently we have users from all over the world who enjoy using InEx Finance to manage personal finances in the currencies of their choice.

The European landscape was lacking in great personal finance management services, the likes of Mint or Mvelopes that had already become quite popular in the U.S. We saw this niche and decided to seize the opportunity. We developed a personal finance application packed with a whole suite of tools and features intended to make day-to-day money management easy and effortless. The idea behind InEx Finance is to offer people the tools they need in order to solve various financial tasks in one secure place. As such, InEx Finance is the monitoring point from which users can get a bird's eye view on all their finances.

How important are digital tools in money management?

In today's digital world, where people heavily rely on computers, smartphones and other mobile devices in the decision-making process, it's imperative to keep pace with the times, especially fast-changing technology. Finances are a never-ending topic in our lives. People are faced with situations where they must make decisions affecting their finances on a daily basis, and being able to base these decisions on realistic data becomes crucial. Today's money management is much more complex and challenging, since there are a lot of factors to be considered and a lot of data to be processed. People simply don't have the time and energy to do this all on their own. That is why the digital tools have become so important: They are the solution people need in this fast-paced financial environment. Financial apps help people make money management decisions in real time based on live data, monitoring and analysis.

How does setting goals affect money management? Do many users set goals?

Setting financial goals helps make your desires more tangible. Once you've defined what you want to accomplish, how much time it will take to make it happen and what financial resources you'll need to get there, you are almost halfway toward your goal. The rest depends solely on your determination and persistence to pursue your goal. These two qualities are in fact the basic ingredients that can transform desires into reality.

Saving money becomes more enjoyable when you have a specific goal in mind. Goal setting plays a major role in financial planning. It encourages people to plan for the future, wisely manage money today in order to save for tomorrow. Many InEx Finance users like to set goals, track their progress and meet the deadlines.

How do you recommend people use data to make better financial decisions?

Financial planning is useless without due monitoring and analysis. It's like writing down daily expenses without looking at how they affect your budget. A user's task is to take the time to daily record all income and expense. The task of a financial app is to process this data, consolidate it and present it back to the user in an easy-to-read and easy-to-understand format. When you have the big picture in front of you, it's a whole lot easier to grasp where you are at, where you want to be and what you need to do in order to arrive there.

What goes into building effective money management software?

There are three fundamental attributes: simplicity, usability and flexibility. A personal finance software should be easy to use, intuitive and feature-rich. It should offer everything the user needs in terms of financial planning and budgeting without feeling cluttered or overwhelming. The tools should be simple and easy to manipulate, so that users can handle them in a hassle-free manner. Flexibility is also quite important: The user should be able to adjust the software's features to his specific financial needs and use the software's potential to its maximum without feeling any discomfort or being limited in his actions. Accounts should be easily customizable, allowing users to personalize their money management experience and use the software effectively.

Let's also not forget about users' feedback. A personal finance app should be responsive to people's needs; otherwise, they will stop using it. Therefore, developers should always listen to users' suggestions or requests and try to accommodate them.

Where do you see personal finance software and tools heading in the future?

We believe that more and more people will start using personal finance tools in their everyday life. Even the most old-fashioned ones, who still rely on pen and paper, will finally understand that the future belongs to digital tools. The day's financial routine will become completely automated. The mobile and online environment will merge into one, regardless of the data-receiving method. Financial apps will become an indispensable tool for those intent on getting in control of their money and reaching financial independence.