Money management apps grow users by 46%
If you're been wondering what kind of apps/SaaS do well during an economic crises, here's your answer.
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The way things are, stretching a dollar isn't going to work. The dollar is going to continue to debased and devalued. Savings more of them isn't the solution to the problem of them becoming worthless.
Now, maybe I'm just being paranoid, but I don't think it's a good thing that "it has never been easier to track your expenses, budget and compare deals." Who knows what these companies are doing with the data? When countries and nations can easily track the spending of their citizens, it becomes possible for them to develop a social credit system (which is being implemented in China).
While it's great to be building apps that save people money and improve their lives, we need to ask whether we're building A Brave New World at some point.
I don't think budgeting apps are going to be the downfall of society 😄. I'm all for data privacy, but I'm sure these budgeting apps recognise that they aren't to distribute your financial data.
Countries can already track the spending of citizens, but they get the information directly from tax returns or banks and don't need budgeting app data.
Here's my thinking: If a country (say, China) decides to implement a social credit system, they do it (this is a bad thing for personal freedom, etc). But, they don't release a whole bunch of budgeting apps to do this. They just do it. 😅
Keep it up!
Thank you very interesting and useful information. Today, the direction of fintech is at the peak of popularity. It is worth saying that this type of mobile application can be useful not only for the average user, but can also become a good business tool that will help track expenses throughout life. https://www.cleveroad.com/blog/money-management-app-learn-how-to-develop-a-successful-app/
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To me this points out a major human fault (typically due to inexperience in a domain).
Reacting instead of being proactive.
Hopefully these apps provide real value.
I wonder if this covers investments too - counterintuitively, investing while the markets are down is the best time to invest. Many companies are undervalued and have large upside.
What other digital industries do well during recessions?
Here's a different question: Which tech products are 'inferior goods' - goods whose demand rises when incomes fall? (i.e. pay as you go phone plans, pay-day lending, public transportation.) Where are there gaps that the tech industry could/is filling?
Beyond that, in general industries like: healthcare, funeral services, vices (alcohol and cigarettes), and household staples hold up during a recession.
Don't have any data but my guess would be anything where businesses/individuals can save money.
OutSourcing (to minimize labor cost), edTech( to minimize education and skill upgrade cost), reuse and recycling networks, e-commerce for cheap products(people want to spend less money), etc.
Are these personal finance apps?
All kinds of finance apps, including banks, budgeting apps, etc.
Spend management is easy