There are many budget apps in the market that can make your daily tasks easy, but not all of these budgeting apps are safe. Some of them can be leaking your sensitive data, or some of them lack a few necessary features. This seems confusing, doesn’t it? Let’s have a look at the features of the best budgeting apps in UK. This will be your complete guide for finding the most suitable app.
Advanced encryption facility
There is a rapid increase in cyber-attacks these days, especially in the financial industry. In the UK, the situation is scary indeed given that already 39% of UK businesses are under cyber-attack. Almost 83% of the attacks in the UK are identified as phishing attacks.
This is the reason a budgeting app storing your financial data needs an advanced encryption facility to bulletproof your sensitive information. The use of 256-bit encryption is highly recommended for budgeting apps.
Let’s get down to this, and understand the meaning of 256-bit encryption.
This type of encryption is too hard to break for professional hackers even, as 256 means 2256 types of permutation, something that has an almost negligible chance of cracking down. Budget apps contain too sensitive financial information, for example, bank account access and access to all call logs sometimes.
In that case, if the budget app uses a 256-bit encryption process, it means it is completely safe from any malware attack. Banks and giant financial institutions use this encryption to safeguard their customer data.
Years of experience
You need to check for years of experience with the budgeting software you’re using. Many apps whose developer is a newbie and has just dashed it with a new budgeting app with practically no review may be suspicious. The condition for finding the best budgeting app in the UK is to check for the particular number of years the app has been in the Play Store or App Store. You may also find apps that have not been updated over years, which may be risky to install as those apps that aren’t updated, run security risks.
Check for the reviews
The reviews matter highly in the case of installing best budgeting apps. Apps are just like any other brand assets the higher positive reviews they’ve garnered, the higher the chance to trust such an app. Apple and Android, both take certain essential steps to keep only safe and highly trusted apps in their store.
Apple makes sure that budgeting app developers follow the Developer Program License Agreement and mention the permissions the app will need. Google recently took strict measures such as increasing waiting time to block all fake reviews in their Play Store.
Make sure it uses a private cloud
A private cloud is highly safe in case of storing private financial information. It uses end-to-end user encryption and allows only the users who have authentication power to be the sole user of the app. Generally, the private cloud doesn’t have any security violations and always stays in compliance with the legal framework of a country. Budgeting tools making use of this are much better than any other financial apps.
Uses AI or not
AI is the new god in today’s financial world, it can personalize your budgeting experience in a completely attractive way. Your app for budgeting needs to have AI features because of smartly analyses your spending habits, cleverly predicts profitable investments, and quickly alerts you in cases of exceeding the budget.
Many budgeting tools use GPT 4.0 nowadays for detecting anomalies in cash flow and learning more about the items that drain your savings. AIs also help in building strong financial objectives by detecting daily spending patterns and providing tips on saving better, which you’ll lose out if you don’t get an AI-powered best budget app.
User Interface
The user interface is another important thing, which you’d never noticed. Have you ever encountered those apps that have a complex interface or are just getting bombarded by spam ads? Those user interfaces are to be avoided. You’d look for a budget application that has a clean interface with built-in AI.
Also, apps that have a natural language interface are likely to amass more positive reviews. You should look for budgeting apps that have a clutter-free interface and involve smooth gestures.
Complete portfolio analysis
An application for budgeting needs to have a complete portfolio analysis. This means it needs to analyse the value of all types of assets a person owns. If you own a car and a property, you’d want to assess the value of it without paying a high brokerage charge.
These days, the best budgeting apps come with smart asset value identification features which you need to look out for. You have to scout for such an application that quickly detects the value and gives you a close to good result.
Conclusion
The top features to look out for before installing the best budgeting app in the UK are here. We have searched for these apps, looked for their customer engagement, and found these factors to be highly important. From security to AI use, get your best app by knowing these features.
