Every working woman could benefit from using money-saving apps that keep financial information — credit, banking, savings, cash, etc. — in one safe, easy-to-access place. But most financial apps lack key tools, cost too much, or weren’t built with mobile use in mind. That’s why Empower — a Sequoia-backed, money-monitoring startup — aims to prove its app can do it all.
Finance for millennials
Empower is marketed as an all-in-one banking app made for millennials. Its intuitive design allows users to view everyday financial and credit actions and provides banking tools to transfer funds. The app likely reads similar to a run-of-the-mill banking app, but its strength is its organizational capabilities and mobile-first feel.
“No one really has been able to crack the nut in building the one app on your homescreen that consumers use to manage their money,” Warren Hogarth, Empower founder, told TechCrunch.
Hogarth gained his tech savvy and earned his mobile stripes while working for Sequoia, a company that’s backed other finance apps such as Square and Stripe for a little more than seven years.
The Empower difference
Previous money-management services typically were built for desktop users. For example, Mint wasn’t made for the on-the-go app user. Mint has been available for a decade but “wasn’t built with a mobile-first mindset,” TechCrunch reported.
“We want to help you take action to get ahead — without you having to exit the app, go to your bank app, remember you[r] password, move money around… [With Empower], from one place you have control of everything,” Hogarth said.
It’s all about organization
Empower’s “power” comes from its top-notch organizational capabilities. The app’s creators partner with participating providers to help obtain data. Once Empower has data, it performs in-house data cleaning and structuring that helps end-users easily interpret their information.
How the app works
After downloading Empower, search the app for banks and financial firms to add accounts. The app uses strong encryption to protect user data. Its security also is audited by its financial partners. According to Hogarth, “data is 256-bit AES-encrypted at rest, 256-bit SSL-encrypted at transfer and stored in PCI-compliant environment; user credentials aren’t stored…”
Next, users are asked to categorize their data. The app allows people to see where and how they spend money. The app also can alert users if they spend more than a predetermined amount.
Other app features include:
- Balance analysis at a glance.
- Spending tracking across accounts.
- SpendLimit (the app’s monthly spending target tool).
- Credit card charge alerts.
- Money-saving notifications.
- Bill-increase notifications.
- AutoSave (an overdraft prevention feature).
- Expense categorization capabilities.
- Next-day money transfers.
Future app features should allow users to pay bills, pay down debt, provide an expanded financial health toolset (think student loan payment advice, fund transferring to high-interest savings accounts, refinancing help) and investment suggestions via so-called “robo-advisors.”
At launch, Empower was supported by more than 1,000 American banks. The app is available free for iOS devices. An Android version is expected in a few months.
What this means for you
Any successful camgirl knows each performance is more than a show, and every picture is more than a snap. All of your images and data are your business’s life-force. So, any time- and money-saving tool will help you continue to operate your business with ease.
Although this app is very new, if successful it could also eventually allow you to track when and how you get paid and how often you have to buy new equipment, plus allow you to transfer money between business and personal accounts while on the road, fee-free.