Case Study 2-1. Become Your Own Banker
Using one of the many financial apps (most of them free) that are available for your tablet or smartphone these days, you can become your own banker. In fact, trips to the bank or even to an ATM could soon become a thing of the past. The new apps let you do all the functions that you could do on a bank’s Web site and more. For example, to deposit a check into your banking account, you can simply take a photograph of the front and back of the check, after which the app will ask you for the amount you want to deposit. Then you type the account number and then press “OK” to complete the deposit. With the Mint app (mint.com) from Intuit, you can even perform all sorts of analytics on your account. For example, you can establish a budget and keep track of the expenses in various categories, such as food, gas, and groceries. Another app that offers similar services is HelloWallet from hellowallet.com. Still other apps help you track and report work-related travel expenses. An example is an iPhone app called QuickShot. It allows you to take photos of your receipts, and the photos are automatically stored in an account on Dropbox, an Internet file-storage service.* Banks, brokerage firms, and other financial institutions have developed their own apps that simplify their customers’ financial interactions with the institution.
Answer the following questions:
- Using your smartphone and a financial app, how do you deposit a check into your checking account?
- Name some financial apps introduced in this case.
- What are some examples of analytics that can be done using financial apps?
- What are some other examples of financial apps? What are their applications?