The aggregation of bank accounts is the foundation, on which the Numbrs app was built in 2014. And the demand for it is stronger than ever.
The idea is simple. Instead of logging in to different banking apps with different logins to get an overview of your overall financial status or to transfer money across accounts, users can manage all their accounts, cards and credits with the Numbrs app - no matter from which bank.
The market is growing
While everyone has the choice whether they want to use a bank aggregator or not, the market for multi banking is rapidly growing. Every second German has at least four bank accounts at the same time. A trend which is increasing from year to year. As mobile technology has paved the way for faster and simpler account registration processes and lawmakers are unifying digital banking standards, users have jumped on the bandwagon. As a result, the number of bank accounts per user is on the rise.
The need for overview
Crypto exchanges, PayPal, challenger banks and various credit card types – customers who are considering an alternative to their traditional house banks have more options than ever before. At the same time, a growing amount of accounts makes it increasingly difficult for users to maintain an overview of their finances. Studies have shown that only two out of three Germans manage to put aside any money at all by the end of the month. While this may have various causes, the basis for making healthy financial decisions is a proficient understanding of your overall financial status.
This is where Numbrs can help. Our app not only gives you an exact overview of all your accounts in one single number, it also analyses your transaction, gives you personal insights on how to save money and helps you to reach your financial targets.
The unavoidable conflict of interests for banks
When it comes to banks, users have the choice. But they can also choose between various aggregators. So why go with Numbrs? One of our core principles is neutrality. This may not sound like a big deal at first, but it is fundamental to the experience of the user. A recent trend has seen more and more fintech companies, which have applied for a banking license. As they become eligible to provide financial products, they naturally want to sell them to their users – just like traditional banks. The result is a conflict of interest.
Numbrs has decided to refrain from this trend. We are not a bank, nor do we want to become one. This means that we do not offer our own financial products. Our goal is simply to act in the users best interest. While we do offer a range of financial products by third party banks and insurances, their promotion to the user is decided on a neutral basis and by complex data algorithms only.
Feel free to try out the Numbrs app yourself. It is available for iOS and Android and comes entirely free on both systems.