Back in September, Numbrs informed its users about a significant change. From the 4th quarter onwards, the personal finance app "Numbrs" will be operated as a paid Software-as-a-Service subscription model in Germany and the United Kingdom. Numbrs thus discontinues the commission-based brokerage of financial products of traditional banks and insurance companies and terminates the associated distribution partnerships in the course of the reorientation.
CEO and founder Martin Saidler explained the strategic decision: "The unavoidable conflict of interest of banks is becoming more and more obvious to the customer, as banks are finding it increasingly difficult to balance the conflict between their own interests and the ones of their customers. Numbrs is not a bank and from now on no longer brokers financial products. We guarantee our users a 100% neutral analysis of their finances.“
This significant change undoubtedly comes with questions, users will have in regards to the Numbrs app. And we are here to answer them all. Our new version v.4.13 will go live today, on October 30th, and will include the change to the subscription model. It will also come with a set of new features that greatly enhance the user experience and functionality of Numbrs. Let’s dig into the new features of Numbrs first.
Numbrs' AI, called "Neo", is one of the most advanced AI technologies for analysing financial data. It takes centre stage in the newest release and will help users to find out more about their finances. Neo alerts you of hidden fees, too high interest rates or unnecessary products. Neo's smart algorithms capture and process 3.554 data points per account entry in real time. Since the introduction of the Numbrs App in 2014, the self-learning algorithms of Neo have analysed 1.040.335.608.624 pieces of information (September 2020).
Neo uses the information collected to improve existing functions and to give users new and useful hints (Insights). It works in the background and gets smarter with every transaction. Personal finances, powered by AI.
Neutrality is one of our core values at Numbrs. If something is free of charge, you are the product. Throughout our daily life, we encounter adds "tailored to our interests". This is made possible because marketing companies collect our data. Data that usually comes from a free service we are accustomed to use.
Personal finances are a very intimate part of us. It is needless to say that nobody would like a third party to have access to their bank accounts and information. Finances are a private matter. With Numbrs, you can be sure that it stays that way.
Whenever Numbrs collects data, we clearly and transparently indicate to do so. We make sure that you know how your personal information is used and how you can change this at any time.
The Data Lock feature informs you about our privacy and security measures. You can always assess how Numbrs uses and secures your information.
But the feature can do much more than this. For example, it proactively alerts you when your bank account is being updated in the background and a connection to your bank is established.
There are a lot more new features introduced in our newest release and you will find detailed information about all of it on our website, als well as in the app.
You can choose between a monthly or annual subscription and try Numbrs for free for up to two weeks. You can cancel your subscription for free at any point during the trial period.
If you are looking for one app to manage your entire financial life, Numbrs is the app for you. It is available for iOS and Android. For feedback, further questions about our subscription model, the new features or the Numbrs app in general, simply contact our support team.