Fintech, short for “financial technology,” comprises everything from international cryptocurrency to the Venmo app on your phone. Most people use some form of fintech regularly; still, security and digital literacy often raise concerns.
Fintech literacy is among the training services provided by BridgingApps and Easter Seals Greater Houston. Today’s Program Update is written by Alejandra “Ale” Gonzalez, app coach and BridgingApps Digital Navigator.
Easter Seals Greater Houston holds monthly fintech and homebuyer classes: a typical class has 10–20 students, come to learn financial-stability skills. BridgingApps’ role is to support these lessons by introducing fintech tools to assist with budgeting, subscription tracking, credit checks, and other relevant matters.
Additionally, we work on the United Way Fintech Committee, which has formalized a vetting process for apps and other fintech products. Through this partnership, which includes various financial coaches from different agencies, we are currently working on reviews for four fintech apps:
We are also creating a banking article that clients can use for reference when shopping for the best high-yield savings account.
Our ongoing goal: create all possible opportunities for clients to use fintech as a tool in creating savings and reducing debt.
Top Fintech Concerns
For many clients in fintech classes, budgeting is the first skill to learn. Recommended budgeting apps include EveryDollar and Goodbudget. It’s important to choose a tool that not only helps plan a budget, but helps users stick to it by tracking expenses.
Another common concern is security and privacy. We encourage clients to thoroughly review their chosen app’s privacy policy (all reputable app developers make one available) before downloading, especially if the user plans to store personal information on the app. Not all fintech tools require inputting sensitive information or linking to bank accounts. However, for such functions as credit checking, we share app alternatives such as AnnualCreditReport (the standard government-authorized tool for accessing weekly and yearly reports from the major credit bureaus), which are secure and largely free of charge.
P.S. Basic Fintech Tips
- When choosing a fintech (or any other) app, look for one that has a large user pool and has been updated within the past six months. (This information should be posted where the app is available for download.)
- If you have an app for bank or other financial accounts, always log out after using it.
- If you store credit card information on a retail app, also log out of that app when not using it.
- For extra security, use a two-factor login.
- Check your credit reports regularly, and report unrecognized accounts immediately. Scammers often open accounts in someone else’s name; head off trouble before it has a chance to grow.