4 apps that are perfect for the underbanked

You'd be hard-pressed to find a product that's more ubiquitous these days than smartphones. In 2011, for example, these devices were owned by approximately one-third of adults in the U.S., according to the Pew Research Center. Fast forward to today, and the share has ballooned to more than three-quarters of the country. Whether they're used to snap pictures, listen to music, send text messages or play games, smartphones are the quintessential all-in-one technological companion. However, a sizeable portion of the same people who own them aren't aware just how multifaceted these mobile devices truly are. For example, among unbanked consumers, more than half of the respondents to a Pew Charitable Trusts survey said they had neither heard of, nor performed, bill pay on their smartphones. This was a stark contrast to the two-thirds of banked smartphone owners, who had used mobile payment technology on their devices. No matter what your financial status happens to be, there are a host of mobile apps out there that can be used to better manage your finances. Here are a few that are particularly useful for those with limited banking services, which the Federal Department Insurance Corporation says accounts for almost 20 percent of today's households. 1. BankMobile
One of the biggest financial headaches for consumers comes in the form of fees, which seemingly every service seems to include, whether in the banking system or elsewhere. BankMobile is different because, as Forbes magazine points out, the mobile app is virtually "fee-less" for services like ATM withdrawal, overdrafting or minimum balance. It's why BankMobile bills itself as the "Fee Fighters." Upon setting up an account, users can deposit their check wherever they are, simply by snapping a picture with their mobile device's camera. 2. Even
Billing itself as the "bank app that plans so you don't have to," Even is a financial goal establishment and accomplishment application that apportions earnings so that it can be used for upcoming payments. All too often, bills go unpaid because "in-the-moment" expenses got in the way. Even prevents this from becoming an issue by setting aside earnings so the they're there when bills are due. As American Banker references, Even is particularly useful for part-time employees by saving extra income during those weeks where take-home pay is more than usual.

3. Prism
From rent and cable to internet and electricity - bills can really pile up in any given month. Prism is a bill payment app that brings more organization to the madness by detailing the exact amount users have to pay, when the bills are due and from what service provider. Prism also allows you schedule notifications so you can be informed a day, a week or hours in advance of bill payment dates as well as when bills arrive.  Scheduling payments is a helpful way to get out of debt and improve credit scores, both in their traditional form as well as those calculated using alternative credit data. 4. PayGoal
Created by the nonprofit organization Neighborhood Trust Financial Partners, PayGoal is an aptly named app because it enables users to reach their financial aim, depending on what they are. Through the use of a personal advisor - a cartoon creation whose name is Paula - users can apportion various amounts from their weekly or biweekly checks so they have the exact amounts they need for bills. It also has automatic features so bills get paid instantly. It even has automatic allocation capability so that specific amounts are deducted from earnings on a regularly occurring basis. The unbanked and underbanked have a plethora of resources to buttress their credit standing. Microbilt offers intelligent payment solutions that can be customized to your needs. Contact us directly to learn more.