Bud is a banking app that takes a different approach to your finances. While there have been many fintech apps looking for their share of the market over the last few years, Bud has to be one of the most ambitious. Rather than focussing on one aspect of your finances, Bud attempts to bring them together on to one platform. From your bank balance to your investments, Bud wants to make everything easily accessible with the tap of a screen.
Read on to find out more about Bud and whether it might be the right option for you.
Bud describes itself as a “plug and play financial services platform”. It’s a place where you can connect your different financial resources and access them at any time. You won’t get a current account or a comprehensive financial plan, but your finances will all be accessible safely, and at any time.
At its core Bud works from an app on your smartphone, but Bud has to account for all the external programs it wants to support, which makes the app much more difficult to code. For this reason, Bud keeps its design minimal and functional.
While Bud does sacrifice a flashier design for a more streamlined user experience, this does not mean it is short of features. In fact, because of its simple design, Bud directs its energy on making sure its features have substance. These features include:
Bud makes a great companion when you’re on holiday. Not only does it act as a bookkeeper for you, it also lets you set a target and budget for your time away so you’re not left short. Bud’s marketplace may also be of help to you; with its collection of more than 60 partners offering loans, insurance and accounts, you may find something to help you while you travel.
Bud is currently free, but it is still in beta and relying on generous volunteers to help develop the best experience. This means that while you pay nothing for the app, you may be waiting a while to open an account. At the moment Bud has 10,000 beta tester, but this number may grow in the future.
Bud makes sure it keeps all the valuable information it collects as safe as possible, and it does this in several ways. First, your account is secured behind a password of your choice, and if this is ever lost you must prove it’s you to change it again. Bud only uses the data it needs from you, and while it does keep a record of your spending habits, there is no way of using your money from the app. Lastly, all data is encrypted, making it difficult to access.
While Bud doesn’t work as a replacement for traditional banking services, it does make a great companion to them. The work that has gone into creating such a complex app definitely shows, and hopefully it will be available to everyone at some point in the future.
You can manually enter your account balance and details which will allow you to use the app’s features properly, but it’s important to remember that Bud cannot work miracles, and requires effort on your part to stick to the budget.
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