Qapital
Developer(s) | Qapital, LLC |
---|---|
Initial release | December 2013 (Sweden); March 2015 (US) |
Operating system | iOS and Android |
Type | Personal finance |
Website | www |
Qapital is a
History
The idea for Qapital was conceived by ex-bankers in Sweden. The software was designed by twin brothers Daniel and Andreas Källbom of Studio Källbom and released in Sweden in December 2013. The original software was a personal finance dashboard, similar to
Qapital introduced the app into the US market with a different design in 2014 and started focusing exclusively on the US market.[4] The app was re-designed to focus on building savings rather than managing personal finances.[4] The Swedish version shut down in April 2015. The app was initially restricted to the iOS platform, but an Android version was released at the end of 2015.[3][5][6]
Shortly after its US launch, Qapital invited psychology professor Dan Ariely to join its team as its "chief behavioral economist".[7] He uses the app's database to conduct research into behavioral economics and Qapital in turn uses Ariely's research in design and programming decisions.[8][9] In 2017, Qapital added checking and debit card services to the app.[4]
Concept and features
Qapital is a free personal finance app for iOS and Android devices, intended to encourage its users to save money.[10] Qapital directs each of its users to set savings goals, then automatically transfers money from their checking account to an account for savings, when a rule established in the app is met.[3][11] It uses the "if this then that" (IFTTT) rule-based web-service.[10] For example, one rule could be that if a user purchases a cup of coffee, then the app will round up the charge to the nearest dollar and deposit the difference into savings.[11] Users connect their bank accounts to Qapital, so it knows when purchases are made.[10] When a rule is met, money for savings are transferred to a Qapital account operated in partnership with Lincoln Savings Bank.[4]
As of 2015, Qapital can connect to more than 180 other apps, such as
Reception
In an October 2015 review,
Bankrate, in a May 2015 review, gave the app a score of 3/5 for "ease of use," 5/5 for "features," 4/5 for "effectiveness," 4/5 for "value," for a total score of 16/20. The reviewer criticized Qapital's savings account for providing a low-interest rate, but concluded that its numerous features make the app "intriguing" and "it would be difficult to find a standard bank app more fun to use than Qapital."[13]
References
- ^ "Qapital (for iPhone)". PCMAG. Retrieved 2018-05-14.
- ^ Wolf-Watz, Sanna (June 3, 2015). "Nu ska svenska appen Qapital få amerikanerna att börja spara". Breakit. Retrieved 2017-10-01.
- ^ Fast Company. Retrieved 2016-05-07.
- ^ a b c d Lawler, Ryan (August 29, 2017). "Savings app Qapital now offers a checking account and debit card". TechCrunch. Retrieved August 7, 2017.
- ^ Shieber, Jonathan (April 17, 2014). "Financial Management App Developer Qapital Launching To Challenge Mint.com". TechCrunch. Retrieved 2016-05-10.
- ^ a b Novellino, Teresa (June 5, 2015). "Qapital wants millennials to play little games with themselves to save money". New York Business Journal. Retrieved 2016-05-10.
- ^ Thayer, Katheryn (January 17, 2017). "Qapital Puts Psychology Into Your Savings". Forbes. Retrieved April 22, 2017.
- ^ Entis, Laura (October 13, 2015). "How This Famous Behavioral Economist Is Trying to Help People Solve Their Most Common Money Problems". Entrepreneur. Retrieved 2016-05-07.
- ^ Anderson, Jenny (November 6, 2015). "The Savings App Designed by a Behavioral Economist". The Atlantic. Retrieved 2016-05-10.
- ^ a b c Wong, Kristin (May 11, 2016). "Qapital Boosts Your Savings Goals With the Power of Automation". Two Cents. Retrieved 2016-05-13.
- ^ PC Magazine. Retrieved 2016-05-07.
- ^ Carrns, Ann (March 25, 2016). "Apps That Make Saving as Effortless as Spending". The New York Times. Retrieved 2016-05-12.
- ^ Davis, Lance (May 16, 2015). "Mobile App Review: Qapital". Bankrate. Retrieved 2016-05-12.