Top 20 Finance & Banking Apps in Apple's App Store (NetBanker)

It's been almost a month since Apple launched its App Store for native iPhone apps. According to the company, 25 million have been downloaded, an impressive one-million-per-day pace (11 Aug update: The company reported 60 million downloads, with $30 million in sales, during the first 30 days.)

Luckily for banking geeks, Apple added a Finance category (see screenshot below), so it's easier to track what's popular in our sector. As of early today, there were a total of 42 finance apps listed. The 20 most popular were (note 1):

Rank	Name	Type	Price	Release*	Rating**	Num***
1	Bloomberg	News	Free	16 July	4	337
2	CheckPlease	Tool to split dinner bills	Free	31 July	3	77
3	Mobile Banking (BofA)	Banking	Free	4 July	2.5	323
4	PayPal	Payments	Free	1 July	2	85
5	Balance	Expense register	Free	30 July	4.5	41
6	Puluwai Real Estate Search	Real estate	Free	20 Jun	3.5	38
7	3in1 Mortgage Calc	Calculator	Free	30 Jul	3.5	7
8	TipCalc	Tip calculator	Free	19 Jul	3.5	6
9	TipTap	Tip calculator	$0.99	1 Aug	4	30
10	Budget	Personal finance mgr	$1.99	24 Jul	3.5	37
11	MyAccounts to Go	View accounting info	Free	15 Jul	2.5	16
12	Swissquote	Stock quotes	Free	17 Jul	3	2
13	LoanCalc	Calculator	$0.99	26 Jul	3	18
14	Mortgage Payment Calc	Calculator	$0.99	2 Aug	3	9
15	Day Bank	Expense register	$3.99	14 Jul	3.5	64
16	SplashMoney	Banking & PFM (note 2)	$9.99	24 Jul	3	84
17	iXpenselt	Expense register	$4.99	9 Jul	3.5	52
18	PocketMoney	Personal finance mgr	$9.99	1 Aug	3	55
19	LoanShark	Calculator	$4.99	30 Jul	4.5	5
20	Tipulator	Tip calc	$0.99	30 Jul	4	33

Source: Netbanker/Online Banking Report analysis of Apple App Store data, 5 Aug 2008
PFM = Personal financial management
*Release date of latest version; there may have been previous versions released earlier; currently reviews carry over from previous versions
**Average user rating on 1-to-5 point scale
***Number of user reviews posted

What's notable:

Nine apps have a download fee ranging from $0.99 to $9.99
Only four have a user-rating of 4.0 or better (on a five-point scale): Balance (4.5), Bloomberg (4.0), LoanShark (4.5) and TipTap (4.0)
Three apps, including two of the most popular, are rated below 3.0: BofA (2.5), PayPal (2.0) and MyAccounts to Go (2.5)
The most-reviewed apps are Bloomberg (337 user reviews) and BofA's mobile banking (323) (see previous coverage)

What's innovative:
I haven't used any of the apps yet, but from reading the descriptions, there's not much new here (notes 3, 4). The apps fall into four main categories:

Tip calculators
Other financial calculators such as loan payments
Expense/check registers
Personal finance tracking apps

Even though these functions aren't very advanced, the ability to access them easily from your mobile phone makes them more interesting. And banks looking to create a useful iPhone app should take note. BofA was criticized in early user reviews for posting little more than a landing page for its normal mobile banking screen (see screenshot above).

Financial institutions would likely find a more receptive audience if they added a couple useful functions to the application besides an online banking login screen. It would be relatively trivial to add an expense register, tip calculator and other calculator functions to the banking app.

Notes:
1. Apple does not provide any metrics on how many times the apps have been downloaded. It just lists them in rank order.

2. Downloads transactions from more than 200 financial institutions supporting Intuit's DirectConnect

3. The most interesting app is SplashMoney's account aggregation app that allows you to download transactions from more than 200 financial institutions that support Intuit's Direct Connect.

4. See our Online Banking Report on Mobile Banking for more info.