Study: Here are the personal finance apps that request the most user data

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Personal finance is, well, the name says it all, it is highly personal. Managing your personal finance portfolio used to be done with ledgers and if you were fortunate, you could hire an accountant. These days, with all the technology available to us, managing your money is a lot easier.

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But even with tech, you must be careful when trusting not on your personal finance records but also your personal data with companies. There are a ton of personal finance apps on both the Play Store and App Store. Some of these apps are well known, while others are obscure or niche in nature. A new study takes a look at a handful of the most popular personal finance apps and found which ones request the most user data.

Merchant Machine conducted a study to find out which apps needed the most information from its users. “In fact, Merchant Machine found that, among the twenty finance apps that require the most personal data of their users, the average app requested 20 separate types of data on average. For our new study, we analyzed the data requirements of every sizable finance app on the iOS App Store to reveal which personal finance apps ask for the biggest variety of data.”

Key Findings

  • Investment app Robinhood requires the most user data, using 25 data segments.
  • Chime is the banking app that uses the most personal data (23 segments).
  • In the UK, Monese is the most data-hungry banking app (18 segments).
  • Klarna is the Buy Now, Pay Later app that uses the most personal data (24 segments).

Here is an infographic that the company created to show the most data hungry finance apps which people are using.

01_Personal-Finance-Apps-That-Collect-The-Most-Data

Another interesting infographic presented by Merchant Machine was the Banking apps infographic. This one shows the banking apps that use the most user data.

03_Banking-Apps-That-Collect-The-Most-Data

What do you think of these apps? Do you use any of them? Will you be moving to a different app? You may comment by using the social media buttons below. Share on your favorite social media site and tag us on Facebook, X, MeWe, and LinkedIn. Or join our Telegram channel here.

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