iBank is a mobile app that allows you to manage your money with an added social component that makes personal money management convenient, engaging, and fun.
iBank: The Story Behind the App
After years of looking at bank statements and personal money management software platforms, iBank founders felt that there was so much more behind your money that you don’t get to see.
Imagine you want an entire life filled with family, friends, and experiences. And you always want to remember the experiences, so you take photos and videos and share them with friends and family to create good memories. But these memories cost money. That’s where iBank comes in: it gives you the ability to see and manage your money and share the memories and experiences you created with it with your friends and family. They call it social money management.
Social Money Management is the act of managing one’s money where expenses for experiences can be viewed and shared with family and friends all under one app.
iBank: Social Money Management App
Let’s not mix money management with social sharing. To clarify, your friends and family cannot access your money or financials on iBank, but they can view the experiences you choose to share with them.
To allow you to do this, iBank has five different sections that bring together the main aspects of your day-to-day life, combining money management and sharing life experiences with your social circle:
- Dreams (coming soon)
Let’s review what each of the iBank money management app sections can do for you.
In the iBank dashboard, you can add and update your profile picture and a tagline that best represents you or keeps you going every day. You can also view your principal bank account balance, your transactions, and your iBank memories (pictures or videos that are attached to a bank transaction).
iBank integrates with Plaid, a software solution that allows users to securely connect financial data (like your bank accounts transactions) to an app.
Thanks to this integration, you can link your checking, savings, and credit card accounts in the money section to see all of your balances and limits in one place. You can tap into each account and see memories and transactions for that account. With one click, you can also see how much you have spent in the current month and how much you have earned.
For most people, it is important to spend the majority of their time with family and friends throughout their life. The iBank friend’s section allows you to add contacts from your phone into the iBank app. Once contacts are added as friends, you can tag friends to any transaction or to any adventure within the app to better understand the money spent with that friend. This means that you can also plan and budget for trips and experiences with friends. The iBank app makes it easy, fun, and accurate to share adventures with your friends and split the cost accurately.
The iBank lifestyle section is all about the money behind your lifestyle and what your financial life really looks like in the form of photos and videos. In this section, you can view things like how much money you have spent with a significant other, a family member, a friend, or managing joint house expenses with a roommate.
The lifestyle section also shows you the categories you are expending money on and allows you to add a cover image to each category. You can tap into a category to see all the transactions and drag and drop your expenses to move them between categories.
The iBank adventure section is the most popular one of the app. In this section, you can plan and budget with family and friends for future trips and adventures. iBank knows firsthand how difficult it can be to manage all the requests and money, and travel ideas.
The adventure section allows you to create a new adventure, add a cover image, a title, a suggested start date, and an end date, and invite friends to that adventure. Once friends accept your invite, they can view budgets and travel plans for that adventure all in one place.
The people in the adventure can make changes to it, and a push notification will be sent to the owner with the change details.
When you are on the trip, everyone will be able to tag transactions to keep track of what is owed to each individual towards the end of that adventure. It just makes it more fun while keeping track of the budget.
How Much Does It Cost?
For a limited time during launch, the app will be free up until the end of April 2021, as announced by the company. Starting May 2021, the app will only cost $4.99 per month.
How to Sign Up for iBank
Signing up for iBank is easy and completely free. The iBank sign up process takes you three straightforward steps:
- Insert first and last name, email address, and mobile phone number.
- Create a username and password.
- Activate your account.
The Setup Wizard
Whether you sign up on the iBank website or within the app, you will get help from the iBank setup wizard. The setup wizard is designed to help you set strong foundations within the iBank app while also introducing you to its core features. The wizard will walk you through the different sections to make sure you complete all the steps to make sure you make the most out of the iBank app:
- Dashboard: Upload a profile photo, choose your gender and insert a tagline. This could be a quote or tagline representing you.
- Money: Link all your financial accounts so you can see all your transactions in one place.
- Friends: Add friends and family from within the contacts in your phone.
- Lifestyle: Upload a photo or two and tag that photo and a friend or friend to a transaction to create a memory.
Once the setup wizard is complete, iBank will redirect you to your dashboard to navigate to the Adventures section start planning your next trip together with your friends. With iBank, The world is now your oyster.