Jeremy Bennett couldn’t believe the pie chart on his iPhone. He’d recently started using a personal-finance app called Mint to track his spending habits and was now faced with a painful reality in yellow, orange, and blue. “I had an ‘Oh, shit’ moment,” he says over a beer in lower Manhattan. “I spend how much on food?” He ended up saving more than $500 a month just by cutting back on takeout. I was blown away by how much I could save by changing one little thing.”
And he’s not the only one opening his eyes to the power of your phone over your finances. Thanks to an explosion of innovation—and $20 billion in venture capital in just 18 months—financial technology, or fintech, is upending the banking industry and changing the way we interact with our money. Fintech is exploding so fast I had three tech-savvy 20-something guys test-run the latest and greatest apps on the market. Then we met at a bar to discuss our findings.