40 Under 40 Innovators in Artificial Intelligence

AI Vs. Humans: Who Will Build The Best Apps In The Future?

In the ever-evolving landscape of technology, artificial intelligence (AI) has emerged as a game-changer. From revolutionizing data analysis to transforming customer service, AI's capabilities seem boundless. One area where its impact is particularly pronounced is app development. But as AI continues to advance, a pressing question arises: will AI outshine human developers in creating the best apps of the future? Or will the human touch remain irreplaceable? For a comprehensive understanding and to learn more, read the full blog post.

The Rise of AI in App Development Current AI Technologies in the Industry

The integration of AI in app development is no longer a futuristic concept—it's happening now. Several AI technologies are making waves in the industry:

Machine Learning Algorithms: These algorithms enable apps to learn from user interactions, providing personalized experiences and recommendations.

Natural Language Processing (NLP): NLP powers chatbots and virtual assistants, allowing for more natural and intuitive user interactions.

Automated Testing: AI-driven tools can perform comprehensive testing at unprecedented speeds, ensuring higher quality and fewer bugs.

Predictive Analytics: By analyzing vast amounts of data, AI can predict user behavior and help developers make data-driven decisions for their apps.

Benefits of AI in App Development

Efficiency: AI can automate repetitive tasks, freeing up developers to focus on more complex aspects of app creation.

Scalability: AI allows for the rapid scaling of applications, adapting to increased user demands without compromising performance.

Data-Driven Insights: AI can analyze vast amounts of data to provide actionable insights, helping developers make informed decisions.

Personalization: With AI, apps can provide personalized experiences for each user, increasing engagement and retention.

Human Touch: The Enduring Value of Human Creativity and Intuition in App Design Why Human Creativity Matters

While AI excels in efficiency and data processing, human creativity remains a crucial element in app development. Human developers bring unique qualities to the table that AI cannot replicate:

Emotional Intelligence: Understanding user emotions and designing apps that resonate emotionally is a distinctly human capability.

Aesthetic Sensibility: Humans possess an innate sense of design aesthetics that AI struggles to emulate.

Problem-Solving Skills: Human intuition and experience are invaluable in navigating complex, unforeseen challenges during app development.

Collaboration Over Competition: Exploring the Potential for Synergy Between AI and Human Developers The Best of Both Worlds

The future of app development doesn't have to be a zero-sum game between AI and humans. Instead, the synergy between the two can yield exceptional results:

AI as a Tool, Not a Replacement: AI can handle mundane, repetitive tasks, allowing human developers to focus on creative and strategic aspects.

Enhanced Collaboration: AI-powered tools like GitHub Copilot can assist developers by suggesting code snippets, boosting productivity without replacing human expertise.

Continuous Learning: AI can provide actionable insights through data analysis, which human developers can then use to refine and improve app features.

Practical Applications

Automated Code Generation: Tools like OpenAI Codex can generate code snippets based on natural language descriptions, speeding up development processes.

User Behavior Analysis: AI models can analyze user behavior to suggest improvements, which developers can then implement creatively.

Efficient Debugging: AI-powered debugging tools can identify and fix code errors, reducing the time and effort required from human developers.

Future Outlook: Predictions on the Future Landscape of App Development The Evolving Role of AI

As AI continues to advance, its role in app development will likely expand, but it will not render human developers obsolete. Instead, we can expect a collaborative future where:

AI Becomes More Specialized: AI tools will become increasingly specialized, catering to specific aspects of app development such as security, user experience, and performance optimization.

Human Oversight Remains Crucial: Ethical considerations, creativity, and strategic decision-making will require human oversight.

Hybrid Teams: The most successful development teams will likely be those that effectively integrate AI tools while leveraging human creativity and expertise.

Impact on App Development Processes

With the proliferation of AI in app development, including the increasing trend to outsource AI tasks, we can expect significant changes in the traditional development process. Some predicted changes include:

Faster Development Cycles: With tools like automated code generation and debugging, developers can expect faster development cycles.

More Focus on User Experience: As AI becomes more adept at analyzing user behavior, developers will have more data to create personalized and intuitive user experiences.

Greater Emphasis on Security: AI-powered tools can identify and address security vulnerabilities, making app development more secure.

Preparing for the Future

For businesses looking to stay ahead, understanding and adapting to these changes will be crucial:

Invest in AI Training: Equip your team with the skills to leverage AI tools effectively.

Outsource AI Expertise: Outsourcing AI development can provide access to specialized skills and accelerate your app development process.

Focus on Continuous Learning: Encourage a culture of continuous learning to stay updated with the latest AI advancements and best practices.

Conclusion

The debate between AI and human developers is not about choosing one over the other. Instead, the key to building the best apps in the future lies in a balanced approach that leverages the strengths of both. AI brings unparalleled efficiency, scalability, and data-driven insights, while human developers offer creativity, emotional intelligence, and problem-solving skills. By embracing collaboration over competition, we can unlock new levels of innovation and create apps that truly stand out.

Disclaimer: The above is a contributor post, the views expressed are those of the contributor and do not represent the stand and views of Outlook Editorial.

Best Investment Apps Of May 2024

Farran Powell

Farran Powell

Hannah Alberstadt

Hannah Alberstadt

Published 10:24 a.M. UTC May 22, 2024

Picking an investment app is a crucial step in your financial journey. You want one that offers the investments, features and resources that are important to you.

Our team assessed 15 leading options to determine the best investment apps of 2024. We examined each app's investment selection, cost, automatic features, resources, customer reviews and more.

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Best investing apps

Robinhood: Best overall.

Acorns: Best for automatic investing.

Public: Best for real-time research.

Charles Schwab: Best for full-service features.

Invstr: Best for educational resources.

Wealthfront: Best for hands-off investors.

Webull: Best for hands-on investors.

SoFi: Best for all-in-one financial management.

Why trust our investing experts

Our team of experts evaluates many investing products and analyzes various data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

15 investment apps reviewed.

10+ data points analyzed.

3-step editorial review.

5-step fact-checking process.

Best overall

Best for automatic investing

Best for real-time research

Best for full-service features

Best for educational resources

Best for hands-off investors

Best for hands-on investors

Best for all-in-one financial management Compare the best investment apps

We researched more than 10 queries for each firm in our rankings. Our researchers verified the data and confirmed any missing points by contacting each company directly and conducting online research.

The investment apps that made our list excelled in the major categories of features and ease of use. Within each major category, we considered several subcategories.

Data for the following categories was collected:

Cost.

Automatic investing.

Automatic round-up feature.

Checking account features.

Minimum balance.

Stock trading.

Crypto investing.

Ease of use.

App reviews.

We then combined them to give an overall score for that category. Data points were scored on a 0.00 to 1.00 scale. The top raw score was 0.90 and was curved to a five-star rating as the highest possible score.

Why other investment apps didn't make the cut

The investment apps that didn't make our list lacked certain features. 

Some had high account minimums or costs per month. 

Others had limited or subpar mobile app reviews in the iOS and Android app stores. This could indicate that the app experience isn't intuitive or straightforward.

Final verdict

Our best overall investing app of 2024 is Robinhood. The brokerage firm offers an intuitive approach to investing with no commissions. And you can start with as little as $1. 

One benefit of a mobile app is round-the-clock access to your portfolio. Robinhood is the only app on our list with 24/5 trading for select stocks and ETFs. You'll also get instant access to some of your deposits. So you can start investing as soon as you complete your transfer request. 

You'll also get more advanced research and data and several other perks with Robinhood Gold. It's more affordable than some of the premium plans other apps offer.

Pros and cons of investment apps

Using an investment app to manage your portfolio has advantages and disadvantages. Here are some to keep in mind.

Pros

Accessibility. The best investment apps are easy to use, even if you have no experience in the market. They also offer low minimums to start with your investment portfolio.

Low costs. Our top choices charge no commissions on trades of more popular investment options like stocks and ETFs. Some even skip the contract fees on options.

Easy access to resources. Are you interested in learning more about investing? Investment apps can be an educational resource at your fingertips. 

Cons

It can encourage risky moves. With easy access to your portfolio, you could be more likely to make emotional decisions with your investments.

Some offer little assistance. Investment apps typically don't provide access to human advisors. Many don't offer robo-advisory services either. This leaves you to fend for yourself.

Limited options. Investment apps are less likely than established brokers to offer robust account options and asset classes. For example, many apps on our list don't provide access to mutual funds, futures, foreign currencies or alternative investments. 

Choosing the best investment app

Investors represent various experiences, goals, risk tolerances and preferences. So no single app is best for everyone.

Here are some features to keep in mind as you decide which investment app is right for you:

Investment approach. Consider whether you want to manage your portfolio independently or need help from a robo-advisory service.

Account options. Some investment apps offer only individual brokerage accounts, while others may offer IRAs, college savings plans and custodial accounts for minors. Consider your investment goals to determine which account type you need.

Asset types. Most investment apps allow you to trade stocks and ETFs. But if you want to access other securities, focus on apps that offer what you want.

Costs. Most investment apps don't charge trading commissions on stocks and ETFs. But they may charge monthly fees for specific plans or annual advisory fees for hands-off investing. Consider how much you need to start investing, too.

Ease of use. Big brokerage firms usually offer investment apps. So you generally aren't limited to using a mobile app to manage your portfolio. But you'll still want to read app reviews. They can give you a sense of how easy it is to transfer money, make trades and track your performance on your mobile device. 

You may also want to look at what you already use to manage your finances.

"Consider whether the app integrates with other financial tools you use, streamlining your investment process," said Ramona Ortega, founder of WealthBuild and THRIVE, an initiative to educate Black and Latino investors.

How much do you need to invest?

Many of the best investment apps allow you to open an account with no minimum balance. But you may need between $1 and $5 to buy fractional shares of stocks and ETFs. 

Apps that offer robo-advisory services may have higher investment minimums. So it's important to consider how much you can afford as you begin.

Investing tips for beginners

If you're just getting started with investing, here are a handful of tips to help you avoid common pitfalls:

Evaluate your situation and goals. To develop an investment strategy, you must understand your risk tolerance, time horizon and financial goals. Doing so can help you determine where to put your money and how much to allocate to each investment type. It can also help you decide whether to manage your own portfolio or get help from a robo-advisor.

Diversify your portfolio. You can buy fractional shares of individual stocks for as little as $1. But ETFs and mutual funds can help you diversify your portfolio across dozens or hundreds of assets. Diversification can also help minimize exposure to risks resulting in big losses.

Invest regularly. If you can afford it, create a plan to contribute to your portfolio regularly. This can be done through automatic monthly transfers, roundup investments or another approach that works for you.

Avoid emotional decisions. Investing can spawn a range of emotions, from excitement to anxiety. One way to avoid emotional investing is to pick a strategy and stick to it. As you gain more experience, you may need to adjust your approach. But letting your emotions drive your decisions can put you at greater risk of losing money.

Avoid trying to time the market. Day trading may sound like a great way to earn money fast. But the reality is many of the best money managers in the industry can't beat the market and most day traders lose money. Instead of trying to time the market, develop a long-term strategy and stick to it.

Frequently asked questions (FAQs) What is an investment app?

An investment app is a mobile app that allows you to monitor and manage your investment portfolio using your smartphone or tablet. 

Can you lose money on an investment app?

As with any form of investing, there's a risk of losing money invested in stocks, ETFs and other securities through an investing app. But some investment apps allow you to set up a virtual stock portfolio, where you can test strategies without risking money.

"Beginners should tread carefully with strategies like options and margin accounts, which allow you to borrow against your portfolio but come with high risks, including the potential of losing more than your initial investment," Ortega said.

What is the best investment app for beginners?

The best investment app depends on your goals and preferences. But if you want robust resources to help you learn how to invest your money, Investr offers a comprehensive course.

Are investment apps safe?

Brokerage firms typically employ security measures to keep your information and funds secure. These may include two-factor or biometric authentication and the latest data encryption technology.

Additionally, funds invested with a broker may be protected by the Securities Investor Protection Corp., which offers insurance if the brokerage firm fails.

Are investment apps free?

Downloading an investment app is typically free. But some charge monthly service fees or annual advisory fees.

5 Best Expense Tracker Apps For 2024

Expense management is crucial for businesses. These handy digital tools simplify how organizations record, manage and analyze expenditures.

However, each platform targets different demographics. Some, like Zoho Expense, deliver an excellent all-around approach that welcomes beginners. Others, like QuickBooks Online, are more complex for long-term scalability.

Don't worry if this sounds confusing. We did the work for you. Let's review our shortlist of the top five expense tracker apps for your business.

1 QuickBooks

Employees per Company Size

Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+)

Micro (0-49 Employees), Small (50-249 Employees), Medium (250-999 Employees), Large (1,000-4,999 Employees) Micro, Small, Medium, Large

Features

API, General Ledger, Inventory Management

2 Acumatica Cloud ERP

Employees per Company Size

Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+)

Micro (0-49 Employees), Small (50-249 Employees), Medium (250-999 Employees), Large (1,000-4,999 Employees) Micro, Small, Medium, Large

Features

Accounts Receivable/Payable, API, Departmental Accounting, and more

3 Oracle NetSuite

Employees per Company Size

Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+)

Any Company Size Any Company Size

Features

Inventory Management, Payroll

Top expense tracker apps comparison

Each software title delivers nuanced features and capabilities. For example, QuickBooks Online boasts top-notch payroll processing, which Shoeboxed lacks.

However, for a swift peek, here's a quick side-by-side comparison.

Zoho Expense: Best overall

Image: Zoho

Zoho Expense is our top pick thanks to its easy-to-use interface and robust feature set. It delivers everything you need to get started quickly, without much fuss. Any beginner with no prior experience can grasp it. Plus, it's also highly affordable, with all plans under $10.

But don't let its low price and beginner-friendliness fool you. Zoho Expense is chock-full of handy perks. For example, it can record expenses automatically by scanning receipts via a one-click internet browser plugin. You can also tackle advanced financial items, like cash advances and corporate credit card reconciliation. And for more power, you can connect to Zoho's other software offerings.

Why we chose Zoho Expense

We picked the platform for its beautifully simple, beginner-friendly platform that still packs a punch with functionality. Moreover, its seamless integration with Zoho's suite of products and other popular accounting software makes it a top choice for businesses looking to centralize their financial operations.

For more information, read the full Zoho Expense review.

Pricing

Free: No cost for up to 3 users with limited features.

Standard: $4 per user per month for 3 or more users.

Premium: $7 per user per month for 3 or more users.

Custom: Contact for a quote if you have more than 100 users.

Features

Automated receipt scanning.

Multi-currency support.

Custom approval workflows.

Integrated analytics dashboard.

Real-time expense reporting.

Pros and cons Pros Cons

Affordable.

Beginner-friendly.

Rich features.

Limited scalability.

Only 20 receipt autoscans on entry-level plans.

QuickBooks Online: Best mobile app

Image: Intuit

QuickBooks Online is a household name for good reason. It expertly blends expense tracking with broader functions like payroll and tax filing. So, you get lots of functionality for the money. And thankfully, that power isn't lost when you're on the move.

That's because the title dishes out a full-featured mobile experience. You can track expenditures, capture receipts and even prepare for tax time, all on the go. Plus, you can sync with other smartphone apps from parent company Intuit. Options include TurboTax and Credit Karma.

For comparison, many competitors fail to offer a beefy mobile experience. Some only support simple receipt uploading or mileage tracking. But not the QuickBooks Online app, which vastly stays true to the full-fledged experience.

Why we chose QuickBooks Online

The platform wins thanks to its highly rated, beginner-friendly mobile experience, providing business owners the flexibility to manage their finances anytime, anywhere. The app is robust, delivering full functionality that's often rare in mobile versions of business software.

For more information, read the full QuickBooks Online review.

Pricing

Simple Start: $30 per month.

Essentials: $60 per month.

Plus: $90 per month.

Advanced: $200 per month.

Features

Automatic receipt capture via mobile app.

Mileage tracking.

Expense categorization.

Advanced analytics.

Highly customizable invoices.

Pros and cons Pros Cons

Powerful mobile app.

Extensive reporting features.

Scalable plans.

Higher cost compared to competitors.

Complex interface.

Shoeboxed: Best for physical receipts

Image: Shoeboxed

Shoeboxed is a godsend for businesses dealing with lots of physical receipts. In fact, it exclusively specializes in managing these pesky hardcopy slips.

The platform simplifies managing your paper trail by automatically scanning and recording receipts in bulk. You get thousands of scans yearly — or even more with a custom-built subscription. Many competitors, like Zoho Expense, only bundle a few dozen scans or less.

The title is unique because it also boasts full-service scanning. This perk involves mailing in bunches of receipts in a prepaid package called a Magic Envelope. Shoeboxed staff then input all your data and either shred or return your documents. This benefit is a massive time saver not typically offered elsewhere.

Why we chose Shoeboxed

Shoeboxed is the go-to app for small businesses needing top-notch physical receipt management. Its ambitious focus on simplifying the receipt digitizing experience makes it hard to beat for paper-based expenses.

Pricing

Start Up: $23 per month.

Professional: $47 per month.

Business: $71 per month.

Features

Generous receipt scanning allowance.

Full-service data entry available.

IRS-compliant digital images.

Automatic categorization of expenses.

Detailed expense reports.

Mileage tracking.

Pros and cons Pros Cons

Efficient physical receipt management.

Easy to use.

Secure cloud storage.

Primarily focuses on receipts.

Limited integration with other financial tools.

Expensify: Best for employee expense tracking

Image: Expensify

If reimbursing employees is a huge chunk of your operation, then Expensify is your perfect match. The beginner-friendly platform delivers specialized perks like next-day reimbursement and automated expense approvals. It also boasts artificial intelligence-powered auditing. This tool helps detect fraud, duplicate claims, miscategorized receipts and more.

The title is also prized for its unlimited receipt scanning. Many other platforms limit this task. But with Expensify, your staff can scan their hearts out. And you'll save time as the title automatically propagates data for you.

Why we chose Expensify

Expensify streamlines the expense report workflow and enhances compliance with company policies. Its strong focus on automation and integration capabilities makes it a superior choice for employee expense management.

Pricing

Collect: $5 per user per month, paid annually.

Control: $9 per user per month, paid annually.

Features

Next-day reimbursement.

Corporate card reconciliation.

GPS mileage tracking.

Receipt scanning.

Integration with HR and accounting systems.

Pros and cons Pros Cons

User-friendly.

Simple, straightforward interface.

Unlimited receipt scans.

Limited value beyond expense tracking.

Must be paid annually.

FreshBooks: Best for basic expense tracking

Image: FreshBooks

FreshBooks offers a simple, user-friendly platform for small businesses and freelancers seeking no-frills expense tracking. So, if competitors seem overwhelming, this option is a breath of fresh air.

It caters greatly to independent contractors. Two standout features are its unlimited invoices and in-house time-tracking perks. These straightforward, fundamental tools save individuals plenty of time when billing clients. Plus, you can set up recurring invoices so you never forget to charge for your services.

As for keeping tabs on your own payments, FreshBooks packs a punch. The title can pull real-time data from your bank for hands-free expense tracking. Plus, you'll also score automated receipt scans, detailed tax reports and accountant-approved analytics, among other sweet perks.

Why we chose FreshBooks

FreshBooks was chosen for its simplicity and effectiveness in managing day-to-day expenses and invoicing. It's well-suited for freelancers and small businesses that need straightforward tools without much fuss.

For more information, read the full FreshBooks review.

Pricing

Lite: $19 per month.

Plus: $33 per month.

Premium: $60 per month.

Select: Custom pricing.

Features

Simple expense tracking.

Time tracking and unlimited invoices.

Automatic expense categorization.

Tax-friendly categorization.

Integration with bank accounts.

Pros and cons Pros Cons

Intuitive design.

Ideal for smaller operations.

Affordable pricing.

Limited scalability.

Fewer features compared to competitors.

More payroll coverage How to choose the best expense tracker app for your business

There are some must-haves when you're looking for the best expense tracker app. First, consider your long-term growth plans. If you'll remain a solo freelancer, then a simple option like FreshBooks is smashing. But if you aspire for the big leagues, then a more complex solution such as QuickBooks Online is better.

Beyond future goals, here are some other factors to consider:

User-friendliness: Some titles cater to people with advanced knowledge. So, decide if you'd prefer a simpler, intuitive interface or one with complexity.

Employee reimbursements: Options like Expensify specialize in paying folks back. These options are great if you have plenty of staff.

Receipt scanning: Manually inputting physical receipts is time-consuming. Look for apps with automated mobile scanning to reduce your burden.

Mobile app quality: If you're constantly on the move, make sure to snag a software title with an excellent mobile app.

And perhaps most importantly, consider your budget. Some options, like Zoho Expense, include a free version. These zero-cost plans are often severely limited. But you can get started without payment and later upgrade to a premium tier.

Methodology

We chose these five apps due to their overall value for money, user-friendliness, specialization in certain financial needs and positive customer feedback. We also considered each title's suitability for beginners, receipt scanning capabilities and long-term scalability, among other factors.

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