If you’re wondering what is 22Seven or if the app is safe to use, the 22Seven review is for you:
What is 22seven?
22Seven is a free budgeting & investment software that lets you handle and invest your money in a simpler and more insightful way. It’s a digital service that lets you get more out of your investments. Some people have experience with being careless and making money choices that they later regret.
22Seven helps you become more aware of how you use your money while providing tools to make better use of your money. 22Seven uses financial planning tools to monitor their personal expenditure and savings. The developers’ aim is to make people more aware of their money habits. 22Seven is essentially an app which can help people manage their money better.
Many people will have a budget spreadsheet that requires regular reviewing, 22seven automatically updates categories like food, dining out and grocery stores. This saves a lot of time, particularly when one is a reckless spender.
The app doesn’t automatically categorize the expenses so it will send a notification every few days asking the user what they spent their money on. It will then remember to sort this category for future purchases and save on the energy of tracking their budgets manually. Some categories are very simple and preconstructed until you keep going and get the handle on how the software functions.
Since 22seven was first launched it seemed almost too good to be true but the app seemed to tick all the right boxes for people with little investment and budgeting experience. It provides you with options on how aggressive you can be with investments. While banking apps display your current balance, account withdrawals, and other account management, 22seven simply states how much you’re prepared to spend on each category, and the app will notify you if you’re close to or even above your limit. It also gives you a suggested amount if your previous spending habits make you unsure.
Your past spending patterns will include a forecast or estimate of how much you will spend this month. This coupled with the budget allows even someone with no financial education to have a simple way of knowing whether they’re going to make it by the end of the month. The one drawback of the app though is that you need to invest with Old Mutual.
How the 22Seven App works
- You will create an account after downloading the app and link your various bank accounts. The app isn’t part of your bank(s) directly, it will recommend that you access your bank at different times of the day. The reminder times can be set by the user.
- You will then receive an SMS from 22seven that you have signed into your account.
- Some synchronization occurs to enable you to view your income and expenditures on the app.
- Once that’s done, the process is over.
After creating your categories, your spending will be categorized in five colours to make your spending habits easily differentiated. Blue for regular spending, orange for fixed spending, violet for savings and green for profits. It lets you easily see whether or not your money is going to make it to the end of the month.
With the 22Seven App, you’re able to:
- See all your money in one place- all your accounts and all your transactions. (more than 100 financial institutions can connect bank accounts, credit and store cards, savings, loans and rewards.)
- Have a customized estimate, instantly-see just how much you’re spending and how you should be investing.
- Find useful insights – nudges will frequently show you stuff you probably haven’t learned or thought about, and help you make better use of the money.
- Keep track of your money easily quickly find some purchases, from 3 days or 3 years ago. And it is exportable which makes tax returns simple.
- Grow your money wisely- spend tax-free, for less than half the industry average cost.
Is 22Seven safe to use?
22Seven uses the same security measures as banks, governments and the army. In South Africa, Yodlee services are also used by firms including Investec, Sage Pastel and Nedbank. 22Seven reliably gathers on-the-phone account information directly from Internet banking websites. 22Seven works with Yodlee, an international security and data aggregation company, to access transactional data in order to ensure the accuracy of the data collected. Then the categorize and Nudge tech take over to figure out the expenses.
22seven only gathers the following from linked internet banking profiles:
- account names
- the last 4 digits of the account numbers
- account/holding balances
- transaction dates, descriptions and amounts
Once entered into the app, your login details are immediately encrypted and sent straight to Yodlee’s guarded data-vault. They’re safely stored until you authorise an account update in 22seven. Ideally, the update process should take no longer than 10 minutes from start to finish.
It’s entirely automated, so no human beings are involved in this process.
What is Yodlee?
22Seven don’t sign in to your bank account, Yodlee does. The required data is then extracted and passed on to 22Seven’ servers. Your user name, passwords and banking credentials are not stored by the 22seven. All the information is entered directly over an encrypted link in Yodlee’s secure servers.
Is Yodlee Safe
Yodlee claims to have more than 30m users around the world and hasn’t had a loss of security in that period. Yodlee creates stable data-collectors for every 22seven sponsored service provider. Such data collectors scour the HTML code of your website for Internet banking, finding only very basic account information.
They are read-only, taking data directly from your internet banking profile and showing it as it is in 22seven. 22seven does not share data with third parties. The data is obtained from your internet banking profile where all the information is readily available. This keeps the software 100 per cent safe!
22Seven gathers only details such as the account names, the last four digits of the account number, account balance and transaction dates descriptions and accounts from related internet banking profiles. While connecting your accounts to 22seven, you may be required to provide your internet banking login details that may be uncomfortable for some users, but your login details are kept safe and protected at every phase.
When submitting data to 22seven, ones data will be processed, encrypted and sanitized. The process of updating from start to finish should take no more than 10 minutes. It’s completely programmed, so you won’t need other individuals to help. All unique identifying features are removed from the data which makes it nearly impossible to trace the information back to you.
During the data collection process, there will be unexpected problems. 22seven depends on website code details, so there are instances, changes and errors on websites where data collectors can misread those codes. Fortunately, problems with your accounts are quickly dealt with.
There is a support team called the Svens. 22Seven has access to your data but does not own your data. 22Seven are audited regularly by security experts and they are also protected by AIG. In the unlikely event of a data breach, we will have you thoroughly secured. Your information is not going to be shared with third parties, it is not going to be used to spam you and not even Old Mutual will have access to your information.
Is 22Seven Insured?
22seven is safe to use and insured by Beazley, the world’s leading cyber insurer. If data or information that you’ve entrusted to 22Seven is lost, stolen or compromised because of something we or Yodlee did (or didn’t do), and money is stolen from you because of it, 22Even will refund you. If you have a claim, it needs to be validated, and they will help you with the investigation.
Overall 22Seven is a great budgeting app you should consider downloading to help you understand your spending habits better to be able to save for your long term goals like buying a property in SA or abroad.