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  • Writer's pictureAustin Jones

Group Banking Advantages With SoshWallet

Group banking with the SoshWallet mobile app is as easy as using any major banks mobile app. It's also compatible with all major banks in the U.S - making it a premier piece of financial technology. What sets SoshWallet apart from just using your banks app?

When it comes to banking in groups, your standard banking app only gives accounting access to one person. In the case of roommates' bills, only one roommate would be allowed to see the expense activity. Whereas when the roommates use SoshWallet - everyone gets to see the expenses. In the case of a charity, donors just have to hope their charity is being transparent with them. If a charity uses SoshWallet, then every donor can see how their hard earned money that was donated is being used only if the charity chooses for the donors to see. This is called an open or public account. They do not have the ability to do anything with the money because they only have viewing access unless they are an admin.

Transparency is becoming a more spoken about topic especially in the digital age. The SoshWallet app is leading the world in being able to bank transparently with groups. It's not just about transparency though! The app is also a phenomenal tool for treasurers. Being a treasurer is hard work because staying on top of the budget, depositing the checks or cash, chasing down individuals for payments while meeting expenses along with having a day job is time consuming. It's not easy being a treasurer.

When a treasurer uses the app, they can invite all members of their group to the account. Giving accounting access to other members such as finance officers or large donors can give them incentives to get more done! If a treasurer is trying to meet budget requirements, then chasing down team members and showing them print outs is time consuming. A simple message within the app similar to an Instagram feed.... saying - "Hey go onto the SoshWallet app and look at the budget deficit! We have to fix this by the end of the week!" can go a long way. Above all it saves time and instills a level of trust in everyone working with the treasurer, knowing they have accounting access and can see expenses in real time versus waiting for budget meetings.

Pooling resources is a huge advantage that group banking offers. In almost any situation from friends planning a vacation to parent teacher associations, being able to form solidarity among various members in a group on a financial level is hard, but SoshWallet makes it easier!

Parents sending their kids off to college and want to help them manage their first solo financial journey, use SoshWallet! Volunteer coaches trying to raise money for their kids sports teams, use SoshWallet! The application of having an account with SoshWallet really has no ceilings!

SoshWallet is working on new features as well such as the SoshWallet debit card, allowing users to utilize them as a Neo Bank. Start using SoshWallet today and stay ahead of the fintech innovation curve!

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