Cushioned Savers also earmark money for travel/holidays (approximately 45%) and retirement (36%). Security Seekers, despite long-term agendas, prioritize saving for travel/holidays (40%) before retirement (32%). Figure 5 The Four Segments Use Different Management Tools For Their Finances A bar chart or table showing the percentage of each segment currently using various digital money-management tools (e.g., credit score trackers, bill payment scheduler).

Figure 5 The Four Segments Use Different Management Tools For Their Finances A comparison of various digital money management tools that each segment is currently using (e.g., credit score trackers, bill payment scheduler). Overall usage is fairly low across all segments — generally under 40% for any given tool. These figures suggest that no segment has widely embraced financial management apps, indicating a gap in tool adoption across the board.

Asia Pacific leads the pack, with 15% of banking customers in metro India and 9% in metro China saying they used a digital voice assistant for banking activities in the past month. Banking customers in metro India mostly use digital voice assistants to access digital money management tools, send money to another person, and ask questions about their account.

Digital money management includes account aggregation, spending insights, budgeting and savings tools, alerts, and financial guidance. Forrester’s review of the digital functionality of Indian mobile banking apps found that, on average, they scored worst on money management. They face an ever-evolving landscape of independent digital money managers.

As they navigate the increasingly complex financial landscape in search of better financial management, the demand for financial education and well-being tools is rising. In 2023, 82% of metro Indian online adults said they prefer to keep their money with firms that give them tools to help them manage that money, up from 74% in 2022. This signals a growing hunger for advanced money management tools.

In the last five years, personal data management and extensive card management tools have become must-haves for any provider competing in the crowded US and Canada banking markets. For example, CIBC and TD Canada offer customers the ability to block/unblock their cards and update their PINs from within the app.

CommBank boasts industry-leading money management features. CommBank’s mobile app balances strong functionality with excellent UX. It stands out on money management capabilities thanks to best-in-class budgeting, savings, and financial well-being tools.

However, many are adding more services messaging, fraud alerts, and money management recommendations (see Figure 2). A key goal is to leverage RTIMS to accelerate AI adoption and unify CX initiatives across mobile apps, websites, interactive voice response (IVR), call centers, and branches. RTIMS can facilitate technology ecosystem unification.

We may attribute the perceived money management benefits to the fact that younger UK consumers are more likely than older consumers to use “buy now, pay later” (BNPL) methods. Vary in terms of the payment suppliers they trust. For digital payments, younger UK online adults have more trust than the average UK consumer in Big Tech companies like Apple and Amazon and fintechs like BNPL suppliers.

Moving money represents 20% of the overall score and includes transfer money to another person for the first time, pay a new bill, make an international transfer, share a payment receipt, and share account details. Saving and investing represents 15% of the overall score and includes save money, open a savings account, access discounts and rewards, and explore investing.