Trends Report

Banks Can Improve Their Customers’ Financial Well-Being By Deploying Budgeting Tools

December 3rd, 2019
Luis Deya, null
Luis Deya

Summary

54% of US online adults see digital money management tools as helpful in keeping track of their finances, so digital teams must provide budgeting tools to help their customers stay on top of their finances; sending tailored notifications also helps them stay on track. Monzo’s customers can set up a monthly budget and track their expenses. People tend to manage long-term plans better when they are split into digestible milestones, so tailor their budgeting tools to enable customers to celebrate little achievements toward their goals. mBank’s “spendometer” tells customers how successfully they are meeting their budget goals.

Want to read the full report?

Contact us to become a client

This report is available for individual purchase ($1495).

Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.