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

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.