Trends Report

Banks: Offer Digital Money Management And Savings Tools To Improve Your Customers’ Financial Well-Being And Drive Engagement

December 5th, 2019

Summary

54% of US online adults see digital money management tools as helpful in keeping track of their finances. Digital teams must integrate savings tools into their digital experiences to help customers build a financial cushion, drawing on behavioral economics to design goal-based savings tools. Best practices are abundant: Monzo helps customers save by rounding up their everyday purchases and saving the difference in their savings pot; Westpac motivates customers to save by letting customers personalize and keep track of their savings goals; and BBVA’s Bconomy offers a personalized plan to improve customers’ financial well-being based on their current financial situation. Banks can drive deposits with digital tools that help customers save.

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