The way your customers approach banking is drastically changing, and it’s no secret that fintechs continue to rise in popularity, but they don't have to be the bad guys. In fact, many banks and credit unions are leveraging fintech technology and partnerships to help create a better, more customized experience for customers. In a recent article from Forbes.com, the author, Martin Haering, analyzed the many variables of the banking environment and came to the following conclusion:
"While times are certainly changing, banks need to face their new competitive reality head on and leverage the growing diversity of their ecosystem to spur innovation through open collaboration."
It’s important to recognize the need for adaption now that customers have the option to use online and mobile financial applications to help them with a variety of banking services including, saving and investing, person-to-person transactions (P2P), credit monitoring, and more. We all know that collaboration is key to customer retention, so here are the top four financial apps that customers love that you should consider:
Zelle partners with a variety of banks and credit unions which allows for quick and easy person-to-person payments. Compared to competitors, Zelle is increasing in popularity because customers receive their money in minutes, versus Venmo’s one to three business days. Another leading benefit to Zelle is it is one of the only P2P applications where users can request and receive payments from customers whose banks are not partnered with Zelle directly.
Acorns takes investing and makes it simple and pain free. The app easily links with a customer’s bank account and rounds up daily purchases to the next dollar, then automatically invests that spare change into an investment portfolio of Exchange-Traded Funds (ETFs). This app is ideal for people who need help saving and investing. They target the young adult and college-aged demographic, as the small investment amounts are affordable, and robo-advisors do all the heavy lifting.
This free app monitors customers’ credit reports and scores daily. WalletHub also provides users a large knowledgebase and advice about their credit cards and what they can, and cannot afford. WalletHub is by no means the most intricate financial app out there, but it is great place to see individualized savings and credit improvement recommendations at no fee.
Intuit’s Mint is the last app on our list, but it is far from the least. Mint is an all-encompassing spending analysis app that’s completely free. It breaks down one’s spending habits, reminds users of upcoming bill payments, provides a detailed credit score analysis, and displays an easy-to-read report based on every individual transaction. This budgeting tool creates the ultimate custom experience for each user. Mint makes staying on top of finances effortless and efficient, which makes it one of the top finance apps.
Overall, these financial apps that provide a wide variety of banking services, are increasing in popularity due to ease and efficiency. By partnering with fintechs, you can leverage their technology and focus on what’s most important: satisfying your customers.