Teach Customers to Save and Maybe They'll Stick Around
During the last couple of years, banks have been slowly but surely upgrading their apps to include tools intended to help customers build healthy financial habits via savings, budgeting or both.
To name a few: KeyBank is making financial wellness scores available via digital banking, USAA offers an app designed to help Millennials save, Ally Bank offers an app designed to help people spend less, TD Bank in Canada is white-labeling technology from Moven and, most recently, Bank of America updated its mobile app to include budgeting features, while Wells Fargo launched a stand-alone savings app.
Some view the updates as a creative way to bond with depositors. And it is something many depositors need: 35 percent of a typical bank’s customer base needs help in knowing how to save money, according to 2015 research.