The bank has expanded access to its Fifth Third Bank Finance Academy to junior high students, adding them to the high school students for whom the program was originally launched, according to a Monday (Sept. 16) press release.

Fifth Third also continues to offer the Fifth Third Young Bankers Club for elementary students, as it has done for 20 years, according to the release.

These programs are offered at no charge to schools and organizations within the 11 states in which the bank operates, per the release.

“Our Finance Academy program has seen significant success with high school students, inspiring us to expand and enhance our offerings to junior high and create a continuum of learning for students,” Aleta Young, corporate social responsibility strategies director for Fifth Third, said in the release.

The bank offers four free financial education programs, Fifth Third Young Bankers Club, Fifth Third Bank Finance Academy Junior High Personal Finance, Fifth Third Bank Finance Academy High School Personal Finance and Fifth Third Bank Finance Academy High School Entrepreneurship, according to the release.

These programs help students learn the basics of budgeting, banking, borrowing, saving, investing and entrepreneurship, the release said.

Over the 20 years the elementary and high school programs have been available, tens of thousands of students across the United States have participated in them and improved their financial literacy, per the release.

“At Fifth Third, we are committed to increasing financial access and stability for all of the individuals and communities we serve,” Young said in the release.

The Organization for Economic Cooperation and Development (OECD) said in June that teens in more prosperous countries are lacking in financial literacy. While more than two-thirds these students routinely use financial products and services, their levels of financial literacy are too low to make sure they can avoid financial risks, the OECD said.

Nearly 60% of consumers expect their financial institutions to help them improve their financial health, according to the PYMNTS Intelligence and PSCU (now Velera) collaboration, “How CUs Can Help Younger Consumers in a Distressed Economy.”

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The deal, announced Tuesday (Sept. 3), will let Tweeq continue to operate independently, while allowing Tabby to consider expanding its financial products suite to include features like digital spending accounts, cards and money management tools.

“The agreement is a significant step towards realizing the goals of Saudi Vision 2030, contributing to the expansion of digital financial services,” the companies said in a news release, in reference to the country’s economic development strategy.

According to the release, Tweeq will work with Tabby to expand its services within Tabby’s ecosystem and consumer scale. 

“Tweeq has made it its mission to meet the financial needs of Saudi Arabia by building the best mobile-first spending account,” said Hosam Arab, CEO and co-founder of Tabby.

“With Tweeq joining forces with Tabby, we will unlock a whole new suite of financial products designed to empower our customers to do even more with their money when they spend, send or save.”

The release noted that Tabby graduated from the Saudi central bank’s regulatory sandbox and received its buy now, pay later (BNPL) permit in July of last year. 

“The acquisition agreement reinforces the growing maturity and potential of Saudi Arabia’s FinTech industry, spotlighting the region’s expanding financial technology sector and representing a breakthrough for the broader Middle Eastern FinTech ecosystem,” the release added.

In other digital wallet news, PYMNTS wrote Tuesday about the impact they are having, especially outside the U.S., where they have come to offer a wider range of functionalities catering to diverse needs.

“In Europe, we have been quite advanced in digitization of payments, and the usage of digital wallets has been growing rapidly,” Deniz Oran, head of payment partnership, EMEA at Google Wallet, told PYMNTS.

“The journey for many people starts with adding the payments credential, then very quickly once they’ve become accustomed to using the digital wallet, they add other credentials such as loyalty cards, boarding passes, transit and event tickets, and the list goes on,” Oran added.

That report also noted that younger age groups, who are typically digital natives, are most responsible for driving the adoption of digital wallets for both payment and non-payment uses.

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The rates vary based on the customer’s total margin balance and range from 5.7% to 6.75%, the online brokerage said in a Tuesday (May 21) press release.

Six rates are offered in this tiered margin structure, ranging from 5.7% on margin balances of $50 million or more to 6.75% on margin balances of up to $50,000, according to the release.

“We’re always looking to upend the status quo on behalf of our customers,” Steve Quirk, chief brokerage officer at Robinhood, said in the release. “Whether someone has a balance of a few thousand dollars, or millions, they automatically have access to the lowest margin rates among leading brokerages with absolutely no haggling required.”

These new, lower rates come at a time when Robinhood is expanding its platform to provide better tools for more advanced investors, according to the release.

They are part of an effort to provide approaches to margin investing that meet the needs, investment experience and financial goals of a variety of customers, the release said.

Each customer’s rate is applied automatically, based on the margin balance of their account, eliminating the need to negotiate a rate, per the release.

“As customers consolidate their finances from other brokerages into Robinhood, they can take advantage of our new margin rate structure to access better rates and even more buying power,” the company said in the release.

For subscribers to the Robinhood Gold membership program, the company also offers the first $1,000 of margin with no interest, according to the release. It will also soon offer subscribers a 1% unlimited deposit boost on eligible incoming brokerage deposits.

It was reported on May 8 that Robinhood has experienced strong trading activity in equities and options.

The firm has also seen retail traders reenter the market, with a 59% increase in transaction-based revenue in the first quarter. Retailer traders have been encouraged by hopes of a soft landing of the economy. 

In another recent move, the company launched a credit card in March, saying it aims to reimagine the credit card experience and make it easier for people to monitor how they spend their money.

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The company is not shutting down, Onyx Private CEO Victor Santos told TechCrunch in a report posted Monday (March 18).

Santos said this when asked by TechCrunch about an email Onyx Private sent to a customer, saying that the company was discontinuing its services and beginning to close all associated accounts starting on March 13, the date of the email, and would finalize the shutdown on April 14, per the report.

He added that Onyx Private’s new business model will include a business-to-business (B2B) platform-as-a-service for financial institutions (FIs) that want to launch digital apps for young, affluent consumers, according to the report.

Santos also dismissed a report that Onyx Private faced regulatory challenges, saying no such issues played a role in the company’s decision to close its business-to-consumer (B2C) offerings, per the report.

“It was purely a strategic decision that allowed us to leverage the base of existing FIs and use the technology we have built to scale in a more capital-efficient manner,” Santos said in the report.

This report comes about 10 months after Onyx Private raised $4.1 million in a funding round, saying it aimed to provide private banking and investment services tailored to affluent millennials and Gen Zers, according to a May 22, 2023, report by TechCrunch.

At the time, Onyx Private offered banking services in partnership with Piermont Bank; investment services in collaboration with Helium Advisors and the Bank of New York Mellon’s Pershing; and a “lifestyle concierge” service delivered via a digital personal assistant.

The company aimed to serve lawyers, doctors, tech workers and other affluent professionals, proving a private bank that would “democratize the tools that today are only available to the ‘ultra rich,’” Santos said at the time.

In another recent development in the digital banking space, British banking-as-a-service (BaaS) platform Griffin said March 10 that it had received approval from the U.K.’s financial services regulators to launch as a fully operational bank.

In January, i2c and The Bank of Missouri (TBOM) partnered to help FinTechs create digital banking products. Together, the companies will help FinTechs offer checking and savings accounts, consumer and small business loans, credit cards, rewards programs and virtual cards.

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However, when it comes to couples, these practices take on a heightened significance. Financial disagreements rank among the top contributors to relationship strain and even divorce, underscoring the critical importance of effective money management in maintaining long-term stability and harmony within a partnership.

But gone are the days of traditional gender roles dictating financial responsibility within relationships. Instead, today, couples are embracing innovative approaches that prioritize collaboration, transparency and autonomy, with each individual taking an active role in managing their finances.

The rise of shared finance platforms and apps like Tandem reflects these societal shifts in attitudes toward money and relationships. 

“Nearly 70% of our most active couples are female-led, as in the female downloaded the app first and invited their partner to it,” Tandem co-founder Michelle Winterfield told PYMNTS, adding that “times are different, and women want and should have equitable involvement in the finances of their relationships.” 

Launched in August 2023 and recently securing $3.7 million in seed raise, the subscription-based app tailors financial services to couples, who can save and plan for financial milestones together, whether they have joint or separate accounts, and regardless of whether they opt to manage their finances jointly or separately.

“Tandem isn’t your typical financial planning app. We rethink the entire household financial journey and center it around experiences that allow couples to participate in an equitable and transparent way,” Dan Couvreur, co-founder of Tandem, added. 

As per the company’s data, Tandem couples have collectively shared over $65 million of expenses since the platform’s launch, with top expenditures being rent and mortgage payments, along with Amazon purchases, Uber rides, and shopping from popular brands including Trader Joe’s, Target, Costco and Whole Foods.

Winterfield also highlighted the most common milestones Gen Z and millennial couples are saving for on the app: weddings, home-related expenses (such as purchasing, furnishing or renovating), starting a family and vacations. On average, couples are budgeting between $5,000 and $20,000 for these goals, she said.

Last year, the FinTech firm partnered with Prizeout, giving couples the option to increase their purchasing power on everyday expenses. By opting to shop with Prizeout’s selection of 1,300-plus brands, users can receive up to a 20% bonus instead of a straight cashout. 

“We built Tandem to create a better option for couples who share finances — a solution without friction, with transparency, and ultimately now, rewards,” Couvreur said at the time.

Adapting to Relationship Timelines

Looking ahead, the shared financial management landscape is poised for growth, mirroring broader societal shifts towards collaboration, transparency and equitable participation. 

This evolution promises further advancements, enabling smoother navigation of financial complexities, while fostering stronger, more resilient partnerships in the process.

However, a shift in relationship timelines, where couples are now marrying later in life, presents challenges in achieving financial milestones compared to previous generations. 

“By delaying marriage, many couples now struggle to access money milestones at the ages previous generations achieved them due to a lack of access to financial incentives and the willingness to combine assets,” Winterfield explained.

It’s a challenge that Tandem aims to tackle by supporting couples throughout their entire relationship journey.

“Our goal is to provide couples with a platform that promotes transparency and equitable involvement from both parties,” she said, “through engaging in-app experiences, the team will continue to utilize data-driven insights to optimize couples’ financial product suites.” 

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Mint will no longer be available as of Jan. 1, Intuit said in a Tuesday (Oct. 31) blog post. Users can download their Mint data and join Credit Karma.

“Last year, the Intuit Mint team joined Intuit Credit Karma to help build one of our newest experiences that will help millions of members know, grow and protect their net worth,” Intuit Mint said in the post. “This marks the next evolution of Credit Karma, one that combines the money management product expertise and momentum of Mint with Credit Karma’s scale, technology and vast product ecosystem.”

At Credit Karma, users have access to a range of features, products, tools and services, including some of the most popular features from Mint, according to the post. For example, those who use Mint to monitor their cash flow and track their spending will be able to do that at Credit Karma, while also getting suggestions about which credit card to use to maximize rewards or what measures they can take to smooth out cash flow and avoid a cash crunch.

“Those are just a few examples of how we make our members’ financial data do more for them,” Mint said in the blog post. “Minters who join Credit Karma can have peace of mind that Credit Karma has their back, helping them know where their money stands and proactively surfacing opportunities for them to save money.”

The post also noted the launch of Intuit Assist, a generative artificial intelligence (AI)-powered financial assistant on Credit Karma that helps members navigate financial decisions.

“Credit Karma is on its way to becoming a full-service financial platform where we take stock of members’ financial profiles, connect the dots for members and identify savings opportunities to act on, at the right time,” Mint said in the post.

During an earnings call in August, Intuit CEO Sasan K. Goodarzi said that the company is “entering into its most exciting era yet” as it aims to be a global, AI-driven expert platform powering the growth of consumers and small businesses.

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“When I say payments, I actually mean someone’s entire financial life,” Musk said during a company all-hands call last week, per a report by the Verge.

“If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

According to the report, X CEO Linda Yaccarino said the company sees this becoming a “full opportunity” in 2024. 

“It would blow my mind if we don’t have that rolled out by the end of next year,” Musk added.

The Verge noted that X is working on securing money transmission licenses across the U.S. so that it can offer financial services, and Musk told employees that he hopes to obtain the others X needs in “the next few months.”

This isn’t the first time Musk has mentioned his vision of X as a financial super app, or an “everything app.” The company — formerly Twitter — gets its name from his X.com, which ultimately became part of PayPal.

In April, Musk spoke of a day when X — still being called Twitter — would see its valuation balloon to $250 billion, putting it in the same neighborhood as Bank of America, and becoming not just a PayPal rival but also “the biggest financial institution in the world.”

But what would it mean for X to become a super app? PYMNTS examined this question in August in a conversation with Amias Gerety, partner at QED Investors.

“I think a lot of people focus on how X might do micro payments and [integrate that functionality],” Gerety told PYMNTS CEO Karen Webster. “But I think, actually, the better place to start is, how many people actually use the platform?

“Journalists and politically engaged millennials are not necessarily the right place to start in terms of brand permission to start to take over people’s lives [with super app capabilities],” Gerety continued. “Does X even have the brand permission to get into people’s wallets?”

And as PYMNTS wrote earlier this year, one major obstacle facing X’s plan is the trust factor, as more than half of consumers trust their financial institutions over other companies to provide a safe super app.

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As The Wall Street Journal (WSJ) reported Saturday (Sept. 16), the trading platform is featured in the new comedy “Dumb Money,” which tells the story of the 2021 “meme stock” craze, and the company’s role in it.

The movie centers around January 2021, when individual retail investors, mostly organized through online communities, collectively bought and held GameStop shares, leading its stock price to reach astronomic levels. 

“The movement gained momentum, and GameStop’s stock price became a symbol of defiance against Wall Street and the traditional financial system,” PYMNTS wrote earlier this year.

“Dumb Money,” the WSJ said, depicts Robinhood founders Vlad Tenev and Baiju Bhatt as living “the life of frat-bro entrepreneurs,” while the actual company hopes to grow up.

To do that, the report said, Robinhood has turned itself into a “financial supermarket” that features retirement accounts and 24-hour trading.

“Over the last two years, we have been a company that’s been fairly misunderstood,” Bhatt, the firm’s chief creative officer, told the WSJ.

“Over time, you’ve seen Robinhood transition into a company … that provides a comprehensive set of services for a wide range of our customers’ financial needs,” added Tenev, Robinhood’s chief executive officer.

The report says a rapid rise in interest rates, coupled with investor hesitancy to spend on stocks and cryptocurrency, have shaken Robinhood. The company’s monthly active user (MAU) numbers continue to fall, while trading revenue has dried up.

Robinhood announced last week that its MAUs for August came to 10.6 million. That’s down from 11 million at the end of July, and 13.3 million from August of last year.

And in August of this year, the company released earnings that showed it enjoying its first quarterly profit, but also losing 1 million monthly active users during the quarter, from 14 million at the same point in 2022 to 10.8 million. At the time, PYMNTS noted, Robinhood was at its lowest MAU level in the previous nine quarters.

The company’s user growth in the report last week — as measured by net cumulative funded accounts — had remained flat, 22.2 million for July and August and up just 1% year over year.

The WSJ report argued the company is still feeling the effects of the meme-stock craze, as many customers felt betrayed when Robinhood and brokerages like it halted trading on some popular stocks. 

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This growing sentiment is detailed in “The Global Appeal of an Everyday App: Focus on Europe,” an independently produced PYMNTS study. The report examines the demand for integrated everyday apps among consumers across key global markets, particularly Europe, and draws on insights from a survey of 10,885 consumers conducted from May 1 to May 19.

Other key findings from the report include:

Italy and Spain lead in their desire for digital convenience and corresponding interest in an everyday app for digital activities.

In Europe, Italy and Spain lead the pack in wanting digital convenience, with 42% of consumers in Italy and 44% of their counterparts in Spain showing high interest in an everyday app. This demand is prominent among the lucrative groups of millennials and high-income earners, indicating a robust market for streamlined and integrated digital experiences.

Developers of an everyday app for digital activities need to be laser-focused on security.

Security is a top concern for consumers when it comes to everyday apps. Nearly one-third of European users would prioritize robust security features, with 33% of consumers in the U.K. choosing two-factor authentication or passkey for login. Region-specific preferences, such as the emphasis on encrypted data in Germany, underscore the need for market-specific tailored security frameworks in these apps.

The app provider’s reputation is crucial in whether consumers would sign up.

The reputation of an everyday app’s provider would significantly impact the app’s acceptance among consumers. PYMNTS’ data shows that 31% of European consumers consider a provider’s reputation critically important — especially for effective data security and fraud prevention. This underscores the pivotal role trust would play in adopting an all-in-one app.

As interest in an everyday app grows, providers must know what features consumers want to see and the factors that would influence their adoption. Download the report to learn more about what an integrated everyday app needs to draw consumers in.

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With so many apps vying for attention, consumers are experiencing app fatigue. This fatigue is giving rise to the growing appeal of a single platform that consolidates shopping, banking and other daily digital activities — an everyday app.

PYMNTS’ latest study shows that 95 million consumers from the United States and Australia crave an everyday app. This sentiment is even more pronounced among convenience-focused consumers: 71% of convenience-focused U.S. consumers and 50% of those in Australia voiced strong interest in an everyday app.

These are just some of the findings detailed in “Consumer Interest in an Everyday App,” a PYMNTS and PayPal collaboration. This report draws on insights from a survey of 3,320 consumers in the U.S. and Australia conducted between March 2 and March 20 that explored the rising demand for an all-in-one finance and shopping app.

Other key findings from the report include:

Banking, shopping and bill tracking are key to everyday apps.

Nearly 7 in 10 consumers in the U.S. and Australia would wrap their digital retail and grocery shopping and bill tracking into a one-stop app. Among them, convenience-focused consumers overwhelmingly prefer managing their banking, investment and various shopping activities through an everyday app.

Convenience and security drive appeal for an everyday app.

Consumers expect an everyday app to deliver sought-after convenience: 59% of U.S. consumers and 37% of their counterparts in Australia cite seamless payment integration as a top benefit of using an all-in-one app. In addition, significant shares of consumers in both markets view an everyday app as a potential solution to minimize their app-related security concerns.

The adoption of an everyday app hinges on robust security.

Security concerns form a significant barrier that impacts consumer enthusiasm for adopting everyday apps: 64% of respondents in Australia and the U.S. said security concerns would prevent them from using an everyday app. The worry is even more prominent among shopping-focused consumers, with more than 2 in 3 consumers expressing unease. Two-factor authentication and data encryption emerged as critical security features that would significantly enhance trust in these apps.

Consumers demand for an all-in-one finance and shopping app is rising, and to be successful, providers must offer the features customers want in these apps. Download the report to learn more about how security features and trust in an everyday app provider shape this demand.

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