Fifth Third now offers free digital financial education programs for students from elementary school through high school.
\nThe 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.
\nFifth 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.
\nThese programs are offered at no charge to schools and organizations within the 11 states in which the bank operates, per the release.
\n\u201cOur 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,\u201d Aleta Young, corporate social responsibility strategies director for Fifth Third, said in the release.
\nThe 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.
\nThese programs help students learn the basics of budgeting, banking, borrowing, saving, investing and entrepreneurship, the release said.
\nOver 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.
\n\u201cAt Fifth Third, we are committed to increasing financial access and stability for all of the individuals and communities we serve,\u201d Young said in the release.
\nThe 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.
\nNearly 60% of consumers expect their financial institutions to help them improve their financial health, according to the PYMNTS Intelligence and PSCU (now Velera) collaboration, \u201cHow CUs Can Help Younger Consumers in a Distressed Economy.\u201d
\nThe post Fifth Third Expands Financial Education Programs to Include Junior High appeared first on PYMNTS.com.
\n", "content_text": "Fifth Third now offers free digital financial education programs for students from elementary school through high school.\nThe 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.\nFifth 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.\nThese programs are offered at no charge to schools and organizations within the 11 states in which the bank operates, per the release.\n\u201cOur 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,\u201d Aleta Young, corporate social responsibility strategies director for Fifth Third, said in the release.\nThe 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.\nThese programs help students learn the basics of budgeting, banking, borrowing, saving, investing and entrepreneurship, the release said.\nOver 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.\n\u201cAt Fifth Third, we are committed to increasing financial access and stability for all of the individuals and communities we serve,\u201d Young said in the release.\nThe 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.\nNearly 60% of consumers expect their financial institutions to help them improve their financial health, according to the PYMNTS Intelligence and PSCU (now Velera) collaboration, \u201cHow CUs Can Help Younger Consumers in a Distressed Economy.\u201d\nThe post Fifth Third Expands Financial Education Programs to Include Junior High appeared first on PYMNTS.com.", "date_published": "2024-09-16T18:04:31-04:00", "date_modified": "2024-09-16T18:06:25-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Fifth-Third-.jpg", "tags": [ "Aleta Young", "Digital Banking", "digital transformation", "Fifth Third", "Fifth Third Bank Finance Academy High School Entrepreneurship", "Fifth Third Bank Finance Academy High School Personal Finance", "Fifth Third Bank Finance Academy Junior High Personal Finance", "Fifth Third Young Bankers Club", "financial apps", "financial education", "financial inclusion", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2080199", "url": "https://www.pymnts.com/financial-apps/2024/shopping-app-tabby-acquires-saudi-digital-wallet-tweeq/", "title": "Shopping App Tabby Acquires Saudi Digital Wallet Tweeq", "content_html": "Shopping/financial services app Tabby is acquiring Saudi digital wallet Tweeq.
\nThe 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.
\n\u201cThe agreement is a significant step towards realizing the goals of Saudi Vision 2030, contributing to the expansion of digital financial services,\u201d the companies said in a news release, in reference to the country\u2019s economic development strategy.
\nAccording to the release, Tweeq will work with Tabby to expand its services within Tabby\u2019s ecosystem and consumer scale.\u00a0
\n\u201cTweeq 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.
\n\u201cWith 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.\u201d
\nThe release noted that Tabby graduated from the Saudi central bank\u2019s regulatory sandbox and received its buy now, pay later (BNPL) permit in July of last year.\u00a0
\n\u201cThe acquisition agreement reinforces the growing maturity and potential of Saudi Arabia\u2019s FinTech industry, spotlighting the region\u2019s expanding financial technology sector and representing a breakthrough for the broader Middle Eastern FinTech ecosystem,\u201d the release added.
\nIn 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.
\n\u201cIn Europe, we have been quite advanced in digitization of payments, and the usage of digital wallets has been growing rapidly,\u201d Deniz Oran, head of payment partnership, EMEA at Google Wallet, told PYMNTS.
\n\u201cThe journey for many people starts with adding the payments credential, then very quickly once they\u2019ve 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,\u201d Oran added.
\nThat 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.
\n\u00a0
\nThe post Shopping App Tabby Acquires Saudi Digital Wallet Tweeq appeared first on PYMNTS.com.
\n", "content_text": "Shopping/financial services app Tabby is acquiring Saudi digital wallet Tweeq.\nThe 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.\n\u201cThe agreement is a significant step towards realizing the goals of Saudi Vision 2030, contributing to the expansion of digital financial services,\u201d the companies said in a news release, in reference to the country\u2019s economic development strategy.\nAccording to the release, Tweeq will work with Tabby to expand its services within Tabby\u2019s ecosystem and consumer scale.\u00a0\n\u201cTweeq 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.\n\u201cWith 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.\u201d\nThe release noted that Tabby graduated from the Saudi central bank\u2019s regulatory sandbox and received its buy now, pay later (BNPL) permit in July of last year.\u00a0\n\u201cThe acquisition agreement reinforces the growing maturity and potential of Saudi Arabia\u2019s FinTech industry, spotlighting the region\u2019s expanding financial technology sector and representing a breakthrough for the broader Middle Eastern FinTech ecosystem,\u201d the release added.\nIn 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.\n\u201cIn Europe, we have been quite advanced in digitization of payments, and the usage of digital wallets has been growing rapidly,\u201d Deniz Oran, head of payment partnership, EMEA at Google Wallet, told PYMNTS.\n\u201cThe journey for many people starts with adding the payments credential, then very quickly once they\u2019ve 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,\u201d Oran added.\nThat 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.\n\u00a0\nThe post Shopping App Tabby Acquires Saudi Digital Wallet Tweeq appeared first on PYMNTS.com.", "date_published": "2024-09-03T16:10:07-04:00", "date_modified": "2024-09-03T16:10:07-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Tabby-Tweeq.jpg", "tags": [ "digital wallets", "financial apps", "financial services", "FinTech", "Hosam Arab", "Mobile Wallets", "News", "PYMNTS News", "saudi arabia", "Saudi Vision 2030", "tabby", "Tweeq", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1947041", "url": "https://www.pymnts.com/financial-apps/2024/robinhood-introduces-lower-margin-rates-targets-more-advanced-investors/", "title": "Robinhood Introduces Lower Margin Rates, Targets More Advanced Investors", "content_html": "Robinhood\u00a0has introduced new, lower margin rates that it said are the lowest among leading brokerages.
\nThe rates vary based on the customer\u2019s total margin balance and range from 5.7% to 6.75%, the online brokerage said in a Tuesday (May 21)\u00a0press release.
\nSix 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.
\n\u201cWe\u2019re always\u00a0looking to upend the status quo on behalf of our customers,\u201d\u00a0Steve Quirk, chief brokerage officer at Robinhood, said in the release. \u201cWhether someone has a balance of a few thousand\u00a0dollars,\u00a0or millions, they automatically have access to the lowest margin rates among leading brokerages with absolutely no haggling required.\u201d
\nThese 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.
\nThey are part of an effort to provide approaches to margin investing that meet the needs, investment experience\u00a0and\u00a0financial goals of a variety of customers, the release said.
\nEach customer\u2019s rate is applied automatically, based on the margin balance of their account, eliminating the need to negotiate a rate, per the release.
\n\u201cAs 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,\u201d the company said in the release.
\nFor subscribers to the\u00a0Robinhood Gold\u00a0membership program, the company also offers the first $1,000\u00a0of\u00a0margin with no interest, according to the release. It will also soon offer subscribers a 1% unlimited deposit boost on eligible incoming brokerage deposits.
\nIt was reported on May 8 that Robinhood has experienced strong\u00a0trading activity\u00a0in equities and options.
\nThe 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.\u00a0
\nIn another recent move, the company launched a\u00a0credit card\u00a0in March, saying it aims to reimagine the credit card experience and make it easier for people to monitor how they spend their money.
\nThe post Robinhood Introduces Lower Margin Rates, Targets More Advanced Investors appeared first on PYMNTS.com.
\n", "content_text": "Robinhood\u00a0has introduced new, lower margin rates that it said are the lowest among leading brokerages.\nThe rates vary based on the customer\u2019s total margin balance and range from 5.7% to 6.75%, the online brokerage said in a Tuesday (May 21)\u00a0press release.\nSix 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.\n\u201cWe\u2019re always\u00a0looking to upend the status quo on behalf of our customers,\u201d\u00a0Steve Quirk, chief brokerage officer at Robinhood, said in the release. \u201cWhether someone has a balance of a few thousand\u00a0dollars,\u00a0or millions, they automatically have access to the lowest margin rates among leading brokerages with absolutely no haggling required.\u201d\nThese 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.\nThey are part of an effort to provide approaches to margin investing that meet the needs, investment experience\u00a0and\u00a0financial goals of a variety of customers, the release said.\nEach customer\u2019s rate is applied automatically, based on the margin balance of their account, eliminating the need to negotiate a rate, per the release.\n\u201cAs 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,\u201d the company said in the release.\nFor subscribers to the\u00a0Robinhood Gold\u00a0membership program, the company also offers the first $1,000\u00a0of\u00a0margin with no interest, according to the release. It will also soon offer subscribers a 1% unlimited deposit boost on eligible incoming brokerage deposits.\nIt was reported on May 8 that Robinhood has experienced strong\u00a0trading activity\u00a0in equities and options.\nThe 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.\u00a0\nIn another recent move, the company launched a\u00a0credit card\u00a0in March, saying it aims to reimagine the credit card experience and make it easier for people to monitor how they spend their money.\nThe post Robinhood Introduces Lower Margin Rates, Targets More Advanced Investors appeared first on PYMNTS.com.", "date_published": "2024-05-21T15:43:22-04:00", "date_modified": "2024-05-21T15:43:22-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Robinhood-margin-rates.jpg", "tags": [ "financial apps", "margin rates", "News", "online brokerage", "PYMNTS News", "Robinhood", "Robinhood Gold", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1875482", "url": "https://www.pymnts.com/financial-apps/2024/onyx-private-shifting-business-model-from-b2c-to-b2b/", "title": "Onyx Private Shifting Business Model From B2C to B2B", "content_html": "Digital bank Onyx Private\u00a0is reportedly changing its business model and \u201cmoving away from the B2C model.\u201d
\nThe company is not shutting down, Onyx Private CEO\u00a0Victor Santos\u00a0told TechCrunch in a\u00a0report\u00a0posted Monday (March 18).
\nSantos 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.
\nHe added that Onyx Private\u2019s 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.
\nSantos also dismissed a report that Onyx Private faced regulatory challenges, saying no such issues played a role in the company\u2019s decision to close its business-to-consumer (B2C) offerings, per the report.
\n\u201cIt 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,\u201d Santos said in the report.
\nThis 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\u00a0by TechCrunch.
\nAt the time, Onyx Private offered banking services in partnership with\u00a0Piermont Bank; investment services in collaboration with\u00a0Helium Advisors\u00a0and the\u00a0Bank of New York Mellon\u2019s\u00a0Pershing; and a \u201clifestyle concierge\u201d service delivered via a digital personal assistant.
\nThe company aimed to serve lawyers, doctors, tech workers and other affluent professionals, proving a private bank that would \u201cdemocratize the tools that today are only available to the \u2018ultra rich,\u2019\u201d Santos said at the time.
\nIn another recent development in the\u00a0digital banking\u00a0space, British banking-as-a-service (BaaS) platform\u00a0Griffin\u00a0said March 10 that it had received approval from the U.K.\u2019s financial services regulators to launch as a fully operational bank.
\nIn January,\u00a0i2c\u00a0and\u00a0The Bank of Missouri\u00a0(TBOM) partnered to help FinTechs create\u00a0digital banking\u00a0products. Together, the companies will help FinTechs offer checking and savings accounts, consumer and small business loans, credit cards, rewards programs and virtual cards.
\nThe post Onyx Private Shifting Business Model From B2C to B2B appeared first on PYMNTS.com.
\n", "content_text": "Digital bank Onyx Private\u00a0is reportedly changing its business model and \u201cmoving away from the B2C model.\u201d\nThe company is not shutting down, Onyx Private CEO\u00a0Victor Santos\u00a0told TechCrunch in a\u00a0report\u00a0posted Monday (March 18).\nSantos 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.\nHe added that Onyx Private\u2019s 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.\nSantos also dismissed a report that Onyx Private faced regulatory challenges, saying no such issues played a role in the company\u2019s decision to close its business-to-consumer (B2C) offerings, per the report.\n\u201cIt 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,\u201d Santos said in the report.\nThis 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\u00a0by TechCrunch.\nAt the time, Onyx Private offered banking services in partnership with\u00a0Piermont Bank; investment services in collaboration with\u00a0Helium Advisors\u00a0and the\u00a0Bank of New York Mellon\u2019s\u00a0Pershing; and a \u201clifestyle concierge\u201d service delivered via a digital personal assistant.\nThe company aimed to serve lawyers, doctors, tech workers and other affluent professionals, proving a private bank that would \u201cdemocratize the tools that today are only available to the \u2018ultra rich,\u2019\u201d Santos said at the time.\nIn another recent development in the\u00a0digital banking\u00a0space, British banking-as-a-service (BaaS) platform\u00a0Griffin\u00a0said March 10 that it had received approval from the U.K.\u2019s financial services regulators to launch as a fully operational bank.\nIn January,\u00a0i2c\u00a0and\u00a0The Bank of Missouri\u00a0(TBOM) partnered to help FinTechs create\u00a0digital banking\u00a0products. Together, the companies will help FinTechs offer checking and savings accounts, consumer and small business loans, credit cards, rewards programs and virtual cards.\nThe post Onyx Private Shifting Business Model From B2C to B2B appeared first on PYMNTS.com.", "date_published": "2024-03-18T22:21:50-04:00", "date_modified": "2024-03-19T22:12:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/Onyx-Private.jpg", "tags": [ "B2B", "B2B Payments", "b2c", "banking app", "commercial payments", "Digital Banking", "financial apps", "News", "Onyx Private", "PYMNTS News", "Victor Santos", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=1870766", "url": "https://www.pymnts.com/financial-apps/2024/expense-sharing-apps-struggle-to-adapt-to-changing-relationship-dynamics/", "title": "Expense-Sharing Apps Adapt to Changing Relationship Dynamics", "content_html": "Budgeting and managing expenses are fundamental aspects of individual financial well-being.\u00a0
\nHowever, 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.
\nBut 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.
\nThe rise of shared finance platforms and apps like\u00a0Tandem reflects these societal shifts in attitudes toward money and relationships.\u00a0
\n\u201cNearly 70% of our most active couples are female-led, as in the female downloaded the app first and invited their partner to it,\u201d Tandem co-founder\u00a0Michelle Winterfield\u00a0told PYMNTS, adding that \u201ctimes are different, and women want and should have equitable involvement in the finances of their relationships.\u201d\u00a0
\nLaunched 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.
\n\u201cTandem isn\u2019t 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,\u201d\u00a0Dan Couvreur, co-founder of Tandem, added.\u00a0
\nAs per the company\u2019s data, Tandem couples have collectively shared over $65 million of expenses since the platform\u2019s launch, with top expenditures being rent and mortgage payments, along with Amazon purchases, Uber rides, and shopping from popular brands including Trader Joe\u2019s, Target, Costco and Whole Foods.
\nWinterfield 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.
\nLast year, the FinTech firm\u00a0partnered\u00a0with\u00a0Prizeout, giving couples the option to increase their purchasing power on everyday expenses. By opting to shop with Prizeout\u2019s selection of 1,300-plus brands, users can receive up to a 20% bonus instead of a straight cashout.\u00a0
\n\u201cWe built Tandem to create a better option for couples who share finances \u2014 a solution without friction, with transparency, and ultimately now, rewards,\u201d Couvreur said at the time.
\nLooking ahead, the shared financial management landscape is poised for growth, mirroring broader societal shifts towards collaboration, transparency and equitable participation.\u00a0
\nThis evolution promises further advancements, enabling smoother navigation of financial complexities, while fostering stronger, more resilient partnerships in the process.
\nHowever, a shift in relationship timelines, where couples are now marrying later in life, presents challenges in achieving financial milestones compared to previous generations.\u00a0
\n\u201cBy 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,\u201d Winterfield explained.
\nIt\u2019s a challenge that Tandem aims to tackle by supporting couples throughout their entire relationship journey.
\n\u201cOur goal is to provide couples with a platform that promotes transparency and equitable involvement from both parties,\u201d she said, \u201cthrough engaging in-app experiences, the team will continue to utilize data-driven insights to optimize couples\u2019 financial product suites.\u201d\u00a0
\nThe post Expense-Sharing Apps Adapt to Changing Relationship Dynamics appeared first on PYMNTS.com.
\n", "content_text": "Budgeting and managing expenses are fundamental aspects of individual financial well-being.\u00a0\nHowever, 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.\nBut 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.\nThe rise of shared finance platforms and apps like\u00a0Tandem reflects these societal shifts in attitudes toward money and relationships.\u00a0\n\u201cNearly 70% of our most active couples are female-led, as in the female downloaded the app first and invited their partner to it,\u201d Tandem co-founder\u00a0Michelle Winterfield\u00a0told PYMNTS, adding that \u201ctimes are different, and women want and should have equitable involvement in the finances of their relationships.\u201d\u00a0\nLaunched 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.\n\u201cTandem isn\u2019t 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,\u201d\u00a0Dan Couvreur, co-founder of Tandem, added.\u00a0\nAs per the company\u2019s data, Tandem couples have collectively shared over $65 million of expenses since the platform\u2019s launch, with top expenditures being rent and mortgage payments, along with Amazon purchases, Uber rides, and shopping from popular brands including Trader Joe\u2019s, Target, Costco and Whole Foods.\nWinterfield 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.\nLast year, the FinTech firm\u00a0partnered\u00a0with\u00a0Prizeout, giving couples the option to increase their purchasing power on everyday expenses. By opting to shop with Prizeout\u2019s selection of 1,300-plus brands, users can receive up to a 20% bonus instead of a straight cashout.\u00a0\n\u201cWe built Tandem to create a better option for couples who share finances \u2014 a solution without friction, with transparency, and ultimately now, rewards,\u201d Couvreur said at the time.\nAdapting to Relationship Timelines\nLooking ahead, the shared financial management landscape is poised for growth, mirroring broader societal shifts towards collaboration, transparency and equitable participation.\u00a0\nThis evolution promises further advancements, enabling smoother navigation of financial complexities, while fostering stronger, more resilient partnerships in the process.\nHowever, a shift in relationship timelines, where couples are now marrying later in life, presents challenges in achieving financial milestones compared to previous generations.\u00a0\n\u201cBy 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,\u201d Winterfield explained.\nIt\u2019s a challenge that Tandem aims to tackle by supporting couples throughout their entire relationship journey.\n\u201cOur goal is to provide couples with a platform that promotes transparency and equitable involvement from both parties,\u201d she said, \u201cthrough engaging in-app experiences, the team will continue to utilize data-driven insights to optimize couples\u2019 financial product suites.\u201d\u00a0\nThe post Expense-Sharing Apps Adapt to Changing Relationship Dynamics appeared first on PYMNTS.com.", "date_published": "2024-03-08T04:00:42-05:00", "date_modified": "2024-03-08T11:12:31-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/Tandem-financial-app.jpg", "tags": [ "Dan Couvreur", "digital transformation", "financial apps", "Financial Well-Being", "FinTech", "joint finances", "Michelle Winterfield", "money management", "News", "PYMNTS News", "subscriptions", "Tandem" ] }, { "id": "https://www.pymnts.com/?p=1628982", "url": "https://www.pymnts.com/financial-apps/2023/intuit-to-shut-down-mint-invite-users-to-credit-karma/", "title": "Intuit to Shut Down Mint, Invite Users to Credit Karma", "content_html": "Intuit\u00a0is shutting down its personal finance website and mobile app\u00a0Mint\u00a0and inviting users to migrate to its\u00a0Credit Karma\u00a0offering.
\nMint will no longer be available as of Jan. 1, Intuit said in a Tuesday (Oct. 31)\u00a0blog post. Users can download their Mint data and join Credit Karma.
\n\u201cLast 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,\u201d Intuit Mint said in the post. \u201cThis marks the next evolution of Credit Karma, one that combines the money management product expertise and momentum of Mint with Credit Karma\u2019s scale, technology and vast product ecosystem.\u201d
\nAt 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.
\n\u201cThose are just a few examples of how we make our members\u2019 financial data do more for them,\u201d Mint said in the blog post. \u201cMinters 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.\u201d
\nThe 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.
\n\u201cCredit Karma is on its way to becoming a full-service financial platform where we take stock of members\u2019 financial profiles, connect the dots for members and identify savings opportunities to act on, at the right time,\u201d Mint said in the post.
\nDuring an earnings call in August, Intuit CEO\u00a0Sasan K. Goodarzi\u00a0said that the company is \u201centering into its most exciting era yet\u201d as it aims to be a global, AI-driven\u00a0expert platform\u00a0powering the growth of consumers and small businesses.
\nThe post Intuit to Shut Down Mint, Invite Users to Credit Karma appeared first on PYMNTS.com.
\n", "content_text": "Intuit\u00a0is shutting down its personal finance website and mobile app\u00a0Mint\u00a0and inviting users to migrate to its\u00a0Credit Karma\u00a0offering.\nMint will no longer be available as of Jan. 1, Intuit said in a Tuesday (Oct. 31)\u00a0blog post. Users can download their Mint data and join Credit Karma.\n\u201cLast 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,\u201d Intuit Mint said in the post. \u201cThis marks the next evolution of Credit Karma, one that combines the money management product expertise and momentum of Mint with Credit Karma\u2019s scale, technology and vast product ecosystem.\u201d\nAt 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.\n\u201cThose are just a few examples of how we make our members\u2019 financial data do more for them,\u201d Mint said in the blog post. \u201cMinters 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.\u201d\nThe 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.\n\u201cCredit Karma is on its way to becoming a full-service financial platform where we take stock of members\u2019 financial profiles, connect the dots for members and identify savings opportunities to act on, at the right time,\u201d Mint said in the post.\nDuring an earnings call in August, Intuit CEO\u00a0Sasan K. Goodarzi\u00a0said that the company is \u201centering into its most exciting era yet\u201d as it aims to be a global, AI-driven\u00a0expert platform\u00a0powering the growth of consumers and small businesses.\nThe post Intuit to Shut Down Mint, Invite Users to Credit Karma appeared first on PYMNTS.com.", "date_published": "2023-11-02T21:12:34-04:00", "date_modified": "2023-11-02T21:12:34-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/credit-karma.jpg", "tags": [ "Credit Karma", "financial apps", "financial platform", "Intuit", "Mint", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1626141", "url": "https://www.pymnts.com/financial-apps/2023/musk-x-will-encompass-users-entire-financial-life-by-2024/", "title": "Musk Says X Will Be Financial Service Hub by 2024", "content_html": "Elon Musk\u00a0reportedly expects\u00a0X to transform into a payments super app by next year.
\n\u201cWhen I say payments, I actually mean someone\u2019s entire financial life,\u201d Musk said during a company all-hands call last week, per a report\u00a0by the Verge.
\n\u201cIf it involves money, it\u2019ll be on our platform. Money or securities or whatever. So, it\u2019s not just like send $20 to my friend. I\u2019m talking about, like, you won\u2019t need a bank account.\u201d
\nAccording to the report, X CEO Linda Yaccarino said the company sees this becoming a \u201cfull opportunity\u201d in 2024.\u00a0
\n\u201cIt would blow my mind if we don\u2019t have that rolled out by the end of next year,\u201d Musk added.
\nThe 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 \u201cthe next few months.\u201d
\nThis isn\u2019t the first time Musk has mentioned his vision of X as a financial super app, or an \u201ceverything app.\u201d The company \u2014 formerly Twitter \u2014 gets its name from his X.com, which ultimately became part of PayPal.
\nIn April, Musk spoke of a day when X \u2014 still being called Twitter \u2014 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 \u201cthe biggest financial institution in the world.\u201d
\nBut what would it mean for X to become a super app? PYMNTS examined this question in August in a conversation with\u00a0Amias Gerety, partner at\u00a0QED Investors.
\n\u201cI think a lot of people focus on how X might do micro payments and [integrate that functionality],\u201d Gerety told PYMNTS CEO Karen Webster. \u201cBut I think, actually, the better place to start is, how many people actually use the platform?
\n\u201cJournalists and politically engaged millennials are not necessarily the right place to start in terms of brand permission to start to take over people\u2019s lives [with super app capabilities],\u201d Gerety continued. \u201cDoes X even have the\u00a0brand permission\u00a0to get into people\u2019s wallets?\u201d
\nAnd as PYMNTS wrote earlier this year, one major obstacle facing X\u2019s plan is the trust factor, as\u00a0more than half\u00a0of consumers trust their financial institutions over other companies to provide a safe super app.
\nThe post Musk Says X Will Be Financial Service Hub by 2024 appeared first on PYMNTS.com.
\n", "content_text": "Elon Musk\u00a0reportedly expects\u00a0X to transform into a payments super app by next year.\n\u201cWhen I say payments, I actually mean someone\u2019s entire financial life,\u201d Musk said during a company all-hands call last week, per a report\u00a0by the Verge.\n\u201cIf it involves money, it\u2019ll be on our platform. Money or securities or whatever. So, it\u2019s not just like send $20 to my friend. I\u2019m talking about, like, you won\u2019t need a bank account.\u201d\nAccording to the report, X CEO Linda Yaccarino said the company sees this becoming a \u201cfull opportunity\u201d in 2024.\u00a0\n\u201cIt would blow my mind if we don\u2019t have that rolled out by the end of next year,\u201d Musk added.\nThe 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 \u201cthe next few months.\u201d\nThis isn\u2019t the first time Musk has mentioned his vision of X as a financial super app, or an \u201ceverything app.\u201d The company \u2014 formerly Twitter \u2014 gets its name from his X.com, which ultimately became part of PayPal.\nIn April, Musk spoke of a day when X \u2014 still being called Twitter \u2014 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 \u201cthe biggest financial institution in the world.\u201d\nBut what would it mean for X to become a super app? PYMNTS examined this question in August in a conversation with\u00a0Amias Gerety, partner at\u00a0QED Investors.\n\u201cI think a lot of people focus on how X might do micro payments and [integrate that functionality],\u201d Gerety told PYMNTS CEO Karen Webster. \u201cBut I think, actually, the better place to start is, how many people actually use the platform?\n\u201cJournalists and politically engaged millennials are not necessarily the right place to start in terms of brand permission to start to take over people\u2019s lives [with super app capabilities],\u201d Gerety continued. \u201cDoes X even have the\u00a0brand permission\u00a0to get into people\u2019s wallets?\u201d\nAnd as PYMNTS wrote earlier this year, one major obstacle facing X\u2019s plan is the trust factor, as\u00a0more than half\u00a0of consumers trust their financial institutions over other companies to provide a safe super app.\nThe post Musk Says X Will Be Financial Service Hub by 2024 appeared first on PYMNTS.com.", "date_published": "2023-10-29T19:35:26-04:00", "date_modified": "2023-10-30T06:54:59-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/10/twitter-x-2.jpg", "tags": [ "Digital Payments", "digital transformation", "Elon Musk", "everything app", "financial app", "News", "PYMNTS News", "super app", "twitter", "What's Hot", "X", "financial apps" ] }, { "id": "https://www.pymnts.com/?p=1606031", "url": "https://www.pymnts.com/financial-apps/2023/robinhood-pushes-retirement-accounts-as-movie-resurrects-its-past/", "title": "Robinhood Pushes Retirement Accounts as Movie Resurrects Its Past", "content_html": "Robinhood believes it has been \u201cmisunderstood.\u201d A new movie might not help matters.
\nAs The Wall Street Journal (WSJ)\u00a0reported Saturday (Sept. 16), the trading platform is featured in the new comedy \u201cDumb Money,\u201d which tells the story of the 2021 \u201cmeme stock\u201d craze, and the company\u2019s role in it.
\nThe 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.\u00a0
\n\u201cThe movement gained momentum, and GameStop\u2019s stock price became a symbol of defiance against Wall Street and the traditional financial system,\u201d PYMNTS wrote earlier this year.
\n\u201cDumb Money,\u201d the WSJ said, depicts Robinhood founders Vlad Tenev\u00a0and\u00a0Baiju Bhatt as living \u201cthe life of frat-bro entrepreneurs,\u201d while the actual company hopes to grow up.
\nTo do that, the report said, Robinhood has turned itself into a \u201cfinancial supermarket\u201d that features retirement accounts and 24-hour trading.
\n\u201cOver the last two years, we have been a company that\u2019s been fairly misunderstood,\u201d Bhatt, the firm\u2019s chief creative officer, told the WSJ.
\n\u201cOver time, you\u2019ve seen Robinhood transition into a company \u2026 that provides a comprehensive set of services for a wide range of our customers\u2019 financial needs,\u201d added Tenev, Robinhood\u2019s chief executive officer.
\nThe report says a rapid rise in interest rates, coupled with investor hesitancy to spend on stocks and cryptocurrency, have shaken Robinhood. The company\u2019s monthly active user (MAU) numbers continue to fall, while trading revenue has dried up.
\nRobinhood announced last week that its MAUs for August\u00a0came to 10.6 million. That\u2019s down from 11 million at the end of July, and 13.3 million from August of last year.
\nAnd in August of this year, the company\u00a0released 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.
\nThe company\u2019s user growth in the report last week \u2014 as measured by net cumulative funded accounts \u2014 had remained flat, 22.2 million for July and August and up just 1% year over year.
\nThe 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.\u00a0
\nThe post Robinhood Pushes Retirement Accounts as Movie Resurrects Its Past appeared first on PYMNTS.com.
\n", "content_text": "Robinhood believes it has been \u201cmisunderstood.\u201d A new movie might not help matters.\nAs The Wall Street Journal (WSJ)\u00a0reported Saturday (Sept. 16), the trading platform is featured in the new comedy \u201cDumb Money,\u201d which tells the story of the 2021 \u201cmeme stock\u201d craze, and the company\u2019s role in it.\nThe 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.\u00a0\n\u201cThe movement gained momentum, and GameStop\u2019s stock price became a symbol of defiance against Wall Street and the traditional financial system,\u201d PYMNTS wrote earlier this year.\n\u201cDumb Money,\u201d the WSJ said, depicts Robinhood founders Vlad Tenev\u00a0and\u00a0Baiju Bhatt as living \u201cthe life of frat-bro entrepreneurs,\u201d while the actual company hopes to grow up.\nTo do that, the report said, Robinhood has turned itself into a \u201cfinancial supermarket\u201d that features retirement accounts and 24-hour trading.\n\u201cOver the last two years, we have been a company that\u2019s been fairly misunderstood,\u201d Bhatt, the firm\u2019s chief creative officer, told the WSJ.\n\u201cOver time, you\u2019ve seen Robinhood transition into a company \u2026 that provides a comprehensive set of services for a wide range of our customers\u2019 financial needs,\u201d added Tenev, Robinhood\u2019s chief executive officer.\nThe report says a rapid rise in interest rates, coupled with investor hesitancy to spend on stocks and cryptocurrency, have shaken Robinhood. The company\u2019s monthly active user (MAU) numbers continue to fall, while trading revenue has dried up.\nRobinhood announced last week that its MAUs for August\u00a0came to 10.6 million. That\u2019s down from 11 million at the end of July, and 13.3 million from August of last year.\nAnd in August of this year, the company\u00a0released 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.\nThe company\u2019s user growth in the report last week \u2014 as measured by net cumulative funded accounts \u2014 had remained flat, 22.2 million for July and August and up just 1% year over year.\nThe 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.\u00a0\nThe post Robinhood Pushes Retirement Accounts as Movie Resurrects Its Past appeared first on PYMNTS.com.", "date_published": "2023-09-17T18:13:28-04:00", "date_modified": "2023-09-17T23:16:25-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/09/gamestop-robinhood.jpg", "tags": [ "B2B", "B2B Payments", "Baiju Bhatt", "commercial payments", "dumb money", "Gamestop", "Meme Stocks", "News", "PYMNTS News", "retail investors", "Robinhood", "trading", "trading platform", "Vlad Tenev", "What's Hot", "What's Hot In B2B", "financial apps" ] }, { "id": "https://www.pymnts.com/?p=1602139", "url": "https://www.pymnts.com/financial-apps/2023/italy-and-spain-lead-european-demand-for-all-in-one-app/", "title": "Italy and Spain Lead European Demand for All-in-One App", "content_html": "![\"Consumers\u2019](\"https://www.pymnts.com/wp-content/uploads/2023/09/Download-PYMNTS-The-Global-Appeal-of-an-Everyday-App-September-2023.jpg\")
Consumers\u2019 appetites for an all-in-one app are growing, with nearly 4 in 10 European consumers craving a single app to manage their everyday digital activities. PYMNTS\u2019 latest research shows this trend is particularly popular among consumers in Italy and Spain.
![](\"https://www.pymnts.com/wp-content/uploads/2023/09/PYMNTS-The-Global-Appeal-of-an-Everyday-App-September-2023-Stat-1.jpg\")
This growing sentiment is detailed in \u201cThe Global Appeal of an Everyday App: Focus on Europe,\u201d 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:
\n![](\"https://www.pymnts.com/wp-content/uploads/2023/09/PYMNTS-The-Global-Appeal-of-an-Everyday-App-September-2023-Stat-2.jpg\")
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.
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.![](\"https://www.pymnts.com/wp-content/uploads/2023/09/PYMNTS-The-Global-Appeal-of-an-Everyday-App-September-2023-Stat-3.jpg\")
The reputation of an everyday app\u2019s provider would significantly impact the app\u2019s acceptance among consumers. PYMNTS\u2019 data shows that 31% of European consumers consider a provider\u2019s reputation critically important \u2014 especially for effective data security and fraud prevention. This underscores the pivotal role trust would play in adopting an all-in-one app.
\nAs 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.
\nThe post Italy and Spain Lead European Demand for All-in-One App appeared first on PYMNTS.com.
\n", "content_text": "Consumers\u2019 appetites for an all-in-one app are growing, with nearly 4 in 10 European consumers craving a single app to manage their everyday digital activities. PYMNTS\u2019 latest research shows this trend is particularly popular among consumers in Italy and Spain.\nThis growing sentiment is detailed in \u201cThe Global Appeal of an Everyday App: Focus on Europe,\u201d 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.\nOther key findings from the report include:\nItaly and Spain lead in their desire for digital convenience and corresponding interest in an everyday app for digital activities.\nIn 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.\nDevelopers of an everyday app for digital activities need to be laser-focused on security.\nSecurity 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.\nThe app provider\u2019s reputation is crucial in whether consumers would sign up.\nThe reputation of an everyday app\u2019s provider would significantly impact the app\u2019s acceptance among consumers. PYMNTS\u2019 data shows that 31% of European consumers consider a provider\u2019s reputation critically important \u2014 especially for effective data security and fraud prevention. This underscores the pivotal role trust would play in adopting an all-in-one app.\nAs 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.\nThe post Italy and Spain Lead European Demand for All-in-One App appeared first on PYMNTS.com.", "date_published": "2023-09-07T04:03:09-04:00", "date_modified": "2023-11-16T17:36:21-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/09/everyday-app-digital-innovation-fraud-prevention.jpg", "tags": [ "All-in-One App", "Digital Banking", "digital innovation", "digital transforamation", "europe", "everyday app", "Featured News", "financial apps", "financial management", "Mobile Applications", "News", "online shopping", "PYMNTS News", "PYMNTS Study", "Security", "The Global Appeal of an Everyday App" ] }, { "id": "https://www.pymnts.com/?p=1599525", "url": "https://www.pymnts.com/financial-apps/2023/95-million-consumers-say-they-want-one-digital-place-to-bank-and-shop/", "title": "95 Million Consumers Say They Want One Digital Place to Bank and Shop", "content_html": "![\"Consumers](\"https://www.pymnts.com/wp-content/uploads/2023/08/Download-PayPal-Consumer-Interest-in-an-Everyday-App-August-2023.jpg\")
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 \u2014 an everyday app.![\"35%:](\"https://www.pymnts.com/wp-content/uploads/2023/08/PayPal-Consumer-Interest-in-an-Everyday-App-August-2023-Stat-1.jpg\")
PYMNTS\u2019 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.
\nThese are just some of the findings detailed in \u201cConsumer Interest in an Everyday App,\u201d 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.
\nOther key findings from the report include:![\"71%:](\"https://www.pymnts.com/wp-content/uploads/2023/08/PayPal-Consumer-Interest-in-an-Everyday-App-August-2023-Stat-2.jpg\")
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.
\nConsumers 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.
\n![\"78%:](\"https://www.pymnts.com/wp-content/uploads/2023/08/PayPal-Consumer-Interest-in-an-Everyday-App-August-2023-Stat-3.jpg\")
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.
\nConsumers 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.
\nThe post 95 Million Consumers Say They Want One Digital Place to Bank and Shop appeared first on PYMNTS.com.
\n", "content_text": "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 \u2014 an everyday app.\nPYMNTS\u2019 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.\nThese are just some of the findings detailed in \u201cConsumer Interest in an Everyday App,\u201d 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.\nOther key findings from the report include:\nBanking, shopping and bill tracking are key to everyday apps.\nNearly 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.\nConvenience and security drive appeal for an everyday app.\nConsumers 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.\nThe adoption of an everyday app hinges on robust security.\nSecurity 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.\nConsumers 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.\nThe post 95 Million Consumers Say They Want One Digital Place to Bank and Shop appeared first on PYMNTS.com.", "date_published": "2023-08-31T04:00:52-04:00", "date_modified": "2023-11-16T17:23:45-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/everyday-app-financial-management-digital-innovation.jpg", "tags": [ "Consumer Interest in an Everyday App", "Digital Banking", "digital innovation", "everyday app", "financial apps", "financial management", "Main Feature", "News", "online shopping", "PayPal", "PYMNTS News", "PYMNTS Study", "Security" ] } ] }