Bank Budgeting Apps Tell Story of the Pandemic’s Impact on Consumers
Emergency savings are up. Travel goals are down. People are stepping up their home improvements and doting on pets.
Those are some of the trends on banks’ budgeting apps since the coronavirus pandemic was declared in March.
User activity in budgeting tools from Cincinnati-based Fifth Third Bancorp, Radius Bank in Boston, Simple (which offers accounts in partnership with BBVA USA) and others shows that customers are becoming more scrupulous savers and rethinking how they allocate their discretionary income. By examining customers’ behaviors as well as which features have gotten more play during the pandemic, banks can glean insights into what consumers are looking for in their budgeting apps.