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Skirmish Between Banks and Fintechs over Financial Planning Apps.
New Mercator Advisory Group research report explores consumers’ use of financial planning apps from fintech companies and its impact on financial institutions.
Published on: December 16, 2019 Author: Sarah Grotta Alternate Point of Contact: Amy Dunckelmann
Fintech and Debit Cards: Battling for Consumers’ Attention, a new research report from Mercator Advisory Group analyzes this new market, reviews a variety of apps budgeting, coupons and rewards, saving, and investing, and offers advice to banks and credit unions on ways to avoid disruption by the fintechs.
“The market for personal financial planning apps has matured in the last couple of years. The quality of the advice and interactions with users has really improved. These apps depend on getting the individual consumers’ banking data, however, and that is raising questions about data ownership and security here in the United States, where open banking hasn’t been codified,” comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group, and author of the report.
This research report has 16 pages and 2 exhibits.
Companies mentioned in this report include: Acorns, Albert, Amazon, Apple, Betterment, BMW Bank of North America, Citigroup, Digit, Dosh Every Dollar, Facebook, GasBuddy, Mint, Nelnet, Qapital, Robinhood, Sallie Mae Bank, Simple, SoFi, Square, Stanford Federal Credit Union, Stash, Trim, WEX Bank, and You Need a Budget.
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