Personal finance management app, 'Qapital,' has officially launched the Qapital checking account and debit card.
Qapital helps its users save money daily with its customizable rules. Users make up a savings rule -- for example, each time they go to the gym, they put ten dollars away -- and the money generated from that rule is then transferred into a Qapital checking account from the user's primary bank account. This allows users to pay for the purchases they have been saving for directly from their Qapital account, without having to transfer the funds to their primary bank account.
The Qapital checking account and debit card has been launched in partnership with 'Lincoln Savings Bank' and omits any miscellaneous or overdraft fees. With more companies challenging larger financial institutions, and launching Millennial-focused debit cards and checking accounts, consumers will continue to benefit from the added savings and accessibility offered by these brands.
Savings App Checking Accounts
The Qapital Checking Account Now Lets Users Pay for Purchases
Trend Themes
1. Customizable Savings Rules - Savings apps could further disrupt the personal finance industry by enabling users to create personalized savings rules based on their spending habits and goals.
2. Direct Purchases From Savings Account - The ability to make purchases directly from a savings account could revolutionize traditional banking by eliminating the need to transfer funds between accounts.
3. Millennial-focused Debit Cards - Financial institutions that cater specifically to millennials can tap into a growing market by offering innovative debit card solutions that align with the needs and preferences of this demographic.
Industry Implications
1. Personal Finance Management - Companies in the personal finance management industry can gain a competitive edge by developing savings apps that offer customizable rules and seamless integration with checking accounts.
2. Banking - Traditional banks have an opportunity to attract and retain customers by adopting technology-driven solutions that allow for direct purchases from savings accounts.
3. Financial Technology (fintech) - Fintech companies focusing on the needs of millennials can create disruptive innovations in the banking industry by offering debit cards that provide unique features and incentives tailored to this target audience.