Millennials turn to tracking apps to better keep tabs on their finances
Trend - Tapping platforms and services that integrate organizational capabilities and AI features, consumers are seeking out ways to better track and monitor their savings through tech and platforms they're already accustomed to.
Insight - Having become accustomed to intuitive, simple, and innovative user experiences in nearly every other technology product or service in their lives, consumers today expect the same from even the most traditional of institutions. For many consumers, having an extraordinarily easy-to-use interface is not a bonus, but a minimum requirement.
Insight - Having become accustomed to intuitive, simple, and innovative user experiences in nearly every other technology product or service in their lives, consumers today expect the same from even the most traditional of institutions. For many consumers, having an extraordinarily easy-to-use interface is not a bonus, but a minimum requirement.
Workshop Question - In what ways could you make your product offerings more efficient and hands-off? What technology could you integrate?
Trend Themes
1. Assisted Finance - Consumers seek out ways to better track and monitor their savings through tech and platforms they're already accustomed to.
2. AI Finance Tracking - Technology can make credit checks more precise and AI finance-tracking platforms like Cashiya offer automatic expense tracking and comparative analysis
3. Banking Fee-tracking Apps - New applications to tackle financial pain points such 'MyHiddenFees' offers consumers the ability to precise banking fees and potentially find more affordable solutions.
Industry Implications
1. Fintech - Financial institutions can partner with fintech startups to create hybrid applications that combine smart algorithms with human advisors.
2. Voice-activated Devices - Financial institutions like National Australian Bank are incorporating Alexa-enabled devices for hands-free banking applications, in the future this could be extended to purchasing items with voice commands.
3. Mobile Banking - Consumers are increasingly comfortable with handling their finances, as seen in the rise of mobile banking trends. Applications like Astra that help achieve specific goals have disruptive potential and present a different way of savings and spending.
