While there are a number of digital finance tools available to consumers, the new Empower app is specifically targeted at millennials. By combining a bird's-eye view of one's fiances with smart budgeting tools, the new app is the perfect tool for millennials looking for help managing their finances.
The Empower app is a digital tool that gives users the ability to see an overview of their daily transactions and spending habits. However, what truly sets Empower apart from other finance apps is that it is fully integrated with the user's bank, so that he or she has the ability to transfer money between accounts, automate savings and pay bills without ever exiting the app. The app also uses crowsourced data to understand spending habits and identify different transactions.
For those who are looking for an all-in-one tool that allows them to budget and carry out online banking, the Empower app is a perfect fit.
Key Themes Behind This Trend
- Millennial Finance Apps
- Developing finance apps targeted specifically at millennials presents a disruptive innovation opportunity.
- Integrated Banking Apps
- Integrating banking features into finance apps presents a disruptive innovation opportunity.
- Crowdsourced Financial Data
- Incorporating crowdsourced data to understand spending habits presents a disruptive innovation opportunity.
Where This Applies
- Banking
- The banking industry can benefit from developing integrated finance apps to appeal to younger generations.
- Technology
- The technology industry can benefit from developing finance apps that incorporate crowdsourced data for improved financial management.
- Fintech
- The fintech industry can benefit from developing finance apps that combine budgeting tools with online banking features.
