Saving isn’t sexy, and more to the point, it doesn’t earn banks as much money as spending does–at least in today’s near-zero interest rate environment. The recent Wells Fargo scandal over unauthorized account openings and the fees that followed them shines a spotlight on a longstanding problem for retail banking: banksRead More
Post Tagged with: "savings"
Crowdfunding is itself a fintech innovation, yet few fintech startups have tapped it for funding. (Unless you count 195 takes on the “slim wallet” to be fintech — sheesh!) Savings startup Hip Money, an offshoot of Lincoln, Neb.-based Hip Pocket, is taking to Kickstarter not just to raise money, but toRead More
It’s no secret Americans aren’t great at saving, and the financial services community — belatedly — is rolling out new solutions to help. There are startups like Dyme and Digit that help simplify the savings process; neobanks like Simple and Moven that provide sophisticated budgeting tools to help plan for purchasesRead More
Where Simple went for sentiment, Moven goes for laughter. The banking service’s new video, released Monday, shows a pair of millennials making plans — or, not making plans — for the future. The ad is subtle in that it doesn’t show the actual features Moven users have at their disposal, butRead More
Simple shows off its savings goals in an effective and emotional video, released today. Simple, a branchless bank account, was bought by BBVA in 2014 for $117 million.
There’s no secret how challenging it is to make money off of low-balance, “free-checking” customers. (Just ask M&T.) But Social Money‘s president, Scott McCormack, thinks he has a pretty good solution under his roof, and soon he’ll have the clients to prove it. One client is slated to sign ontoRead More
A newly unveiled service now lets any company offering “banking.” Prepaid player Synchology and savings platform provider Social Money have come together to offer a bank-like product that brands can sell to their customers. The “integrated financial services product” features a Visa prepaid debit account, goal-based savings, a rewards programRead More
Call it the Year of the Prepaid Card. It is estimated that prepaid purchase volume will top $150 billion this year and is expected to grow $45 billion over the next five years, according to Javelin Research & Strategy. Between 2009 and 2012 consumer use of prepaid cards grew 71%. So whatRead More
Have you ever hunted around for coupon codes during the checkout process at an e-commerce site? (I hope so — there are deals to be found!) If you’re in a hurry, or not having much luck, it can get frustrating. Enter Honey, a new browser add-on launched last November that,Read More
I’ve been recently debating with bankers and credit union executives on the core banking proposition they offer to new prospects. One of the realizations that led me to this was some recent research released by Aite Group around the ‘debank…