Yours, Mine & Ours: Digital Banking for Couples

For couples, joint digital banking is a convenient means to share and monitor household finances. For banks, it’s twice the opportunity to build loyalty and engagement with a single product. Although financial institutions offer joint accounts that enable couples to share a bank account with equal access, there is an opportunity to build a digital layer on top that further addresses the needs of couples.

Shifting demographics are forcing the change. A growing number of couples are unmarried and have dual incomes, resulting in a far more complicated financial picture than the nuclear family of yesteryear. Relationship dynamics are also changing, with some couples opting to maintain financial independence and share less than others.

Joint accounts are a product type, not a solution. They force couples into a “what’s mine is yours” system that doesn’t work for couples seeking more discretion with their individual earnings. Advancements in technology and digital banking have made it easier for couples to opt for a “yours, mine, & ours” approach. This provides some financial independence while ensuring that shared financial obligations are met. Differentiation starts with positioning the FI as an objective financial partner.

Key questions discussed in this report:

• How can FIs help couples manage shared finances?
• How are couples managing money together?
• How do the digital banking needs of couples differ from those individuals?
• Why should FIs get more involved in couples’ finances?
• How can digital banking improve couples’ shared finance experiences?

Companies Mentioned:

Honeydue, Ivella, Qapital, Tandem, WalletIQ, Zeta