The Future of Financial Fitness Depends on Mobile-First Experiences

With customer satisfaction with financial fitness features tumbling in 2023, banks and credit unions are struggling to find the right approach to help mobile banking customers monitor, manage, and plan their money matters. It’s a game that financial institutions are best positioned to win. But the pressure to improve is coming from all angles—from giant banks showcasing financial fitness prominently, from specialized third-party apps, and even from offline methods like pen and paper and spreadsheets. 

Javelin Strategy & Research data highlights that financial fitness has reached an important inflection point that underscores the need to create compelling mobile-first experiences and effectively address the needs of novice Gen Z money managers. But perhaps most important, financial institutions must shift the focus from providing a do-it-yourself toolbox to instead offering ongoing help-me-do-it experiences. Achieving success with such features will depend primarily on three factors: availability, awareness, and effectiveness.

Key questions discussed in this report:

• How satisfied are customers with financial fitness features at banks and credit unions?
• What financial fitness tasks are customers completing via digital banking, with the help of third parties, or via offline methods?
• Are channel preferences changing for financial fitness?
• How are generational differences shaping the evolution of financial fitness features?
• How can banks better position their financial fitness features to increase their adoption and success?
   

Companies Mentioned:

Bank of America, Betterment, Chase, Citi, Credit Karma, Empower, Mint, Starbucks, Target, Uber, Vanguard, Wells Fargo