Data Snapshot: Finances Are Shared, but Digital Banking Isn’t

Despite decades of digital innovation, financial institutions largely still deliver digital banking experiences targeted to individuals, exposing a serious disconnect between functionality and the financial reality of most Americans. Consumers’ finances do not exist in a vacuum; they are shared, split, merged, managed, and combined in myriad ways with others. Financial institutions that cater to these needs strategically position themselves to win share of mind, acquire new customers, and deepen existing relationships. Otherwise, FIs risk disintermediation from a fast-growing marketplace of shared-finance solutions that are swiftly moving from niche to mainstream. 

Companies Mentioned:

Chime, Honeydue, Huntington, True Link, Zelle, Zeta