Wells Fargo is targeting young consumers with Greenhouse, a mobile banking app with the lofty goal of fundamentally rewiring how consumers budget and manage cash flow. It was launched in November, just five months after Chase unveiled Finn, a similarly ambitious mobile banking solution analyzed in a previous Javelin report. Greenhouse takes a forward-looking approach to what users have left to spend, in contrast to typical snapshots of “available balances” derived from a rear-view look at transactions. The app also offers a fresh digital alternative for consumers who gravitate to an “envelope system” to compartmentalize finances. Greenhouse’s seven core innovations – and its four key challenges to adoption – offer important lessons for all financial institutions seeking innovative approaches to financial fitness that can fundamentally alter consumer behavior.
Key questions discussed in this report:
- What is Greenhouse and why is it important?
- What are Greenhouse’s key innovations?
- What challenges will Greenhouse face as it matures into an app in regular release?
- What lessons does Greenhouse offer bankers?
- What does the user experience look like?
Learn More About This Report & Javelin
Corporate belt-tightening and a scary economy for consumers will keep digital banking strategists keenly focused on improving access to digital customer service and building engage...
The demographics of couples are changing, and quickly. Married couples may not share as much as they used to, and a growing number of households include partners who aren’t married...
The current adoption of card controls by consumers is disappointing, but several indicators suggest that better positioning of these features by financial institutions would spur m...