There has been some consolidation recently with personal financial management apps; Capital One's Level Money, Prosper Daily and SoFi's Zenbanx have all been shut down; even with recent consolidation these apps and others have begun to have an affect on how banks view this industry; banks are now beginning to implement and focus on these features in their offerings to consumers; "Those standalone apps have done a lot for legacy financial firms; they've shown them how to provide creative and innovative ways to help customers be more financially successful," Wells Fargo's Ben Soccorsy, head of digital payments product management, told Tearsheet; while some of the startups in the space have now faded. the digital consumer experience has changed for the better. Source
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Fintech
Rachel Schneider discusses a new way of thinking about the financial lives of Americans; suggests that many of the models are out of date; Schneider worked with a research project called US Financial Diaries which worked with 235 families to learn about every dollar that they spent, borrowed, saved, earned, and more; through the research they understood these families on a much deeper level to understand the 'why' behind financial decisions; Schneider shares many interesting data points including income and spending spikes in the lives of Americans; highlights the opportunities for fintech companies in the US. Source