Savings and Budgeting Apps Find Success in Lockdowns

Budgeting tools from Fifth Third Bancorp, Radius Bank, Simple in partnership with BBVA USA and others are seeing a big uptick in usage since early March; customers are saving more, booking less travel and spending on pets according to data from the tools; “People are more conscious of where their money is going, thinking more medium and long-term than before and being more vigilant in terms of keeping on top of finances,” said Chris Tremont, EVP of Virtual Banking at Radius Bank, to American Banker; in a May survey J.D. Power found that 17 percent of bank customers in Generations Y and Z specifically stated that they would like to receive information from their bank about financial planning or budgeting tools; customers are not only using the apps more and saving but they are also better organizing their finances to better understand all facets of their money. American Banker.