Financial Wellness: Building Empowering Digital Banking Experiences

Most consumers are likely to use virtual financial coach capabilities to help them improve their financial health.

Boston, May 13, 2020 – The recent events around COVID-19 are beginning to show how vulnerable consumers really are, as many consumers have not planned financially for this type of event. There is no better time for the financial services industry to step in and help consumers gain control over their finances, meet their short- and long-term financial goals, and plan for the unexpected. Strategic differentiation can happen if FIs build a unique experience around how customers use products and services that align with their financial goals.

This report explores the virtual financial coach capabilities that consumers are the most interested in using and how digital banking executives can create digital experiences that make consumers aware of their financial activity, provide insight into how their behavior impacts their ability to meet their financial goals, give actionable advice, and intelligently engage consumers in their finances . It is based on a Q1 2020 Aite Group survey of 2,413 U.S. consumers 24 years or older.

This 31-page Impact Report contains 14 figures and one table. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions 3Cinteractive, Abe AI, Active.Ai, Acorns, Albert, Alkami, Ally, Arcus Financial Intelligence Inc., Avaamo, BankMobile, Bean, Betterment, Bond.AI, Brighterion, Bud, Chip, Chime, CIBC, ClearPoint, Cleo, Clinc, Citizen Financial Group, Commonwealth,,, Credit Karma, CSI, Digit, Dobot, D3 Banking Technology, Emma, Enrich, Envestnet Yodlee, FamZoo, Finn.AI, FinFit, FIS, Fiserv, Goldman Sachs, Geezeo, Greenlight, Joy by Happy Money, Happy Money, Humley, InCharge Debt Solutions, in/PACT,, IPsoft, Kasisto,, Meniga, Mint, Money Dashboard, Monzo, Moven, MX, Next IT, N26, Nanorep, NCR, NerdWallet, Nuance, Olivia.AI, Ondot Systems, Parlo, Pefin, Pegasystems, Personetics, Plum, PNC, Qapital, Q2 Software Inc., RBC, Revolut, Simple, SmartDollar, Starling Bank, Stash, Strands, TalkBank, Tata Consultancy Services, Trim, USAA, Varo, Value Penguin, wallet.AI, Wally, Wealthfront, Wells Fargo, and YNAB.

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