Banking

One app to rule them all? New survey finds banking apps are more than just a home for transactions

  • Until recently, it seemed that consumers were more than happy with unbundled financial products, creating their own versions of a “personal finance tech stack”.
  • But that trend is changing as customers turn to their banks for personal finance management. But this rebundling has its pros and cons when it comes to the consumer.
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One app to rule them all? New survey finds banking apps are more than just a home for transactions

Until recently, it seemed that consumers were more than happy with unbundled financial products, creating their own versions of a “personal finance tech stack”.

But that trend may be reversing as consumers turn back to their banks with growing expectations for their digital banking app to be a one-stop shop solution. Customers now expect to use their banking app to keep an eye on their credit score, pay for their loans and bills, as well as to transact with their friends and family.

Credit score: 69% of customers are interested in improving their credit scores and for those whose banks offer credit monitoring services, roughly one-third rely on their bank to check on their credit score.

So what are the other two-thirds doing and why are they not using their banks to check their credit score?

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