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US P2P apps need to tap new uses and services to stay competitive, especially amid Zelle鈥檚 dominance. Here鈥檚 how each app sizes up and differentiates to attract younger generations.

The report theorizes that Millennials and Gen Zers can鈥檛 tell a checking account from a payment tool because they鈥檙e used to paying with merchant apps, Apple Pay, PayPal, Klarna, and Venmo.

Our fourth annual study reveals which of the seven largest Canadian banks lead in mobile app innovation, based on an exclusive survey around which features consumers value most.鈥�

The findings: McKinsey鈥檚 new report 鈥淓xtracting value from AI in 产补苍办颈苍驳鈥� emphasizes that it鈥檚 time for financial institutions (FIs) to move past generative AI (genAI) experimentation. It identifies some common characteristics among FIs in this stage, including:.

More advanced cash management tools and better integration with third-party apps are uniquely important to these companies. Smaller FIs looking to win SMB business should prioritize offering these features and develop targeted marketing campaigns around them.

Dedicated teen banking apps. Championed by neobanks including Revolut and Current, this format offers banking products like debit cards and savings accounts. Teen accounts are linked to parents鈥� accounts, giving them oversight and control of their teen鈥檚 spending. This maintains guardrails while giving teens some independence. Teen banking rolled into existing apps.

Provide budgeting-friendly resources like personalized financial planning tools, expense tracking apps, or savings accounts with flexible terms to help clients adjust their spending and saving habits.

BofA held the top ranking in an online banking scorecard, while Truist topped our mobile feature benchmark.

Wonder buys Grubhub for $650 million: The Marc Lore-owned company snapped up the delivery service at a steep discount, seeking to develop a meal-time super app.

The news: UBS wants an expanded US banking license to advance its global growth strategy, per Bloomberg. The strategy: UBS is a global wealth management leader but lags behind domestic competitors in the US.

Customers will be able to manage their plans and make payments through the HSBC UK banking app. Why it matters: BNPL competition is heating up in the UK. Earlier this month, Affirm entered the market with its interest-free and interest-bearing buy now, pay later (BNPL) options. American Express also launched its 鈥淧lan It鈥� card-linked installment offering in the UK this year.

Many digital-first banks and financial apps have minimal identification requirements, making it easier for people without traditional documents to open accounts. And alternative banking services like PayPal, Cash App, and Venmo have allowed customers who may not have qualified for bank accounts鈥攐r who have felt intimidated by account-opening processes鈥攖o use basic banking services.

Young consumers鈥� creativity and drive are starting to pay off, and banks should act so they can leverage their growth in savings.

Rappi and DiDi go even further, operating across retail, banking, and travel. The super app model captures behavioral, transactional, and loyalty data across multiple verticals鈥攇iving advertisers a multidimensional view of consumers. Unlocking this opportunity, however, requires overcoming significant internal challenges.

Although every app category will gain users in 2023, the average smartphone owner will install and open fewer individual apps as consumers settle on their favorites.

While the deal could bring in new revenue, integrating Expedia risks overcomplicating Uber鈥檚 app and driving users to competitors.