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To avoid regulatory scrutiny and maintain consumer trust, FIs must take proactive steps to ensure their marketing and user interfaces are transparent and user-friendly. This article is part of 蘑菇AV鈥檚 client-only subscription Briefings鈥攄aily newsletters authored by industry analysts who are experts in marketing, advertising, media, and tech trends.

For instance, if users rely on their banking app for ride-hailing services or financial information, they鈥檒l naturally use it more often. Take the next step: To understand the value of building out these functionalities on your mobile banking app, read our data drop 鈥�3 Charts on the Value of Mobile Banking Apps鈥� next.

The TikTok generation鈥檚 鈥渃ash stuffing鈥� trend鈥攊n which they鈥檙e budgeting to limit discretionary spending by allocating cash across variously labeled envelopes鈥攊s just one factor driving the increase in their cash usage since 2022. What this means for banks: Investing in automated cash recycling technology could help banks shoulder increasing costs associated with managing cash.

Open banking can expand Mastercard鈥檚 consumer and merchant network: Account opening partnerships can make financial services available to more users, and interchange-free A2A payments can attract merchants, for example. But privacy issues still abound, so Mastercard must manage data with transparent consent to ease regulatory, business, and customer concerns to succeed in this segment.

And per-user spending will exceed $5,000 for the first time, thanks to growing acceptance and user experience improvements. Capturing this spending requires investment in accepting not only wallets powered by near-field communication (NFC) technology, but QR code solutions like Venmo and Cash App as they expand in-store. 2.

Card programs can be tailored to 耻蝉别谤蝉鈥� needs鈥攆or example, linking debit cards to digital banking services or embedding payments into accounts payable automation software. Mobile payment services are already embracing modern card issuing solutions.

As of 2021 (the latest available data), 95% of loyalty program users go inactive 90 days after joining, per PaymentsJournal. GenAI鈥檚 more granular targeting could stem this drop-off. How easy is it to implement?

If they can effectively communicate these benefits and maintain seamless user experiences, the collaboration could drive growth and long-term retention for both brands.

Partnering with OpenAI on a ChatGPT plugin that gives users personalized shopping recommendations could help Klarna boost customer satisfaction and retention. Klarna is also milking opportunities to use AI to strengthen its brand and woo investors.

With nearly 6 million users, Monzo鈥檚 CEO believes the digital bank will reach profitability this year. JPMorgan鈥檚 digital challenger bank Chase also upped its rate to 3% on its easy access savings account this week. After the Bank of England increased its base interest rate to 4% earlier this month, Tandem Bank announced an increase to its instant access savings account to 3.05%.

Millennials love YouTube, WhatsApp, podcasts鈥攁nd digital banking. The generation makes up more than half of all digital-only banking users, nearly twice the share of Gen Xers. Gen Xers feel comfortable with their current habits. Gen Xers aren鈥檛 likely to catch up to the younger cohorts鈥� volume on most platforms.

It鈥檚 a money management app that lets users track their bank accounts and spending through different providers in one place, and offers budgeting tools, automatic spending analysis, and upcoming bill alerts.

Gen Z is reshaping the demographics of mobile banking users. The number of Gen Z mobile banking users will reach 42.9 million in 2025, overtaking Gen X. The number of millennial mobile banking users will peak that year. Gen Z puts billions of dollars in play.

The business succeeded thanks in part to the breadth of transaction insights across its 38.9 million active users, along with the integrations that make those insights actionable at scale:. PicPay taps into Brazil鈥檚 Open Finance ecosystem to deepen its understanding of 耻蝉别谤蝉鈥� financial histories across institutions, turning those insights into more robust audience segmentations for advertisers.

The rule classified BNPL providers as credit card issuers, requiring them to provide users the same rights and legal protections that traditional credit cardholders get. The court filing was part of the lawsuit the Financial Technology Association (FTA) brought against the CFPB over this rule. The CFPB asked the judge to halt the legal proceedings due to its plans to withdraw the rule.

US Gen Z mobile banking users (ages 18 to 26) have above-average interest in innovative digital money management features, per our September 2023 US Mobile Banking Emerging Features survey. FIs that haven鈥檛 been able to fulfill certain customer needs because of low bandwidth or budgetary concerns may be able to do so by embedding fintech solutions in their apps.

Only 25% of mobile banking users oppose banks using their data, while most welcome tailored offers and advice, per our September 2024 US Mobile Banking Emerging Features survey. Banks that give customers control over their data can transform data consent management into a competitive advantage, while still collecting the information needed to personalize offerings for customers.

What鈥檚 more, PayPal will automatically opt in PayPal and Venmo users to the FMN, while Chase users must actively choose to opt in. Strengths. The scale of PayPal鈥檚 transaction data is unmatched: It will boast over 217 million core users by next year, per our forecast. It鈥檚 also granular, with SKU-level data from its 35 million merchant relationships.

But older consumers鈥� usage should not be underestimated. Gen X will comprise 23.1% of all BNPL users in 2027, with healthy user growth among that generation and baby boomers. Yet many campaigns鈥攕uch as Klarna鈥檚 team-up with A$AP Rocky鈥攕till cater squarely to younger consumers.

US mobile wallet users prefer PayPal, especially for online purchases. More Chart of the Day:. 8/25 - Social video slows. 8/24 - The rise and fall of ecommerce growth. 8/23 - Programmatic OOH watch. 8/22 - Gen Z鈥檚 social motivators. 8/21 - Buying into Klarna.

GenAI is giving virtual assistants natural language skills and the ability to better understand specific user preferences. This helps assistants deliver users actionable, tailored suggestions that enhance the customer experience in real time鈥攗nlike chatbots of old.

And debt-laden credit card users may opt for cash-based payment methods such as debit cards and cash. Issuers could suffer from swipe-fee legislation PR fallout. Continued debate risks increased consumer awareness about swipe fees and merchant arguments against them. This could tarnish consumers鈥� love of card rewards and benefits, reducing their credit card usage.

Both have decent reviews, but users occasionally complain about technical glitches and usability issues. Where these strategies can go wrong: Issues that prevent some traditional FIs from offering customers seamless digital experiences don鈥檛 just disappear when the FI opens a neobank subsidiary.

Given it鈥檚 now easier to switch between different providers, digital wallets will now have to work harder to keep their users.