A recent survey by the American Bankers Association found that mobile apps surpassed online banking as the go-to platform for consumers earlier this year, and its popularity has continued to rise since the onset of the pandemic.
The challenger bank will start by recommending how much users should allocate toward savings and spending, and will later transfer those amounts automatically.
Financial institutions like Ally Financial, Clinton Savings Bank and First National Bank of Omaha are recruiting personal finance experts, college students and local personalities to promote their products and services.
Scammers may have had more success at duping fintechs than banks in obtaining Paycheck Protection Program loans. But there are reasons for this apparent disparity.
Though most bank customers expect to return to calling or meeting in person with their bankers when the pandemic is over, Citigroup is gauging how much business it can keep in the videoconferencing channel.
