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Banks are aiming to add personal financial management features, including goal-based savings vaults and cash flow forecasting, to standard banking apps like mobile check depositing. Their goal: Turn Gen-Y into a loyal client base.
April 16 -
Prepaid cards are an appealing market for small banks that want to retain and recruit customers, though bankers must consider potential regulatory and competitive risks before jumping into the business.
May 9 -
Institutions that cater to military families and veterans are spending more on ads as they angle to take more business away from commercial banks.
November 6
Navy Federal Credit Union has implemented a money management mobile app from Cachet Financial Solutions to upgrade its prepaid card program for students.
The credit union's Visa Buxx program will use Cachet's Select Mobile Money mobile application to let customers view balances, request money from parents through SMS, email or in-app notification, and locate the nearest branch or ATM.
Meanwhile, parents can access their child's balances and transfer funds directly from their Navy Federal debit and credit cards or even suspend their card.
Cachet's is a cloud-based SaaS solution available for iOS and Android systems.
"Cachet's mobile application makes the Navy Federal Buxx program even more convenient for students and parents to responsibly and securely manage money," said Elizabeth Dean, manager of debit card services for Navy Federal Credit Union, in the release.