Community development financial institutions, which tend to be less digitally savvy than traditional banks and credit unions, are developing online-lending platforms and automating backroom processes with investments and technical assistance from big banks, high-tech firms and other sources.

The startup, created in partnership with conversational AI platform LivePerson, will encourage users to send sums of money to strangers.

The two companies have worked together to provide a banking app that community banks can implement and deploy in 30 days.

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.

Founder and CEO Neel Ganu has crafted a mobile app through which millennials can invest and spend using the same account.

The two banks are among those deploying advanced analytics to give customers advice before they may even know they need it.

The challenger bank now offers small businesses checking, lending and payments services on one platform and can link them through Plaid to external bank accounts.

Donald Felix will join the Rhode Island company in January as head of national banking. He recently was responsible for developing a personal finance management strategy for JPMorgan Chase’s consumer bank.

The global bank has rolled out cash-flow forecasting tools as financial institutions race to meet urgent demands from commercial customers trying to navigate uncertain times.