It sounds like a crazy mix, but Fifth Third says its new app would help young consumers round up debit card purchases and apply the money to their burdensome student debts. The motivation to attract millennials is clear, but will it work?
Two popular personal financial management apps are being shut down this week. But optimism remains about banks' investing in PFM tools — so long as they rethink a technology that has failed to win over the masses.
The companies will use an application programming interface to let Chase customers send the data to the apps Finicity supports, including personal financial services apps and income verification tools.
Digital banking services should solve consumers' problems and offer them advice, and they must rely on artificial intelligence and other cutting-edge technology, bankers from TD, RBC and Bank of the West said.