As we mentioned in our previous installment, Episode 3: Help me Save Towards my Goal for this episode and the next one in wealth management. In the previous battle we discussed how these Challengers can help customers save money for a future purchase through their digital banking. The winner was Daylight!
The bank joined Dave and SoFi, the winners of the very first episode: Digital Onboarding and KYC, and Aspiration, the winner of episode 2: Cancel, Reorder Debit Card and Use Virtual.
This time our focus will be shifting towards budget management. Budgeting is a fundamental skill for proper money management, one that is hard to be taught and used daily. Customers are in dire need of ways to easily and efficiently take control of their monthly expenses and optimize their spending budget.
Due to their digital-first strategy, Challengers set customer convenience and ease at the forefront. It goes without saying then that they should be trying to help their customers in this vital part of their finances management. Budgeting features can immensely simplify customers’ daily money management. Since it represents such an important customer need we decided to set it as the battleground for this month’s fight.
We will examine our 13 US contenders on their iOS digital banking features for:
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Of these 13 US Challengers, according to
Now that we have looked at the 10 Challengers that did not meet the criteria for this battle, let the real fight begin!
And the winner of the fourth installment of the battle of the US Challengers is….
Revolut
Congratulations!!
The EU-born Challenger that was quite recently launched in the US market offers its customers the best feature set for them to Monitor their spending, analyze it and Set their own Custom Budget for each of their spending categories. Through an analytical expense analysis customers can see how much they have spent per category, merchant and country.
Revolut customers, in their monthly spending section they can have an overview of their past spending behavior. They can also, if they choose so, create new spending categories according to their unique spending needs.
Setting a Custom Budget with Revolut is a quick process of 13 steps. They simply have to type their amount, the duration of their budget cycle (monthly, two-monthly etc.) and the category they need to assign a budget for (i.e., utilities).
Lastly, with actionable budget insights customers can have their spending patterns analyzed and tap into spending forecasts that will inform if they are on track or not and within their budget limits. From there, the iOS app allows them to easily re-adjust any budget category they might have set, according to expenses statistics and remain on top of their spending.
The EU Challenger manages to offer a very handy tool that allows customers to track their spending and with custom budgeting regain control of their spending and better manage it.
Budgeting is fundamental in proper money management for all customers. Revolut, SoFi and Stash seem to have understood the importance of providing such a useful feature that makes their daily financial lives a bit simpler. People feel more in control of their finances when at any time they can see how much they spend and where and take action to be back on track. It’s one of the features that we consider very important for any bank or Challengers’ digital banking.
That’s that, with our fourth Battle of the US Challengers.
Tune in next month for the 5th installment and the third of the wealth management offerings: Investments!
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Here’s the US edition
And don’t forget the UK edition