Savings and Budgeting Apps Find Success in Lockdowns

Budgeting tools from Fifth Third Bancorp, Radius Bank, Simple in partnership with BBVA USA and others are seeing a big uptick in usage since early March; customers are saving more, booking less travel and spending on pets according to data from the tools; “People are more conscious of where their money is going, thinking more medium and long-term than before and being more vigilant in terms of keeping on top of finances,” said Chris Tremont, EVP of Virtual Banking at Radius Bank, to American Banker; in a May survey J.D. Power found that 17 percent of bank customers in Generations Y and Z specifically stated that they would like to receive information from their bank about financial planning or budgeting tools; customers are not only using the apps more and saving but they are also better organizing their finances to better understand all facets of their money. American Banker.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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