Report
487
Number
Nov 20 2019

The Lessons of Fintech Apps: Design Matters for Personal Finance​

This study provides lessons to credit unions that may help ​improve how their services are​perceived and that may help ​activate deeper engagement ​with younger members.

Bill Maurer
Bill Maurer
Dean, School of Social Sciences; Professor, Department of Anthropology and School of Law; Director, Institute for Money, Technology and Financial Inclusion
University of California, Irvine
Melissa K. Wrapp
Melissa K. Wrapp
PhD Candidate, Department of Anthropology
University of California, Irvine
Chandra Middleton
Chandra Middleton
PhD Candidate in Anthropology
University of California, Irvine
Vivian Dzokoto
Vivian Dzokoto
Associate Professor
Virginia Commonwealth University
Jenny Fan
Jenny Fan
Institute Manager
Institute for Money, Technology and Financial Inclusion
Report Number 487
Introduction and key insights from Filene Fellow, Bill Maurer

Introduction and key insights from Filene Fellow, Bill Maurer

Executive Summary

Fintech-based personal financial management (PFM) apps are providing new ways for budgeting and investing. In an effort to attract or retain Gen Z and Millennial members, financial institutions have been quick to adopt products similar to Mint or Acorns. In the race to provide these services, few financial institutions have reviewed and explored the value that such products provide, and how people interact with and feel about budgeting and investing with these new apps.