With each new year comes new resolutions, and 2021 is no different. And although lockdown may have already presented many with the opportunity to get that PB, learn to play that instrument or start that side hustle, it hasn’t stopped the majority from feeling the collective pinch due to the pandemic.
Furloughed staff, rent holidays and independent businesses losing their custom to lockdown have all resulted in tighter purse strings and more consumers pledging to make 2021 the year they make their money go further.
A number of emerging fintechs that are thriving despite the current climate are making a name for themselves as they help consumers spend smart and grow their savings. With more consumers tapping into technology to take control of their finances, it’s encouraging to see a broad range of solutions available, and here are some of our favourite on the market.
Bud is a solution that goes beyond open banking, intelligently connecting services to create new opportunities for businesses and their customers. It taps into the millennial way of life and provides expert advice to young people on how they can move away from FOMO and live comfortably within their means. It does what it says on the tin and is essentially everyone’s buddy, offering expert advice for those with student debt, working parents and generation rent to help set financial goals, create realistic budgets and manage their spending.
Traditional banking processes can make it difficult to open a bank account if you don’t have a slew of utility bills or local credit history. Enter, Monese. This modern online banking platform is designed for people on the go and its free plan offers a wide range of services, from direct debits to budgeting and financial planning, making it super easy to manage money. Compatible with Apple Pay, Google Pay and contactless, it’s a simple-to-use platform that allows people to keep on top of their spending without looking further than their smartphone.
Neyber is an employer-targeted solution designed to promote financial wellbeing in the workplace, and it does just that. Businesses that use Neyber can support employees by providing them with salary access, financial education, affordable loans and saving and investment accounts, so that everyone has the chance to understand their finances and take control. Neyber also allows employers to offer access to affordable borrowing directly from their salaries – all at no cost to employers.
Chip is the cool new savings app you didn’t know you needed. Using AI, the platform automatically puts money away for customers and gets them better returns, without them having to do anything at all. It puts the consumer in control of how much they save, offering a save level from a low, steady pace to full speed ahead. The clever AI technology learns from a user’s preferred saving habits and saves money for them, allowing them to not feel too guilty for logging in to their ASOS account…again.
Despite being a relatively new player in the banking game, Fortu is already taking the sector by storm and making a name for itself. A solution for both individuals and private banks, Fortu is evolving the way high-net-worth individuals manage, invest and protect their money whilst enabling businesses to make fast and easy transactions, open multicurrency accounts and acquire pre-paid corporate cards. A trailblazer in the sector, the start-up is building a solution that will help both high-net worth individuals and private banks to thrive.
Money Dashboard does what it says on the tin, it displays a user’s recent transactions across all of their accounts in one app, making it easy to digest where they spend most. Ordered Deliveroo three times in a row? We’ve all been there, let’s be honest. And with Money Dashboard it’s easy to see where to cut down on spending and make better decisions, which in turn can help boost financial wellbeing.
Yolt is designed to help users grow their savings, something which we can all get onboard with right now. The app combines a user’s bank accounts into one dashboard, so they can keep track of their spending and stay on top of their outgoings, and also helps them grow their savings using Jar Boosters which automatically move money into their Money Jar. The platform’s intuitive interface sets reminders and sends helping notifications prompting users to top up their savings so they can start to build good financial habits and spend smart, grow their savings and reach their goals. Now, where do we sign up?
Traditional brick and mortar banks will face a huge challenge in getting people back to managing their finances face-to-face, and with the quality mobile solutions on offer, we can see why. Whether 2021 is the year for investing, growing savings or simply staying on top of finances, these fintechs are harnessing technology and customer insights to more than help people on their way.
If you’re providing a solution to help companies return to the office too and need to raise its awareness, get in touch today.