Saving vs. Spending: The Opportunities for FinTech Startups

An atomic blast is happening in retail banking where technology is helping people to take care of their personal finances in a painless way (e.g.: setting household budgets, controlling daily expenses, providing tips on savings, etc.). Nonetheless, lots of articles seem to be blaming people for their bad spending habits and inability to save money. That being the case for some part of the consumers around the world, there is also an explanation to why people fail to save as much as they plan/want. And technology, I believe, can become a ubiquitous solution to this issue.

Save in a painless way or Save without painful budget cuts have become frequently circulated phrases. Lots of FinTech startups are entering this space to help their customers save money (e.g. only one US-based startup helped its customers save $0.5 billion during the past three years – Digit). What are the preconditions for these trends and why is this space luring FinTech startups?

People are keen to spend

Sometimes, people tend to en ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.