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The Complex Relationship Between Fintech Apps & Financial Behaviors

PFM apps promise easy money management solutions, but how effective are they at delivering results?

By Elry Armaza | October 25, 2019 at 09:00 AM
Filene graphic Source: Filene Research Institute

The more people know about finances, the better the financial habits they form. Or so the heuristic goes. Personal financial management fintech firms promise quick and easy ways for busy people to manage their money while also claiming to build good financial habits. But how effective are these apps at delivering results?

For a soon-to-be-released research study, Filene gained insights from a group of young adults (ages 18 to 34), who for one month used one of three budget and saving apps: Mint, Wally or You Need a Budget. The study’s aim was to better understand design elements of user experience that work well (or not), the solutions’ flexibility in adapting to people’s existing financial practices and their effectiveness at improving financial behaviors.

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