The current model of universal retail banking is unsustainable over the long term. To thrive, banks need to reinvent themselves, focusing on businesses where they can achieve and extend market leadership in the new digital world.
Surveying the current landscape of the financial sector in late 2022, it is hard to avoid the sense of an industry once again facing a severe squeeze.
US-based Open Banking operator 
It is about “what side of the line do you want to be on,” says the founder of a startup which has created a free household expenses dashboard to help with the cost of living crisis.
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Personal Finance
McKinsey: Reshaping Retail Banks for the Digital Battlefield
McKinsey & Company | Oct 18, 2022
The current model of universal retail banking is unsustainable over the long term. To thrive, banks need to reinvent themselves, focusing on businesses where they can achieve and extend market leadership in the new digital world.
- Banks face severe challenges and key trends:
- shifting in scale advantages from branches to innovation
- digital attackers taking the first significant bites out of traditional banks’ revenue streams
- consumers wanting more digital offerings and superior experiences
See: HSF: 6th Global Bank Review 2022 | Banking on People
- Digital battlefield: The fight for customer relationships has moved to new terrain unfamiliar to banks, and many incumbents are ill-equipped to defend market share on the digital battlefield. This is a battle banks cannot afford to lose, and they will need to fortify themselves with new, reimagined, fit-for-purpose value propositions and business models.
- Update value proposition
- The daily banking platform would focus on simplifying daily shopping activities by embedding transactions seamlessly (and often invisibly) within customer journeys and giving customers fast, convenient access to diverse retailers and service providers.
- The home and life events (or complex lending) platform would increase customer value through ecosystem partnerships supporting end-to-end journeys for major life undertakings, from search and selection to financing and ongoing management and maintenance.
- The platform for wealth and protection services would compete on the appropriate use of customer data to deliver hyperpersonalized advisory support, enabling investors to make well-informed decisions about increasing and protecting wealth over decades.
See:
Deloitte: 2023 Banking and Capital Markets Outlook | ‘A new global economic order seems imminent’
FCA review finds evidence of growing competition in retail banking
- Operate like a tech company:
- Leveraging data for personalization and stronger customer engagement
- A cutting-edge technology stack to reduce costs and speed up innovation
- An agile operating model to respond to fast-changing markets
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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6 Finance Apps You Need To Know About
Oct 30, 2022
Image: Pixabay/sergeitokmakov
Like most people, you're always looking for ways to save money. Well, look no further! Several fantastic finance apps can help you organize your finances and keep more money in your wallet. This blog post will list six of the best finance apps available today. So whether you're looking to budget your expenses, track your net worth, or simply find better deals on groceries, there's an app for that. Keep reading to learn more.
Credit builder apps
These days, you need to have good credit for various reasons. A strong credit score can help you qualify for loans, get lower interest rates, and even get a job. But with bad credit, it can be challenging to improve your score. That's where credit builder apps come in. These apps help you build credit by giving you access to credits that you can use to make small purchases and then pay back over time. As you make on-time payments, your credit score will gradually improve. When you research the internet, you may come across a MoneyLion credit builder loan app that can be a great resource. It features a 5.99% APR and requires no collateral, so it's an excellent option for those with bad credit.
Budgeting apps
Budgeting is another important aspect of personal finance. But if you're being honest, it's not always the most fun thing to do. Fortunately, there are several budgeting apps out there that can make the process easier. These apps help track your income. They can also help you monitor your expenses. This way, you will see where your money goes each month. They also typically offer spending alerts, budget templates, and goal-setting tools to help you stay on track. Spending alerts can be beneficial if you avoid overspending in certain areas. Some popular budgeting apps include Mint, You Need a Budget (YNAB), and EveryDollar.
Grocery apps
You may not think of grocery shopping as a personal finance issue, but it can significantly impact your budget. If you're not careful, you can overspend at the grocery store easily. Fortunately, there are several grocery apps out there that can help you save money on your groceries. These apps offer features like coupons, cashback rewards, and price comparisons. They can also help you find deals on specific items that you're looking for. For instance, if you need to buy laundry detergent, you can use an app like Flipp to compare prices at different stores and find the best deal.
Bills payment apps
For many people, paying bills is one of the most stressful aspects of personal finance. There's always the risk of forgetting to pay a bill on time or getting hit with late fees. But there are many bill payment apps out there that can help you stay on top of your accounts and avoid late payments. These apps typically allow you to set up automatic bill payments, so you don't have to worry about forgetting to pay a bill. They also usually offer features like bill reminders and payment history tracking. Bill reminders can be beneficial if you have a lot of accounts to keep track of, while payment history tracking can help you spot any errors or discrepancies on your bills.
Investment apps
Investing is an excellent option if you're looking to grow your money. But it can be challenging to get started if you don't have much experience. That's where investment apps come in. These apps offer a simple way to start investing with little money. They typically have low minimum deposit requirements and offer various investment options, such as stocks, bonds, and ETFs. Many apps also provide educational resources and customer support to help you grow as an investor. Some popular investment apps include Acorns, Robinhood, and Stash. Many people are looking for investment apps like Robinhood because it has no commission fees.
Net worth trackers
Tracking your net worth can be a great way to stay motivated as you work towards financial goals. And there are several apps out there that make it easy to track your assets and liabilities. These apps typically allow you to link your bank accounts, investment accounts, and other financial support to see your net worth in one place. They also usually offer charts and graphs to help you visualize your progress over time. Charts and graphs can be constructive if you're trying to repay debt or build up your savings. Some popular net worth tracking apps even features gamification elements to make the process fun. Wealthfront and Personal Capital are two excellent options worth checking out.
See: Bain & Co Embedded Finance Report: What It Takes to Prosper in the New Value Chain
Image: Pixabay/Firmbee
These are just some finance apps that can help you manage your money. So look around and see which ones might be a good fit for you. And don't forget to read the reviews before downloading anything. Rest assured that with some research, you'll be able to find the perfect app to help you with your personal finance needs.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Smart Investing Tips While Working a 9-5
Roni Davis | Oct 29, 2022
Image: Pexels/Ann H
Do you hope to get away from the 9-5 lifestyle sooner rather than later? If you dream of having control over your schedule and the financial freedom to not be tied to a traditional working schedule, investing your money to build your wealth is a great way to guarantee more financial freedom in your future. Here are some essential steps you’ll want to take to get started on your investing strategies while still working a 9-5 job.
Increase Your Salary
While this may seem obvious, working towards increasing your salary is one thing you should always be focusing on if you want to invest while working a 9-5. It can be easy to get comfortable at a job and have no desire to go anywhere else, but by doing so you may be hindering yourself from making more money. When you switch companies within your industry you can usually ask for more money than you were making before. In some industries this can be the best way to increase your salary over time.
If you do enjoy working for a company and you know that there is sufficient room for growth, you can do a few things to ensure that a raise comes your way. One very important part is to show up each day and do a good job. You need to show that you are a reliable and valuable employee for their company. This way you can ask for raises and promotions when the time is right and have evidence to back up why you deserve one.
Once you have a high enough salary to cover your expenses and bills, you can begin investing your money and building your wealth for the future.
Manage Your Spending
The more money that you invest, the more money you are going to earn back, so it is important to make limiting your spending a priority. One of the best ways to do this is to set money aside in a savings account when you first get your paycheck, this way you won’t be tempted to spend that money on extra purchases. To determine how much you should save and how much you can spend on entertainment, leisure, and other luxuries, you need to create a budget.
See: 6 Finance Apps You Need To Know About
First, figure out how much you make each month, and then decide how much of that needs to go towards necessary bills like rent, utilities, insurance, and more. You will be left with your disposable income, which can either be spent or saved. How much you save and how much you invest will depend on your specific goals, but you need to make a distinction between the two in your budget. Now you have a more clear idea of how much you can spend on the extra stuff.
Pay Off Your Loans and Debt
If you have student loans or credit card debt, paying these off before you begin investing should be a priority. This way you are starting off your investment journey with a clean slate and no debt hanging over your head. There are a few ways that you can go about paying your debt efficiently. One way is to pay all the minimum payments for each account, then put as much as you can each month towards the account with the highest interest.
You can also pay off the one with the highest balance first, but make sure whichever way you decide to pay your loans and the debt you are still paying the minimum amount due for all of them. By paying the minimum for each account you are ensuring that you do not collect more late fees, and damage your credit score. Having a bad credit score may poorly influence your investment plan, so it is important to make sure your debt is clear and your credit score is good.
About the Author
Roni Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area. She writes for a bankruptcy lawyer in Philadelphia.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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HSF: 6th Global Bank Review 2022 | Banking on People
HSF | Oct 20, 2022
Surveying the current landscape of the financial sector in late 2022, it is hard to avoid the sense of an industry once again facing a severe squeeze.
- Low carbon squeeze: Global finance is currently facing mounting pressure to invest long-term for a low-carbon, high-tech world in the decades to come, while bracing itself for intense economic headwinds and volatility on the immediate horizon.
- Attracting and motivating talent challenges: How to attract and motivate talent is an increasingly vexed question, as a hard-nosed, comp-driven ethos once taken for granted among bankers has given way to more amorphous motivations for aspiring graduates.
See: CB Insights Report: The State Of Fintech: Q3 2022
- Employees are looking for: Even before the shift to a hybrid working environment reset the business model of the industry, junior bankers were showing signs of focusing on a wider range of factors like work/life balance, good corporate citizenship, sustainability and personal development.
- Job cuts? Some predict that a looming round of job cuts amid a rapidly cooling global economy will bring workers back to their desks, but that is far from certain; given the greater competition from other industries and sectors, an overflow of willing talent can no longer be taken for granted.
- In a fiercely competitive market which is clearly feeling the impact of disruptive challengers targeting the retail banking space, rising investment in technology is becoming mere price-of-entry.
- Lenders are expected to reach customers via new routes, such as social media and deploy increasingly sophisticated tools for advanced automation and AI, just to keep up with peers.
- Such tactics also bring increased scrutiny from regulators intent on ensuring consumers are marketed to as fairly on TikTok as via their local branch, and that AI treats customers equally, rather than entrenching human-built bias. The more tech lenders deploy, the more complexities and online vulnerabilities fraudsters will attempt to exploit.
See: Fintech ‘Ethical Duty’ to Help Combat Cost of Living Crisis
- Higher ethical and social expectations: wider challenge for banks is that policy makers, regulators and society more generally remain determined to impose ever-higher ethical and social expectations on the industry. Meeting these demands will impose a higher cost of doing business on banks.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Plaid’s Annual ‘Fintech Effect’ Report Shows 84% of UK Consumers Use Fintechs to Manage Money
The Paypers | Oct 18, 2022
US-based Open Banking operator Plaid has published The Fintech Effect report that shows 84% of UK consumers use fintech for money management in 2022.
- When it comes to the benefits of fintech as reported by consumers:
- 41% has stated that they are enabled to have a greater understanding of their spending, thus being able to have better money management.
- More than half (56%) reported that fintech helps them save time
- 49% stated that it helps them have increased control over their finances.
See: CB Insights: Canadian Fintech Funding Dropped 70 Percent in Q2-2022 YoY
- Consumers’ financial stress is on the rise:
- 62% of consumers having stated that this has increased since 2021
- 83% citing the rising cost of living as being their main concern.
- The economic backdrop, with interest rates rising and inflation
- a worrisome 41% of consumers have reported they have little to no confidence in the economy.
- 62% of consumers having stated that this has increased since 2021
- Enhancing consumers’ financial well-being
- 74% have stated that they need their bank to be able to connect to the apps and services they want to use
- 48% have expressed a wish for seeing their bank partner up with more fintech companies.
- Open Finance is seen as being the next step when it comes to UK consumers’ understanding and managing of their holistic financial life, due to its enhanced connection of financial data that includes pensions, savings, and investments.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Fintech ‘Ethical Duty’ to Help Combat Cost of Living Crisis
The Fintech Times | | Oct 15, 2022
It is about “what side of the line do you want to be on,” says the founder of a startup which has created a free household expenses dashboard to help with the cost of living crisis.
- Ethical duty: Greg Marsh, the founder of fintech Nous, says amid the current cost of living crisis fintechs have an ‘ethical duty’ not to exploit households, saying those that do might suffer the same fate as the collapsed payday-lending sector. [The current] crisis that shows no signs of abating, wreaking financial havoc on households and businesses alike, with the threat of the mass closure of SMEs just one example of its likely devastating impact.
- But the crisis also presents a whopping opportunity for fintech to showcase their values as nimble-thinking disruptors able to swiftly bring sought-after services to imperiled businesses and households to market.
See: UK Alternative Lenders Funding Delivery Performance to Small Businesses During COVID
- Financial education tools, spending and budgeting trackers, fee scrapping, one-off payments to staff are amongst products and services hurried out by fintechs.
- Budget and money management: Starling Bank launched an ‘updated’ money management feature with a raft of new categories like essential spending, rent and takeaways, in response to the cost of living crisis.
- Free of charge: Nous has used open banking and other data to create a dashboard to create a tailored plan highlighting how customers’ bills might change during the crisis. Marsh says many tens of thousands have signed up for the free-of-charge plan, with the sign-up demographic skewed to those on lower incomes and (because of its use of open baking) a younger generation.
- Diverting pension contributions: Both Pension Redirect (offers individuals the chance to shift workplace pension contributions into accessible savings) and Salary Exchange (a tax-efficient way for individuals to take a salary cut while maintaining pension contributions at a lower cost to the individual) were launched pre-crisis,
See: 10 Eye-Opening Financial Literacy Statistics
- Axing account fees: Germany’s N26 erased all custodial fees – previously charged on accounts with balances of over €50,000- from July this year, among other measures.
- Financial education: a priority for Moneyfarm, the digital wealth manager, says Chris Rudden, head of investment consultants, Moneyfarm. Rudden said: “As we have seen turbulent markets over the past year or so, and in particular since the beginning of this year, we have put even more emphasis on providing information.
- Educating the young: GoHenry, the financial app and debit card for children, says the current economic turmoil is an opportunity to reassess educating children about finances.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Making a Monthly Budget: A Guide
Oct 18, 2022
Image: Pexels/Pixabay
A monthly budget is one of the most essential tools at your disposal regardless of your current financial situation and income. It’s easy not to notice that you overspend each month if you don’t have a budget.
Even your lunch-break coffees may cost you about $70 if you calculate them. It’s important to start noticing these spending habits and identify what needs to be adjusted or changed.
A monthly budget is what you can use to see how much you earn and spend your income. Here are some things for you to consider.
What Is a Budget and Why Do You Need One?
Your budget presents a plan for how you spend your income every month. Having a budget is a necessary thing as many recurring costs, like mortgage, utilities, rent, or loan payments happen every month.
Many surveys asked consumers about the reasons for making a budget. The two most popular reasons for budgeting include debt payoff and boosting savings.
In other words, budgeting is important for you if you either want to pay existing debts off and become financially independent or increase your wealth.
If you don’t have a plan for your income, you won’t be able to reach your monetary objectives and stay determined.
The budget should teach you significant things such as spending less than you earn. The common issue of modern life is higher rates of inflation which cause people to spend more and more without the ability to boost their earning potential.
Many American consumers opt for no credit check cash advance apps as a decent alternative to expensive payday lending.
This option works best if you urgently require a small sum and want to avoid a hard credit inquiry.
Having a budget will help you make a specific plan for your monthly expenses so that you have enough cash to set aside for emergencies.
You will learn how to be more organized and mindful with your spending as well as how to prioritize expenses and lower unnecessary costs.
Budgeting Options
How will individuals cover a $400 emergency expense when not utilizing cash or its functional equivalent?
The Report on the Economic Well-Being of U.S. Households by the Federal Reserve found out that 45 percent of consumers will put it on their credit card and repay over time, 29 percent will borrow from a relative or friends, 27 percent of respondents won’t be able to cover the expense straight away, 18 percent of people will sell something, 8 percent will turn to a lending option or a bank loan, while 5 percent of consumers will take out a deposit advance or a payday loan.
Source: https://www.federalreserve.gov/publications/2017-economic-well-being-of-us-households-in-2016-economic-preparedness.htm
Here are the top budgeting resources for you to choose from:
- Savings accounts. Savings is an essential part of budgeting. You will need to have a savings account to keep your money in. Monthly fees and interest rates are two main things to search for in a perfect savings account. In case a consumer doesn’t maintain a minimum balance, a monthly fee can be charged. Make certain you follow the demands of your financial company or bank where you open this account.
- Budget apps. Are you scared you won’t be able to cope with budgeting? You may take advantage of one of the budgeting apps to avoid tedious work. There is a large variety of apps such as EveryDollar or Mint to help you track your spending, monitor savings, and improve your financial habits.
- Budget calculator. A great option is to choose an online budget calculator to understand what your net income is. You may be offered some adjustments and changes if you utilize this calculator. Besides, you will figure out how much you spend per month.
- Checking accounts. A checking account differs from a savings account. The first option serves your daily expenses and needs, while the second is for storing your funds. If you follow the transaction history of your bank account you will be able to track your expenses and see how much you spent last month.
- Microsoft Office template. This is a suitable resource for consumers who still want to create a manual budget without modern digital tools. You may set several spending categories and fill in each cell with the sum you spent on a particular spending category.
Ways to Create a Monthly Budget
We should encourage young people to learn more about finances and boost their financial literacy.
You may search for activities and resources designed for youth financial education on Consumer Financial Protection Bureau web platform.
Students will be able to answer relevant questions, set their objectives, and define how to balance their needs and want while they also learn how to make their monthly household budget.
Here are the ways to create your monthly budget:
1. Calculate Your Income
Do you know how much you spend a month? It’s easy to answer this question if you are a full-time employee and have a regular job.
Those who are self-employed, small business owners, or freelancers find this question tricky. You may have a variable income or even have a side hustle.
It’s necessary to add all your income streams to know your average earnings. Subtract your self-employment tax before you calculate your net monthly income if you are self-employed.
Having a side gig, several jobs, and getting government benefits or child support should also be included in your monthly income.
2. Know Your Expenses
Now that you know how much you earn, it’s essential to understand how much you spend. Check your bank statements and credit card statements for the past several months to learn where your income has gone.
Experts advise consumers to divide their monthly costs into two sections: fixed and variable ones.
Fixed expenses stay the same each month and may include your mortgage or rent, food, utilities, and transportation costs.
Variable expenses may differ each month and include entertainment costs or clothing needs. Track your spending to check if you need to lower certain expenses.
3. Design a Budget
A great budgeting strategy is to pay yourself first. Mention various items that correspond to each spending type.
Make sure you prioritize your needs and expenses.
See: Inflection point:Seven transformative shifts in US retail banking
For instance, if you want to save for a down payment to purchase a home or establish an emergency fund, you should first allocate a portion of your income into these categories.
Some people aim to get rid of present debt so they should put debt repayment in their budget first. Review your spending habits to see what needs to be adjusted.
The Bottom Line
Having a budget is essential for each American today. Keep in mind that this is a living document that can be altered.
Once you establish your monthly budget, you may come back to it and refine it in a few months.
Keep on tracking your expenses and follow your spending plan as your needs and financial goals may change along the way.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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