Personal Financial Management Apps See Consolidation and Change to the Banking Experience

There has been some consolidation recently with personal financial management apps; Capital One’s Level Money, Prosper Daily and SoFi’s Zenbanx have all been shut down; even with recent consolidation these apps and others have begun to have an affect on how banks view this industry; banks are now beginning to implement and focus on these features in their offerings to consumers; “Those standalone apps have done a lot for legacy financial firms; they’ve shown them how to provide creative and innovative ways to help customers be more financially successful,” Wells Fargo’s Ben Soccorsy, head of digital payments product management, told Tearsheet; while some of the startups in the space have now faded. the digital consumer experience has changed for the better. Source