Buddy has partnered with Plaid to help Gen Z members manage their finances.
Buddy’s budgeting app for Gen Z will integrate with Plaid’s open finance service, allowing users to securely connect their financial accounts and track spending, Buddy said Tuesday (April 25). in a press release emailed to PYMNTS.
“Partnering with Plaid makes this process faster and easier than ever, helping millions of people around the world budget and plan for the future they want and deserve. said Buddy founder and CEO Olle Lind in a release.
According to a press release, Buddy’s personal finance app enables users to track spending, understand habits, and gain greater financial visibility to make more informed financial decisions. I can.
By integrating with Plaid’s open finance application programming interface (API), Buddy’s app users will get a more comprehensive and personalized view of their finances. You can also choose to automate your savings, the release said.
“Using apps like Buddy helps younger generations manage their finances better, make more informed decisions, and develop healthy financial habits that will help them in the future. you can,” Lind said in a release.
As PYMNTS reported in March, budget-conscious fintechs and innovative financial institutions may have a great opportunity to meet consumer needs.
Some fintech companies, like Buddy, for example, already offer a range of digital financial wellness tools aimed at helping them better understand their customers’ trading habits. These include the ability to view a snapshot of your current spending habits, tag your purchases and categorize them into budget lines, and explore historical spending data and trends.
With only 4% of Americans able to demonstrate financial literacy, financial literacy tools are urgently needed.
Banks and credit unions also have an opportunity to increase customer loyalty by providing budgeting tools and financial guidance, according to the joint PYMNTS and PSCU study, “Credit Union Innovation: The Race to Meet Consumer Demand.”
The report also found that technology is playing an increasing role in promoting financial inclusion among U.S. banking customers.