Many of the most successful fintechs aiming to improve financial health by tracking spending, paying debits and building savings are actually “retronovations,” apps that revive the old habits in digital form. The new digital tools enable consumers to:
- Earmark and set aside income to cover recurring expenses.
- Use AI to depict “safe-to-spend” more accurately.
- Cap their revolving debt by structuring repayments like installment loans.
- Accumulate savings for emergencies and replenish these funds when emergencies happen.
In this blog series, Entrepreneur-in-Residence Corey Stone discusses how banks and credit unions can make these “retronovations” a part of basic checking accounts—and charge for them, better aligning their business models with improving their customers’ financial health.