American Banker: Bank budgeting apps tell story of the pandemic’s impact on consumers

American Banker

Bank budgeting apps tell story of the pandemic’s impact on consumers

By Miriam Cross

June 19, 2020

Excerpt:

The team at Radius has noticed more users actively categorizing their expenses, “whereas before, they maybe wanted to calculate their net worth or were looking at overall spending, but not categorizing,” said Kathleen Barrett, vice president of marketing at Radius.

The data company MX categorizes transactions in Radius Bank’s personal finance management tool based on merchant codes, such as “auto and transport” or “food and dining.” Within the budgeting portion of the tool, customers can drill down further into more specific categories, such as “gas” and “parking.” More customers have also been adding their own tags on top of preset categories, such as vehicle type under the auto insurance category.

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