4 fintechs teaching the UK about money
We’ll say it till we’re blue in the face - FS companies need to do more to improve their users’ financial literacy. And that goes for kids too.
According to the Young Persons' Money Index, a whopping 75% of 15-18 year olds in the UK say that most of their knowledge comes from their parents. A further 8% get their insight from school.
Here’s the problem. 48% of adults lack basic financial literacy. And 88% of Brits don’t feel confident in their financial literacy. It’s the blind leading the blind.
With that in mind, let’s look at some of the UK fintechs doing their bit to turn the tide.
Awarded ‘Best Children’s Financial Provider’ in last year’s British Bank Awards, GoHenry offers a prepaid debit card and financial education for kids. In-built ‘Money Missions’ gamify the learning experience. It’s a clever solution to fatigue and adds a sense of fun to the process.
It’s so important that kids don’t dread interacting with a financial service. GoHenry goes to great lengths to make sure this isn’t the case. The screen is bright, colourful and not too crowded. CTAs are clearly signposted and users can seamlessly switch from managing their budget to other tasks. It all adds up to an engaging, stress-free experience.
It’s so important that kids don’t dread interacting with a financial service.
Cleo is a budgeting app with a difference. Aimed at Gen Z users, it offers cashback and savings features. Best of all is Cleo herself, an AI assistant who poses personalised financial solutions.
Users can chat to Cleo for advice, home truths and encouragement. What really sets the fintech apart is its attention to UX. Screens are easy on the eye, with comic-style graphics and bright colours. Data is rendered really well and moving between functions is smooth as you like.
And that’s not all. Cleo really speaks to its target audience. It’s funny and not cringey. It’s authentic and it’s the recipient of the Best Innovator honourable mention in the 11:FS Pulse Report 2022. Download it. Thank me later.
Continuing with the name theme, Emma is a money management app and “your best financial friend”. It builds financial wellbeing for millennials by demystifying some of the complexities of budgeting. To do this, Emma gives users a score out of 100, allows them to sync budgets with payday and tracks and cancels wasteful subscriptions.
Emma users get a full summary of their transactions across all their bank accounts. It’s a great feature which reduces the time and hassle of cross-checking between multiple apps. Aggregating data in this way also gives users a holistic view of their finances and makes planning a lot easier. I made such a convincing case for Emma that I downloaded it halfway through writing. Say no more.
Aggregating data in this way also gives users a holistic view of their finances and makes planning a lot easier.
Plum is all about savings. AI tracks users’ spending behaviour and allocates spare funds, which are automatically moved into a savings account. Chatbots provide regular updates and handy tips. Plum also allows users to invest in peer-to-peer lending company Ratesetter for a none-too-shabby 3% return. But their plans don’t stop there. The fintech is eyeing credit card and mortgage recommendations in the near-distant future.
Viewing transactions is easy as pie. Upcoming regular payments are listed in chronological order, with incomings coded in green. And the figures paint a decent picture. According to their website, 1.14m users have saved over £940m in Europe. Between them. Not each. Plum isn’t that good.
Goodnight and good luck
Knowing how to manage your money has never been more important. Fintech to the rescue. These apps are great examples of what can happen when UX is painstakingly designed around a target audience. We’ll be keeping our eyes peeled for exciting propositions in this growing space.
And with 11:FS Pulse, you can do the same. Watch thousands of user journeys from leading financial brands all around the world. Get a demo now.