- U.S. Bank, the fifth-biggest bank in the country, updated its mobile app to help customers manage their money and perform transactions, per an announcement. Its “money mentorship” feature aims to help users, especially millennials, analyze their spending habits in real time.
- IPhone users also can use Face ID, the security feature that Apple introduced in 2017, to unlock the app without having to enter a password every time. The app’s new interface lets smartphone users see their entire financial portfolio, including deposits, investments, loans and credit card balances.
- U.S. Bank also made Zelle, the digital payments network that’s operated by the biggest U.S. banks, easier to access for money transfers to friends and family. U.S. Bank plans to release an Android version of its app this year.
While account holders of all ages can use U.S. Bank’s app, the update appears to be mostly aimed at young adults who are tech-savvy and more comfortable with managing their money in a mobile app. About one-third (36%) of millennials said they tend to “wing” their finances, according to a U.S. Bank survey of adults. Among those millennials who improvise their money management, 37% said they don’t understand personal finance, compared with only 19% of Generation Xers and 10% of Baby Boomers. At the same time, 84% of millennials use a mobile banking app, compared with 74% of the general population.
U.S. Bank’s survey also revealed how U.S. adults use their smartphones for advice, including money management. Forty percent of survey respondents said they use their smartphones to seek advice on exercise and physical training, compared with only 34% of people who seek financial help. Other popular forms of advice include dieting or diet-friendly recipes (27%), mental health or meditation (17%) and dating or relationships (14%). Wakefield Research conducted the survey of 1,000 U.S. adults between Feb. 27 and March 5.
U.S. Bank’s new app comes as the company unveils a national ad campaign to highlight its role in the everyday lives of its customers — not just significant events like buying a home. The first ads in the new campaign show how people can reach financial goals by saving and planning ahead. An ad posted on YouTube shows a young immigrant woman receiving a notice from U.S. Bank’s app that she reached a savings goal, per the Star Tribune. The bank for the past two years has run campaigns with a theme called “The Power of Possible” with ads highlighting how people can realize their dreams.