As the world has increasingly become more digital, the home and personal security landscape has changed too. New risks, such as identity theft and computer crime, require consumers to respond; New market entrants with innovative approaches have created disruption and shifts in the security market. Overall, complexity around what security buyers look like, and what demands they have, is greater than ever. Transaction data can shed light on some of this complexity. Perhaps not surprisingly, each generation perceives and takes action towards these security risks in different ways.
Account holders who use saving features associated with fintech budgeting apps tend to move smaller amounts of money into savings, in contrast with the high-interest rate Apple Savings, where account holders moved larger amounts. While fintech budgeting apps savings accounts may be non-interest bearing, they can be attractive to account holders who wish to contribute money at regular intervals to build a small nest egg.
Previously, the usage of new personal finance apps showed consumers are responding to new ways of saving money and managing their finances. Account holders transferring funds to Apple’s new interest-bearing savings account tended to move much larger amounts than savers who moved funds using passive strategies with the fintech apps (medians: $1750 vs. $10, respectively). Additionally, the age of these savers was analyzed and the figure above illustrates that savers using budgeting apps tend to be younger than fintech app savers, with 62 percent in the millennial and Generation Z generations, compared to 41 percent for Apple savers. This suggests that the savings and budgeting app users are more likely to be in earlier stages of their financial journey where they are building savings while Apple savers are at a more mature financial stage.
Apple Savings vs. Rocket Money: Which Savings App Is Stealing The Most Deposits? Facebook Twitter LinkedIn What we’re seeing: Previously, the amounts transferred to Apple Card’s high-yield savings account found a median amount transferred of $1,750 and nearly one in four savers transferred over $10,000. The above chart further investigates Apple Savings compared to increasingly […]
Apple Savings Account Surpasses $10B in Deposits Facebook Twitter LinkedIn What we’re seeing: Launched in April of 2023, Apple Card’s high-yield savings account by Goldman Sachs has reportedly surpassed $10 billion in deposits in just a few short months. Apple also says that among Apple Card users, the participation rate is high, with 97 percent […]
Apple card usage continues to grow rapidly since its inception. Facebook Twitter LinkedIn What we’re seeing: The Apple Card is a relatively new credit card offered by Apple Inc. and issued by Goldman Sachs. In its first full calendar year of being on the market, 2020, the number of payment transactions by account holders made […]
Summer retail sporting goods transactions spiked during the COVID-19 pandemic and have remained above pre-pandemic levels in the years since Facebook Twitter LinkedIn Source: Alkami Telemetry Data for this figure was sourced from a panel of 13 financial institutions consisting of more than 400,000 account holders and over 200 million transactions. What we’re seeing: Summer […]
Home Equity Balances Increase as Interest Rates Rise Facebook Twitter LinkedIn Source: 2023 Alkami Telemetry Data is sourced from a panel of more than 20 financial institutions with a range of asset sizes from $500M to $15B. The data panel represents the financial behaviors of 2.1 million account holders. What we’re seeing: Rising home values […]
Barbenheimer brings people back to the theater, with transaction amounts through June 25.5 percent higher on average compared to 2019 Facebook Twitter LinkedIn Source: 2023 Alkami Telemetry Data is sourced from a panel of more than 20 financial institutions with a range of asset sizes from $500M to $15B. The data panel represents 2.16 billion […]
Consumers are showing that they’re willing to sample new fintech apps, but Alkami is seeing high attrition rates in their data Facebook Twitter LinkedIn Source: This insight is sourced from a panel of 13 financial institutions consisting of more than 400,000 account holders and over 200 million transactions. Found within the data panel was paid […]