The finance industry is dynamic and constantly evolving to meet society’s needs. Digital innovation is an ongoing transformation driving growth in banking, financing, credit, and smart money management.
As de facto financial institutions on the cusp of innovation, banking conglomerates rapidly adapt to these changes, often introducing fintech to accelerate the changes. Regardless of the bank, financial institution, or credit union, digital innovations pave the way as customers strive towards more savings in the New Year.
Thanks to digital banking enhancements, 2025 is becoming a game changer. The American Bankers Association (ABA) released a wide-ranging survey detailing the trends in the US market.
An astonishing 48% of Americans bank with mobile apps, 23% bank online, 9% use bank branches, 8% ATMs, 5% telephone, and just 2% regular mail. The stats are even more impressive when we break it down according to Gen Z, Millennials, Gen X, and Baby Boomers.
*Below is a snippet detailing the preferred banking methods for customers:
- Generation Z – Mobile banking app – 57% – online banking – 11%
- Millennials – Mobile banking app – 60% – online banking 14%
- Generation X – Mobile banking app – 52% – online banking 17%
- Baby Boomers – Mobile banking app – 31% – online banking 39%
Given the considerable uptick in mobile and online banking, it’s easy to understand why so many of the leading digital innovations for enhanced savings in 2025 come from precisely these quarters. Among others, cutting-edge options comprise the introduction of smart savings. These include the top three selections for the year:
Receipt App
A receipt app can generate substantial cashback rewards over time. This is especially true regarding customers’ routine purchases—for example, filling up vehicles at the gas station, eating at restaurants, buying food at grocery stores, or enjoying takeout. The true power of a receipt app is its ability to attract large numbers of retailers and customers.
Among the industry’s top receipt apps, some boast as many as 50,000+ businesses—predominantly food and gas-related—that are already signed on. For customers, it’s a simple matter of going about things as usual and enjoying the attendant rewards such as cashback and savings.
When extrapolated over time, these money savings can be substantial. By redirecting cashback into fixed interest-bearing accounts, investments, and other tax-advantaged havens, it’s possible to put money aside for eventualities.
Budget Management App
We continue our discussion with a budget management app, which has myriad applications for savers. Effective savings require a well-defined plan, and a budget management app can be a powerful tool in creating and sticking to that plan. With scores of highly effective options available, savers in 2025 will be spoiled for choices.
Budget management apps are designed to instantly identify money flowing in and out. With the right budget management app loaded onto your smartphone or tablet, you can find wasteful spending and reverse course. Saving is a prerequisite for capital formation. Budget management is the blueprint for getting from point A to point B.
Automated Savings Platform
Automated savings are arguably the most effective way to redirect funds from a checking account to a savings account. The benefit of using an automated savings platform or system is that everything takes place without additional prompting.
It’s a one-time setup to ensure ongoing transfers from a personal or business checking account to a savings account. Users set up their preferences, such as a fixed amount or a percentage of income for transfer. This is done continuously, such as daily, weekly, or monthly.
The benefits of automated savings platforms, or multifold, include consistency of transfers, convenience for automatic operation, customizability in terms of the number of transfers and the frequency thereof, and the psychological advantage of knowing that you are saving money.
Automated savings platforms facilitate goal setting, smart savings, and incentives. Various automated savings platforms already exist, with many more in the wings. It’s essential to be aware of potential drawbacks in fees, limited flexibility, and the risk of overdraft.
However, all things being equal, ASPs can force track your progress towards financial solvency, along with a budget management app and a receipt app.
