BFC Bulletins Monthly News Digest
Let’s be honest; banking isn’t working for modern couples. Thankfully, FinTech is coming to the rescue. Using data gathered from 3 years of tracking the ways couples share and manage their finances, a new FinTech platform is helping couples join their finances by rebuilding the concept of joint accounts. The platform works by allowing users to deposit funds into a joint account and then use a specially-issued debit card (one for each partner) to make purchases. This then allows for better financial tracking and can serve as an impetus for promoting shared financial responsibilities as well as shared financial goals.
Although there is one main player in the market now (Zeta), others (such as Braid) are developing similar services. Presuming there will be a strong demand from couples and families for joint financial solutions, we are likely to see a boom in such apps in the near future.
