Meniga's new financial fitness app called Challenges helps banking customers with their finances. It aims to assist customers by building long-term financial habits in small and fun ways.
According to a news report published by Forbes, there is a new app that assists users with their finances online all through the use of mobile phones. This is a digital offering called Challenges by Meniga that was created to retain customers and allow them to have a means to manage their finances.
How does it do that specifically? It contains challenges which will help its users to form long-term healthy financial habits such as savings skills and spending skills. These will be tailored to each user's respective personality types through the use of machine learning algorithms, habit forming research, and psychometric models specifically the Big Five Personality Traits.
Its official blog said that some of the examples include Spending Challenges such as refraining from buying a certain type of food for a week. There is also a Money Monster which "steals" random amounts of money from the user's account and puts it into a savings account.
It will provide a more meaningful, personal, as well as an engaging banking experience for Meniga's customers, wrote Forbes. This app was inspired by FitBit, a fitness tracker that is able to measure heart rate, the number of steps taken, sleep quality, and other personal metrics.
Meniga is a banking solutions provider in Europe and it showcased the app during the Finovate Europe 2017 in London. Meniga provides solutions to many big banks in the world like Santander and ING.
This app is just one example of how the banking industry is moving towards automation and going more digital. In an article previously published by Jobs & Hire, the BBVA chairman in Spain stated that the banking system will have fewer players and will need to master technology in order to survive.
Furthermore, the movement towards a more digital banking system will see the entry and use of artificial intelligence and voice recognition, allowing for faster financial decisions to be made as well as lesser costs to be incurred. Read more about the article here.