And the winner of the fourth installment of the battle of the US Challengers is….
The EU-born Challenger that was quite recently launched in the US market offers its customers the best feature set for them to Monitor their spending, analyze it and Set their own Custom Budget for each of their spending categories. Through an analytical expense analysis customers can see how much they have spent per category, merchant and country.
Revolut Budget Analysis
Revolut customers, in their monthly spending section they can have an overview of their past spending behavior. They can also, if they choose so, create new spending categories according to their unique spending needs.
Revolut Set a Budget user journey
Setting a Custom Budget with Revolut is a quick process of 13 steps. They simply have to type their amount, the duration of their budget cycle (monthly, two-monthly etc.) and the category they need to assign a budget for (i.e., utilities).
Lastly, with actionable budget insights customers can have their spending patterns analyzed and tap into spending forecasts that will inform if they are on track or not and within their budget limits. From there, the iOS app allows them to easily re-adjust any budget category they might have set, according to expenses statistics and remain on top of their spending.
The EU Challenger manages to offer a very handy tool that allows customers to track their spending and with custom budgeting regain control of their spending and better manage it.
Budgeting is fundamental in proper money management for all customers. Revolut, SoFi and Stash seem to have understood the importance of providing such a useful feature that makes their daily financial lives a bit simpler. People feel more in control of their finances when at any time they can see how much they spend and where and take action to be back on track. It’s one of the features that we consider very important for any bank or Challengers’ digital banking.
That’s that, with our fourth Battle of the US Challengers.
Tune in next month for the 5th installment and the third of the wealth management offerings: Investments!
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Here’s the US edition
And don’t forget the UK edition