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Powering Loud Budgeting with Data Insights and Tools

January 26, 2024|0 min read
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By Billy Gast, Senior Director of Product, Experiences (Follow on LinkedIn)

If you haven't heard of "loud budgeting," it is a new TikTok budgeting trend that calls for a transparent and proactive stance on money management. It “encourages consumers to take control of their finances and be vocal about making money-conscious decisions, rather than modeling purchase decisions after celebrities and their bottomless pockets.” 

So how can financial institutions and fintechs help consumers embrace this trend? Consumers want and need financial strategies that resonate with real-life scenarios and practical budgeting. Here’s 5 things banks, credit unions, and other financial providers can do to help enhance loud budgeting conversations: 

  1. Leverage financial data intelligence to better understand consumer needs. Tap into the data to gain a deep understanding of customers' spending behaviors so you can better meet their needs. 
  2. Promote the value of Open Finance and account aggregation. By educating and encouraging consumers to connect their various financial accounts into a single view, they can gain better visibility and control over their finances. 
  3. Offer personalized budgeting tools that meet consumers where they are. Every consumer has their own preferences and styles when it comes to managing their money. Instead of a one-size-fits-all approach to personal financial management, give consumers tools and resources that let them tailor their budget to meet their needs. 
  4. Translate transaction data to make it easier for consumers to understand their finances. The first step in taking control of your finances is understanding them. Unclear, raw transaction data can make it difficult for consumers to even recognize whether a transaction is legitimate. Leverage data enhancement solutions to cleanse, categorize, and add context to bring clarity and greater transparency to consumers. 
  5. Deliver proactive recommendations and actionable insights. Share data-driven tips and insights that enable consumers to make informed decisions that reflect their priorities and guide them to that next ‘best action’ to take. 
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