The rise of digital services during COVID
COVID shifted consumer behavior towards fintech and voice assistants
Hey everyone, happy Tuesday! Glad to have you within our early adopter community! We took a break from writing last week as we waited to hear of new updates from Apple’s iOS14 release and to go heads down on building our v1, which is slated to release next week on Test Flight 😁
Also, we’re going to try out a new format for this newsletter to make it easier for you to digest these reads!
🚀 Reconcile Updates & Asks 🚀
As mentioned, we’ll be releasing our v1 onto Test Flight next week. We expect to onboard 10-20 more folks every week thereafter!
As we know voice assistants are great for querying information, we’re writing voice-optimized content on finance-related questions you have. What’s a topic you have a question about? We’ll get you an answer if you can leave your questions here!
🤑 Fintech Finds 🤑
Plaid, the fintech giant responsible for powering applications like Venmo and Reconcile, released its 2020 Fintech Report earlier this month. The findings reinforce the consumer shift towards digital banking and financial services. Leaving key stats below. Link here for more
(1) 59% of Americans use more apps to manage money now than before COVID
(2) 73% of surveyed people said they plan to continue managing the majority of their finances digitally, viewing fintech as the “new normal.”
(3) 80% of Americans say they can now manage their money entirely without a bank branch, instead favoring contactless digital solutions
(4) Those who are married and/or have kids are more likely to say they use 5+ Fintech apps before, during and after COVID and also manage a higher proportion of their finances digitally during all 3 phases.
Unsurprisingly, consumers shifted to opening bank accounts digitally during Q2 of this year as more than 60% of applications were submitted online or via mobile. Consumers scored their mobile experience higher than online and in-person across the board, underscoring the need for every financial services firm, including community banks and credit unions, to deliver high-quality apps. Link here for more
🤖 Voice Tech Finds 🤖
To no surprise, smart speaker and voice assistant adoption rates continue to rise. 46% of households that own smart speakers used them more frequently during COVID. Link here for more
Bradley Metrock, a pioneer in this voice space, resurfaced Apple’s old Homepod commercial in his weekly newsletter. The clip is a reminder of how powerful smart speakers can become, especially in moments of isolation. It’s no secret that voice assistants are solving a loneliness problem, but they’ll also help us get closer to being trusted partners. Unlike apps and websites, smart speakers can detect the tone and emotion in our voice and respond in a meaningful way. This is why I’m most bullish on voice technology as it shifts our traditional human-computer interaction. Link here for more
Thanks for reading!
Jaimin Desai - CEO & Co-Founder of Reconcile
P.S. If you appreciate these newsletters and want to help us develop more content, we’re looking to bring a marketing lead onto the team. Reach out if you’re interested! Otherwise, would love it if you could help spread the word and share your favorite newsletter!!!