Varo Bank的动态

The latest Wealth Watch Survey highlights the critical need for innovative financial products like Smart Account, Varo Believe, and our recently announced Varo Line of Credit, in today's difficult economy. These integrated offerings help Americans understand their spending habits, build credit, and access credit for unexpected expenses - ultimately empowering them to alleviate financial stress and navigate economic challenges with greater resilience and peace of mind. #TechBank #Banking #Fintech #DigitalBank #ABankForAllOfUs?

The U.S. economy has been very fortunate to see very stable rates of inflation for the decade plus following the Great Recession...but in the last year or two we've all started to feel additional financial pressure. Varo dug in and talked to real folks about how they're dealing with the rising cost of essentials. Take a look at what our survey shows! #inflation #varobank

Our recent Consumer Pulse Study indicated increasing optimism in financial futures as 85% of consumers — led by younger generations — expected incomes to increase in the next 12 months. Read the press release for further insights: https://transu.co/6047gzsgR #ConsumerPulse #CreditTrends #ConsumerCredit

The resilience of the American consumer has been an unanticipated phenomenon in the four years since the outbreak of the COVID-19 virus. Massive federal stimulus in the wake of the pandemic provided the means for significant discretionary spending and has been a major contributor to overall economic strength, even as corporate earnings have wavered. Although consumer activity remains elevated relative to pre-pandemic levels, it has fallen from highs exhibited in mid-2022. At the same time, the percentage of Americans concerned with meeting certain financial obligations has ticked up, with roughly 19% of households earning less than $50,000 per year now questioning their ability to make minimum near-term debt payments, according to a recent Federal Reserve survey. This figure represents a level not seen since the onset of the pandemic. Concerns regarding debt payments among high-income households, or those with more than $100,000 in annual income, have also seen a notable increase over the last several months. These dynamics, as well as overall spending patterns for both low- and high-income households, are highlighted in our #chartoftheweek by Catherine H..?Read on at the link below.

Just finished reading a fascinating report titled "Financial Health? and Wellness: How to Be a Valuable Partner to Consumers in Difficult Economic Times" by Franklin Madison. One of the critical factors that contemporary banks and credit unions are encountering attracting and retaining customers. This report highlights a game-changing strategy: the presence of these elements will help a company meet its #financialgoals and become a decent option for the #customers, thus raising their confidence in the brand. With economic uncertainty and rising inflation, consumers are more concerned about their finances than ever before. The article, based on key facts and statistics, shows vividly the sense of urgency now, which has been driving financial institutions to do more for their clients in these distressing times. Furthermore, the report emphasizes the importance of addressing the needs of younger demographics, who are currently favoring large national banks and #fintechs. For the banks, a #financial wellness approach not only results in raising profit but also in maintaining the loyalty of technologically savvy customers who are always looking for more innovative services. The report also explores the diminishing revenue streams for financial institutions and the search for alternative sources of non-interest income. It suggests that a shift towards offering financial wellness #solutions can not only help fill the income gap but also enhance the institution's reputation and customer engagement. In general, this report is an alert to spur financial institutions fundamental interest of customers to finance. Based on professional help, consultations, and client-tailored solutions, banks and credit unions can be positioned as trusted partners to get through these challenging economic times. Link: https://lnkd.in/d4sWf3mG #financialwellness #customerloyalty #bankingindustry #gamechanger

The Federal Reserve Bank of New York's Center for Microeconomic Data released the Survey of Consumer Expectations this past January. The survey revealed that "perceptions of credit access compared to a year ago improved notably with a decreased share of respondents reporting that it is more difficult to obtain credit now than a year ago, and a larger share reporting that it is now easier to do so." We're glad to see the overall sentiment of financial access is improving in 2024, and will continue doing our part to help underserved communities gain more access to the financial services they need and deserve. Check out the press release to discover more insights the survey revealed. https://hubs.la/Q02pd50X0 #financialaccess #2024financetrends #creditaccess

The data around consumer confidence in the US has been mixed, however there are no signs that the US consumer spending is about to capitulate. ? Household debt levels and foreclosure rates both point to a buoyant consumer, however anecdotal evidence from some of the big retail and consumer companies suggests slowing demand.?? ? Read more about the current state of US consumption and further economic updates in the Peregrine Wealth weekly wrap:?https://lnkd.in/eKzCEJAs ? #PeregrineWeeklyWrap #Economy #Inflation

Social trends are shifting: “loud budgeting” gains traction and more Americans are openly discussing their financial habits. This is one of the findings from Santander Bank, N.A. inaugural Growing Personal Savings (GPS) Tracker, a new series analyzing how Americans approach growing their savings. It also revealed that higher-rate savings accounts including high-yield savings accounts, money market accounts and certificate of deposits are each being used by less than 20% of the survey participants. A general lack of financial knowledge is contributing to the low use of savings accounts that earn more interest, with only 18% of Americans rating themselves as being proficient or an expert on their finances. Dive into the research and uncover the challenges impacting savers: https://lnkd.in/dw_3z6T7

2024 starts with strong consumer confidence and increased disposable household income in January. Without any unexpected geopolitical matter this year, the U.S. economy may grow more than expected. #consumerconfidence #income #economicgrowth #2024outlook

3 in 4 consumers say they are on the right track toward financial prosperity, according to a new Santander US study released today. The new research finds middle-income Americans are feeling optimistic about their finances in 2024, as concerns about inflation and a recession ease. Inflation concerns dropped 11 percentage points year over year, while concerns about a recession dipped 9 percent over the same period. Despite their overall resilience, the majority of middle-income consumers – 6 in 10 – continue to miss out on the opportunity to grow their savings by earning higher yields on their accounts. ? The report also identifies the important relationship between financial prosperity and access to a vehicle. Most middle-income Americans rely on a vehicle to get to and from work, and vehicle access provides them with access to more employment opportunities and essential goods and services. Vehicle access was also seen providing middle-income Americans with more flexibility in how they live their lives.?Underscoring how important vehicles are to Americans, the survey found two-thirds spend at least 4+ hours per week in their vehicles and 4 in 10 spend 7+ hours per week in their vehicles. ? Read the full report here: https://lnkd.in/eXD9RyZs