. The new feature will likely provide recommendations based on customers' spending and savings habits.While Varo cited low user uptake as the reason for discontinuing the savings feature, other neobanks have emphasized similar features to win customers. For instance, Germany-based neobank N26 recentlyin the US by expanding upon its"Spaces" tool, which are personal subaccounts to help users save for goals.
And N26 expanded on the feature with"Shared Spaces," where up to 10 people can collectively hold or set money aside. Meanwhile, UK-based neobank Monzo, whichin the US in June, has a"Pots" savings feature, allowing customers to split savings from spending money. Citing low usage as a reason for sunsetting the feature suggests it wasn't it demand — but it might've just needed improvement. US consumers have expressed a desire for personal money management tools:of mobile banking users who responded to Business Insider Intelligence's Mobile Banking Competitive Edge study said the ability to set spending limits for a credit or debit card would be"very" or"extremely" valuable, for example.
Adding a feature that includes third parties is likely a profitability play by Varo. Most neobanks struggle with profitability as well as with converting customers to use them as their primary banks. Monzo, for example, saw its depositssixfold during its fiscal year 2019 , but has yet to turn a profit.
Europe taking the lead 🤔
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