New Digital Financial Services Products (1)
Some new digital products and/or experiences that financial services firms have launched since 2018 includes Dave Banking by Dave Inc., FinX Hub by FinX Mobile, and Exchange Traded Index (ETX) products by BLOCK 30. Below is more information about each of these products and services.
- Dave Banking was launched by Dave, Inc., on June 18, 2019.
- Dave is the first app that automatically builds a person's credit score by reporting everyday payment transactions, like utility bills and rent, to credit agencies. The free-credit building process is made possible through an exclusive partnership with CreditPop, a service that reports rent payments to major credit agencies. The app also provides a $100 advance as no-interest overdraft protection.
FIN X HUB
- FinX Hub was launched by FinX Mobile on September 1, 2019.
- FinX Hub is an interactive fintech product that caters to a wide range of consumers, particularly those who are between 17 to 25 years old, to help them become financially literate.
BLOCK 3 AND BLOCK 5 EXCHANGE TRADED INDEX (ETX)
- BLOCK 30 launched their Exchange Traded Index (ETX) products, BLOCK 3 and BLOCK 5, on April 5, 2019.
- The products aim to address the very low economic participation of the public in terms of buying digital assets worldwide. These products will serve as a basket that can "buy + hold" digital assets for retail customers.
CHASE DIGITAL BANK
- Chase Bank launched Chase Digital Bank in 2017.
- Chase Digital Bank makes traditional banking transactions possible online. Customers can open an account using a phone as well as set up savings plans, track spending, make deposits, and issue checks.
To identify ten additional digital products and experiences that financial services firms have launched since 2018, we started our research by looking for a pre-compiled list of digital financial services launched last year and this year. However, the only list we found have companies that did not launch a product or service within the requested time frame. Next, we looked for a list of financial firms in the US. The idea was to look into their websites or other third-party sources for any mention of new products and services launched. However, even after individually searching for a new product or service launch for 30 financial firms, we could not locate any. Since this strategy proves to be very time-consuming, we decided to change tactics and looked into industry news, databases, and publications. Through this strategy, we were able to find Dave Banking, FinX Mobile, and BLOCK 30. However, since we only found three, lastly, we expanded our research scope beyond 2018 and included digital financial products launched in 2017. Unfortunately, using this strategy, we only found one, Chase Digital Bank, and added it as relevant findings.