Money and The Family
Like most young and growing tech companies, our goal is to create an innovative product that fits the modern consumer’s needs. Yet here at Wallit, we want to take that idea one step further. Not only do we want our products and services to provide our users with an easy and fun way of handling their money; we want to completely change the way consumers, especially families, think about money and banking.
As it is now, there is often much stress, guilt, and anxiety associated with money. Money challenges, such as debt and loan payments, can place a burden on our day to day lives. This burden can often transfer to the entire family, holding the potential to cause tension within the family dynamic. Hence, it is important to address these issues and take control of your relationship with money.
This is especially important when it comes to teaching good money habits to children. As with other habits, children tend to take after their parents’ financial behavior. By modeling good money habits, you will encourage your children to develop a smart and positive mentality towards money. It is also just as important to start a conversation with your kids about money and personal finance while they are young. By teaching your kids about finance from an early age, you are not only helping your family develop a positive relationship with finance, but you are also ultimately setting them up for financial success down the road.
Are People Happy with Their Primary Banking Provider?
In addition to building a good financial relationship among family members, it is also important to have a positive relationship with your family’s banking provider. Whether it be a credit union, bank, or other financial service, our primary banking provider plays a large role in our financial lives. Not only do we place our hard-earned money in their hands for safe keeping, but they are often the first resource we go to when it comes time to handle other financial affairs, from managing credit cards to applying for a mortgage.
Even though banks and credit unions may be our primary resource when it comes to financial services, many consumers would not describe their relationship with banking as positive or fun. It is not uncommon for us to also have trouble fully trusting our banking providers, especially for those of us that experienced firsthand the disastrous effects of the 2008 recession. As J.D. Power’s Senior Director of Banking Intelligence, Paul McAdam, noted in their recent study, “far too many customers have not re-established the trust and developed the deeper levels of connection required to improve the [banking] industry’s reputation”. Many would say that trust is key to building any type of positive and mutually beneficial relationship. McAdam argues that it is the “personalization of important customer journeys” that will help banks regain consumer trust.
This is where Wallit comes in. The Wallit platform will help banking entities provide a more collaborative and personalized banking experience. Over all, improving the banking user experience will help strengthen the relationship between banking providers and families.
The Wallit Solution
Our goal at Wallit is to help families, parents, and teens redefine their relationship with personal finance and banking so that money is no longer seen as a burden. We aim to help address negative money mentalities and banking relationships by providing a platform that makes money management a collaborative and empowering experience. Our software is designed to provide an interactive, social, and fun user experience to create good money moments for you and your family.
We hope to instill these same ideas into our users’ money mentalities. Our platform can help families more easily manage money as a family and build positive financial habits. It also helps them improve their relationship with their bank by adding more convenience and collaboration to the banking user experience. Integrating the Wallit app into your everyday life is an easy start to achieving a more positive view on personal finance.
We also hope to improve our user’s relationships with money and banking by providing thought-leading and inspiring resources here on the Wallit blog. For those of you who continue to seek ways to redefine how your family approaches money, then this blog will be right up your alley. From thought provoking articles about personal finance, to interviews with industry leaders, to updates on the Wallit platform: this blog will provide useful and forward-thinking information that will help you adopt a more modern and collaborative approach to family finance.
Keep tuned to the Wallit blog for more helpful and eye-opening articles written by Wallit team members and industry leaders. Please reach out with any comments, suggestions, or ideas of topics you would like to see discussed here on the blog!
The team at Wallit