The new tool functions similarly to Spotify’s year in review, but instead of showing customers the music they listened to the most, it tells them where they spent the most money, all wrapped up in a social media-friendly narrative structure.
The option is anticipated to be popular among a large number of internet customers who have adopted the purchase now, and pay for the later product. In fact, according to statistics from a research titled “BNPL and the In-Store Opportunity,” BNPL online usage considerably surpassed its in-store counterpart across all retail groups, particularly among consumers who bought premium and specialty items.
This is most likely why other FinTechs are capitalising on the trend by providing solutions that provide their consumers with a comprehensive view of their spending patterns.
A rising number of neobanks, for example, provide comparable capabilities that let customers to monitor their monthly or yearly spending on several categories. At the same time, one of the most valuable aspects of online banking in general has long been the ability to readily access previous transaction data, including how much has been spent at any specific merchant.
Furthermore, these features have become smarter with time. While most applications still enable users to manually label purchases to assist them identify expenditure categories later on, an increasing number of them are automating the process.