Mastercard launches money management tools for millennials (MA)

BI Intelligence

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Mastercard launched Assemble, a platform for issuers and partners that gives customers the ability to check balances, budget, and set savings goals.

Users can also make near real-time payments to almost anyone in the US with a debit card using Mastercard Send, the firm's peer-to-peer (P2P) money transferring platform. Assemble's first product is geared toward millennials, offering an easy way to manage money through a digital prepaid account, mobile app, and physical or digital payment card.

Issuers and partners can integrate the entire solution, or specific functions, into their current users' interfaces through an application programming interface (API). Assemble for millennials is now available in the US, with other markets set to be targeted within the next year. 

Millennials want digital money management tools. Sixty percent of young millennials view the ability to set spending limits, a feature that could curb overspending, as important in a bank, according to BI Intelligence’s Mobile Banking Competitive Edge study. However, not many banks provide this function — BB&T and Capital One are the only two of the top 15 US banks with the feature.

Additionally, young millennials want to see how their savings and spending habits compare with others — 52% say the feature would be important or extremely important in choosing a bank — but only Capital One, of the top 15 banks, offers this feature. Leveraging Mastercard's platform could help banks meet the needs of millennials and attract that customer segment without having to build out their own tools to do so. 

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