How they describe themselves: Consumers are clamoring for better budgeting solutions. Just look at the 59% of prepaid cards used by banked consumers “to help them budget and control spending” – the number one reason they use prepaid cards.
OnBudget strongly monetizes the budgeting process, creating a uniquely profitable prepaid product for OnBudget and banking partners who license the OnBudget platform. Completely fee-free to users, OnBudget works as a companion to their bank accounts. Setup is effortless, spending is tracked in real time, instant transfers ensure a seamless experience, and the extremely simple and deeply insightful UI encourages habit-forming, long-term use. Plus, OnBudget helps partnering financial institutions recover critical, lost post-Durbin revenues.
How they describe their product/innovation: OnBudget combines a free, simple-to-use app with a free (& totally fee-free) household Budget Card that links to a user’s checking or savings account. Users effortlessly set up and manage budgets, track spending and view spending trends in real time by category. The OnBudget solution eliminates tedious data entry, inaccurate categorization and transaction reporting delays associated with other budgeting and personal financial management solutions. The OnBudget platform analyzes transactions, identifies trends and interacts with users in real time, becoming an instant virtual “envelope budgeting system” that helps banked consumers manage daily living expenses. It’s uncomplicated, intuitive, real time, habit-forming and, best of all, totally free.
Product Distribution Strategy: Direct to Consumer (B2C), through financial institutions, licensed