MetLife has introduced its mobile app Upwise, dedicated to building positive financial habits.
Upwise is designed to connect consumers’ behaviors around common financial concerns or stressors–such as monthly budgeting, paying off debt or long-term savings—to their emotions. For example, the app begins by assessing the consumer’s mood and understanding their relationship with money through the Money Mood tool. From there, Upwise helps consumers prioritize financial goals and suggests simple actions to develop good financial habits and feel more optimistic about what their money can do for them. The app also engages consumers through personalized challenges.
The app currently offers features to help consumers learn about financial topics and actions to help improve financial wellness; see how their emotions and finances connect through the Money Mood tool; and link accounts to understand their financial activity including spending and savings patterns.
The app also allows consumers to review recurring subscriptions and cancel those that are no longer needed directly through the app and create a digital estate plan. As consumers progress, the recommendations change to reflect development towards financial wellness.
“This new tool was inspired by feedback from hundreds of consumers in the workforce who want a solution that fits their personal situation and the financial priorities that matter most to them and their families,” says Meredith Ryan-Reid, senior vice president, Financial Wellness & Engagement at MetLife. “Money is not just functional—it’s emotional. Upwise takes a holistic approach to financial wellness by addressing the emotional barriers to progress.”
Upwise is provided at no cost to employers and their employees.
It is built with interchangeable technology that enables integrated partnerships with third parties to enhance solutions and offer features to meet the needs of consumers. Two partnerships are included in the first phase of capabilities: MX for data aggregation to ensure consumers have secure and reliable access to their financial data and Billshark to enable customers to save hassle & money by canceling unwanted monthly subscriptions.
MetLife says additional partners and features will be integrated into the app over time. In early 2022, it will expand Upwise to help consumers tackle their debt and continue to help them streamline their spending as they plan their budget for the year ahead. The app is available for download on the App Store and Google Play.