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Digit is a personal finance app launched in 2014. The goal of Digit is to assist users in saving automatically by analyzing their income and expenditure patterns and automatically allocating small sums to individual savings accounts the app creates for them.
Ethan Bloch, a former stockbroker and founder of Digit, came up with the concept for this app to assist people in saving without thinking too much about saving. Realizing that many struggle with saving because they lack an established plan or system in place, he set out to develop an app that automates the saving process so it could make saving easier than ever.
The Digit app utilizes machine learning algorithms to assess a user's spending and income patterns and determine how much can safely be transferred into their savings account without creating financial strain. Additionally, the app provides users with an option to set savings goals and track progress toward them.
Digit app was initially introduced in 2014 and since then has seen tremendous success, helping over $5 billion saved through users' savings efforts. NerdWallet acquired Digit in 2018; however, the service remains an independent entity.
Digit has become a model for fintech companies to replicate its success, leading them to create similar personal finance apps and use similar algorithms and strategies to help users save automatically. Even with increased competition, Digit remains a favorite choice among those seeking to improve their financial habits and save for future goals.
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