Varo Bank: Motivating Customers To Save Their Pay
“At the core of what we are trying to achieve is the financial health of our customers. Being a part of BlackRock’s Emergency Savings Initiative aligned very well with what we’re trying to achieve for our customers.”
-Corey Carlisle, Head of Public Policy and Social Impact, Varo Bank
How Direct Deposit Helps People Save
How do you encourage customers to save more money each month from their paychecks? Varo Bank set out to answer that question with its Save Your Pay program, which allows customers to divert direct deposits into savings.
In collaboration with BlackRock’s Emergency Savings Initiative (ESI) and Common Cents Lab, Varo tested several prompts to find the messages and timing that motivated their customers to save more. Watch now as Varo Bank’s Corey Carlisle shares what the organization learned and how other financial institutions can use similar prompts to help their customers save.
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The 2022 Impact Report
Varo Bank is one of more than 30 organizations that have joined forces with BlackRock’s Emergency Savings Initiative, ultimately helping millions of people gain access to emergency savings. Read the full report to explore key milestones, learnings, and emerging areas for innovation.
