Building Consumer Savings with Fintech Innovations

Building Consumer Savings with Fintech Innovations

Wednesday, July 20, 2022

New approaches to encourage consumer savings.

This report explores innovations that help make it easier to save, reduce friction and take the
complexity out of savings decisions.

For example:

  • Smart automated transfers help people save by automating the amount and
    frequency of savings transfers in ways that users can afford.
  • Round-up savings turn each transaction into a savings opportunity, allowing
    people to set aside money during their day-to-day spending.

Other innovations help build balances by motivating consumers to take action to save,
such as:

  • Prize-linked savings incentivize and can excite people to contribute to savings.
  • Gamification makes the saving process engaging and compelling, mimicking the
    user design and experience of mobile gaming apps.
  • Multiple savings goals motivate people to set aside more money than they
    would save to a single account.