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.
- 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,
- 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.