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You have echoed my thoughts. Much more innovation needs to happen for savings.
Others get benefitted when a consumer spends. Who gets benefited when a consumer saves? I guess the answer to this question will convince you that you need to make your own arrangements to get yourselff addicted to saving:). I'm saying this on the back of
my experience of failing to get any of my banks or 3rd parties interested in creating a mobile app to automate a manual method that I've been using to ensure that I don't bust my budget while using credit cards for nearly 25 years. If, after reading this,
you're looking for some graceful "out" from your resolution of saving, here's my favorite aphorism on the subject: "No one got rich by saving"!
On a side note, ICICI Bank is at least one bank I can recall that has been providing a Digit-like feature on savings accounts in India for over 20 years. Called Quantum Optima, it sweeps any account balance over a customer-set, static threshold into a higher
interest-bearing fixed deposit account. I know that Digit computes the threshold smartly and dynamically but, despite not doing that, Quantum Optima type of accounts are just as effective. Besides, Digit sweeps the money away to another bank, thereby creating
the friction of having to monitor yet another account, which is not the case with Quantum Optima type of accounts that not only keep the money in the same bank but also under the same Relationship ID.
Duena Blomstrom Consulting
22 Apr 2015