American Express is tapping into its Serve software platform for a research pilot into the savings behaviour of customers.
According to a study the card giant has carried out with the Center for Financial Services Innovation, more than 40% of Americans describe themselves as struggling to pay bills and credit payments, while around a fifth say they would have no idea how long they could make ends meet in the event of a job loss.
To get a better insight into how people save, and how they can be encouraged to save, AmEx is collecting data on how customers of its Serve pre-paid account use a savings feature. The firm says that it will try out several "marketing treatments" to see whether different behavioural interventions are effective in getting people to save more.
The de-identified data will also be shared with America's Consumer Financial Protection Bureau for its own Project Catalyst initiative to promote new consumer-friendly financial services and products.
Neal Sample, president, enterprise growth, AmEx, says: "From the start, our priority has been to provide consumers with easy access to money management tools. Over the next several months, this research will help us better understand what triggers can drive measurable savings behaviour-- which is differentiated from most savings research, which is often based on self-reported behaviour."