Chetan Ghadge - Wipro - Pune 17 April, 2018, 09:30 0 likes

Sounds like nice feature , but really has consumeri sm come down to such  a level that you need a third party too put aside change from your regular purchases to make people "start saving and investing towards their future" ?

Or is just the digitisation of the old fashioned piggy banks where one use to drop spare change  in it and not worry about carrying a heavy wallet.

Either way I dont understand which customer segment is asking for these features. May bE its the Millennial thing!!!!

Jonathan Bowles - bushido strategy ltd - Odiham 17 April, 2018, 10:55 0 likes

It's not compulsory!

added options are great - some do this already into their kids piggy bank so when they reach 16 is worthwile - may variations.

JB

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 April, 2018, 16:16 0 likes

I'm very gung-ho about this feature. I think it was Acorn that first introduced it. As a marketing professional, I see a lot more than a feature in this - I see a promising way to change consumer behavior for the consumer's own good.

Regular PFM / MoMMA app tells consumers to avoid that $5.00 expense. Nobody likes budgeting. This approach hasn't worked. Revolut / Acorn are trying to achieve fiscal discipline in a positive way: "It's your money; spend all you want; just remember, your total outflow is more than what you spend; so be careful what you spend". I expect this approach to work much better. I remember reading that Acorn has already entered the "league table of fintechs to watch out for".

A Finextra member 18 April, 2018, 09:24 1 like

I can't believe this is the top story.  The competition have been doing this for months!  Is there some connection between Finextra and Revolut?

Jonathan Bowles - ImpactApp - Odiham 18 April, 2018, 09:31 0 likes

good point. loads of noise but little is new. watch out for behaviour harvesting like facebook.

Paul Penrose - Finextra - London 18 April, 2018, 12:29 3 likes

No connection at all between Finextra and Revolut. It's a top story because it garnered the most page views on the day. We're just reflecting the interests of our readership

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 18 April, 2018, 13:00 0 likes

Oh LOL. In marketing, it's quite common to come across big differences between what consumers say they'd do (e.g. switch account to a neobank) and what consumers actually do (e.g. stay with their traditional bank). I didn't think I'd see that disconnect on Finextra e.g. claim a story to be boring versus bestow that story with the most pageviews!