Belgian bank KBC is adding a spare change investing feature to its app, offering customers the option to round up their transactions and put the difference into an investment plan.
KBC argues that many people are put off investing and saving because they believe that they need to begin with a substantial pot of money and also suspect it involves a lot of paperwork and hassle.
The bank's new feature aims to make investing as simple as possible by rounding up a customer's transactions throughout the day to the nearest euro. Once 10 euros is saved up, the money is invested in one of the bank's dynamic strategy funds and can be tracked through the KBC app.
Karin Van Hoecke, GM, digital, KBC, says: "We’re aiming to get rid of the mysticism surrounding investment. You could compare it to your glass jar full of change, except it’s in the form of an investment fund."