Customers often bristle at the idea of starting a savings plan. It can seem like a daunting commitment, and the prospect of deciding how much to transfer, and how often, can be simply overwhelming. Without establishing early savings plans, customers are more likely to change banks, and those who stay demonstrate a marked decrease in life-time value (LTV).
To encourage customers to set up a savings account for their own financial security, the Auto-Savings module detects the optimal moments to sign them up to a Savings account - boosting opt-in rates by up to 180%.
Once established, our solution enables banks to offer customers the ability to create dynamic savings plans, and then automatically scans their funding account to detect small amounts it can safely deposit, while maintaining a healthy account balance - increasing deposit rates by 3.5x. Customers can also set limits to these transfers, and set a schedule that works for them. Because no one should have to worry about whether or not they can “afford” to save for the future.