How much can users save with the HSBC SmartSave app?
HSBC has published the results of its SmartSave app trial which reveal its customers have saved an average of £126 in just two months through the micro-saving app.
The app, HSBC SmartSave, is a personal finance management tool developed with fintech start-up Pariti and launched as part of the Financial Conduct Authority's Regulatory Sandbox initiative.
The trial started in December and results from the pilot proved that by applying simple and smart algorithms to save a little at a time, the app has helped regular customers who signed up for the trial to save on average £63.17 a month (or £126 over the two-month trial), which is the equivalent of £758 a year.
The SmartSave app allows users to choose between four different rules that help them save without even noticing. Algorithms identify when it’s safe to save and through a combination of nudges and auto rules, helps customers set aside their spare change.
Raman Bhatia, HSBC’s Head of Digital UK and Europe, said: “Customer insights show that people, particularly millennials, would like to save more, but can see savings as a sacrifice. We want to support our customers by offering them simple, smart solutions making it easy for customers to save, and less of a chore. The findings from the trial proved that putting away small amounts of money can truly lead to significant savings.”