HSBC reveal pilot results of its smart solution saving app

By Lisa Walls-Hester on 31st March 2017

Fintech

How much can users save with the HSBC SmartSave app?

HSBC reveal pilot results of its smart solution saving 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.

 For example:

  • Guilty pleasures Customers can choose to be “penalised” every time they shop at a store they class as a “guilty pleasure” by putting a small amount into their savings account;
  • Automatic saving notifications They can see just how much they have saved altogether since they started using the app and if the app thinks they can save more or need to save less, it will automatically notify them;
  • Rounding up Every time money is spent, the app can round up the amount to the nearest pound, with the “change” moving to a savings account; and
  • Pre-determined savings Regular savings can be set up with a pre-determined amount to be saved each day, week or month.

 

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.” 

Comments

Judy Wiseman

10 Jul 2018 09:36am

I am a long term HSBC customer; how can I access this app please?

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