The app sees social media-linked savings as key to the marked increase.
Automated savings app Oval Money seems to be working. One year on from launch, the platform has doubled the average amount saved by its users on a monthly basis.
At launch, the average UK user was saving £63 per month through the platform. A year later the number is £130, equating to an annual jump of £756 to £1,560.
Oval helps its users to save money in various ways, including automated round-ups, automatic savings deposits and monitoring spending habits using machine learning to suggest how much can be saved each month. When a customer’s financial obligations change, Oval suggest savings rules (‘STEPS’) to automatically adjust savings to spending patterns.
But the app sees social media-linked savings as the crucial factor in its users’ boosted overall savings.
The firm allows its users to link their Oval app to their Facebook activity, resulting in automated savings each time they post. Oval is currently looking to integrate with other forms of social media including Twitter.
“Putting a little away each month is hard to remember and often not front of mind for today’s workforce. This is why encouraging people into ‘social saving’, which brings their online sharing habits into step with a new savings culture, really works,” said Benedetta Arese Lucini (pictured), co-founder of Oval Money.
“We also know that so many of us are in flexible employment with variable monthly incomes, so saving a rigid amount each month is archaic and outdated, and can easily leave people out of pocket as they renege on earlier financial commitments.”
In June, Oval scored a ‘significant’ investment from Italian banking group Intesa SanPaolo to kickstart a Series A fundraise.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.