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 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.
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;
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
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.”