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UK Research: How consumers use savings apps

OBIE UK | Jan 6, 2022

Savings apps - UK Research: How consumers use savings appsAs part of new research conducted for the Open Banking Implementation Entity (OBIE) by independent research agency Marketing Means, we interviewed a small number of UK consumers, from a wide range of age groups and income brackets, who shared their experience of the market-leading savings apps.

How can apps help the saving habit?

Open banking savings apps offer a handy, ‘low impact’ way of helping individuals to save.

This works in two ways: providing an additional means of saving for more established savers, or in some cases, provide a way of saving to individuals who have otherwise struggled to do so.

Q. What are the positive aspects of using your savings app?

A. “I really like the saving round-up feature. I’d say overall they’ve met my expectations and exceeded them. And using it, I’ve matured as a saver.”

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A. “It’s all very easy. How much goes in varies, as it runs itself in the background, but I really like the way I can slow down or speed up the savings rate through the app. It really gives me confidence that if I’m having a heavy week, I can adjust it.”

A. “I save through two apps. One has a fairly standard account but there are some issues with getting money out of that one. I’ve had some delays on withdrawals, so I tend just to leave the money in there. On the other app, I’m more engaged as I’ve got money going into two funds. One is a standard one but the other one has a higher risk rating. I enjoy doing that one. It’s satisfying seeing what happens with it, and fun as well.”

A. “The advantage was, I didn’t want to replace my bank account, so I didn’t want to go down a Monzo route. I wanted an additional savings facility that would link to different accounts I have.”

Q. Was the app easy to use and did it help you understand your finances better?

A.”I really like how the app slows me down. Because it’s a restricted access, I can’t just dip into it as I have done in the past with others. But also, that makes me reflect and means I can think about my money more. It’s changed the way I am with money, for the better.”

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A. “I like the flexibility. You can dial the savings rate up and down. You can boost a payday. I can use it flexibly to save when I’ve had a bonus. And I like the way they describe the investment plans – ‘standard’, ‘balanced’ – I think that’s a useful way to explain them, easy to understand. The app has a really good dashboard, it almost feels as if you’re getting a bespoke savings service that’s easy to use.”

A. ” I was attracted by the way it saves in the background, so you hardly notice it’s happening. When I started, I thought I’d build up a substantial fund really quickly. I’ve got a more realistic view now, but I’m still really happy with it.”

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NCFA Jan 2018 resize - UK Research: How consumers use savings apps The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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