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10/07/2014 Banking Innovation

About

Hop ‘n S@ve is a mobile and tablet savings tool that allows users to open an account automatically and create a goal. Without entering a password, they can: transfer money for their savings goal with a single tap, check the balance of their source account and their savings goal, and see their savings progress in graph and percentage form.

Innovation presentation

Hop ‘n S@ve, Desjardins’s new instant savings tool, was launched to encourage customers to use two new savings products that are available exclusively through digital channels (internet, mobile and tablet), and to help more people start saving.

Hop ‘n S@ve is a mash-up innovation that strives to do for mobile savings what Amazon has done for online purchases, which is to remove any friction in the process, make it easier to adopt and exponentially increase its use.

Hop ‘n S@ve is exclusive to Desjardins account holders and is available via the bank’s mobile banking services application. It provides consumers with a simple and instantaneous solution to combat excessive impulse spending. They simply transfer money from their current account, which usually has a low interest rate, to a high-interest savings account. For Desjardins members, impulse spending has finally met its match – impulse saving.

One click will transfer the desired amount into a savings account and allow members to track their progress towards a particular goal. This is achieved by storing a unique token on each client’s mobile device.

Uniqueness of the project

Desjardins is the first and only Canadian financial institution to offer a service for mobile devices where you can open a savings account automatically and ‘1 click transfer’ (patent pending).

Having members associate their savings with a particular goal is an original concept. Members can choose between saving for a trip (indicating a specific destination), an item they wish to purchase (such as a wedding dress with an uploaded picture), a cash reserve with a specified amount, or an objective within a limited timeframe. Users are able to track their progress wherever they are, without having to log in.

Desjardins has also added gamification characteristics to give users instant gratification for saving to compensate for the thrill of making an impulse purchase. For example, a user who chooses to save for a trip to Melbourne will be given the city’s temperature every time they tap the giant transfer button. It can become quite addictive. Push notifications will be added in 2015 to further motivate users to reach their goal.

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