Love how they're tapping into the psychology of impulse purchases and putting it to work with impulse investing. If they integrated with Pinterest, my remodel-the-house budget would be in much better shape.
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@lauraschultink completely agree with this. Flipping impulse purchasing on its head.
@lauraschultink Agreed. Looking forward to getting access to try it out. I wonder how or if they'll look to gamify it. A lot of people will put another few bucks into savings if it got them points or a new badge right now.
I echo a lot of what was said: great design; can't believe a bank did this.
Do you use @dwolla for payment transfers? If not, have you thought of using it? Might align well since BNY Mellon is trying to show they can adapt to the digital age.
@McCroden Thanks Stuart! Hard to believe, I know. We know the guys at @dwolla and like what they are doing, and are certainly thinking about that functionality for later iterations.
I can't believe this was built by a bank. Very cool idea, but simple has a very similar feature called "goals" that will automatically deduct the exact amount needed day by day depending on how much money you want to save by what date. It's legit.
@torbahax Thank you, we've surprised a lot of our own folks as well. This is early days for us with a lot of interesting things to come. Stay tuned.
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It will be interesting to see if this catches on at some of the other banks. I bet it will. There is a real chasm in Wealth Management between High Net Worth and Emerging Affluent individuals. Shops are finding out what works for HNW doesn't usually work for EA. This product creates a socially relevant alternative to traditional Wealth Management for the EA/millenials demo.
Personally, the "or when you’re feeling inspired with a hashtag" part made me roll my eyes and discount the credibility of the service. I'm clearly not the target demo :)
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