In this episode, we talk to Sharon Miles, COO, Chip. Chip is a smartphone app which will automatically move small amounts of cash from your current account to a Chip account. This means you put money away without feeling it and you can save towards larger financial goals.
Customers demand more than an easy access saving rate.
While financial incentives and higher interest rates remain key motivations, customers are demanding a better online experience and a more personalised approach. When opening new accounts or transferring maturing deposits, customers expect a personalised and frictionless journey. Millennials are also seen as a prime target audience for the saving market.
Seven out of 10 young adults are regularly putting money aside, with almost £174 a month being saved on average, showing UK millennials are “far savvier” about finances than they are given credit for. according to a recent report by Revolut as reported in Guardian Money.
Increasing use of technology providing an automated application process can benefit the customer in terms of ease and time. As well as offering a better initial experience for a customer it, in turn, can build loyalty, locking in profitability, client retention and future referrals.